The Veritas Real Estate Group, Inc.

Citizens Property Insurance Corp. is the Florida state-owned-and-operated wind insurance company. In response to the rising cost of claims and premiums Citizens is now offering hazard insurance in addition to wind insurance.  The following statement was issued by the Florida Association of Realtors:

"On August 1, Citizens Property Insurance Corp. rolled out a new product: one policy that covers both windstorm damage and traditional multi-peril coverage. The two-for-one coverage is in response to a change in Florida law designed to make Citizens more profitable and less vulnerable to the risk of a catastrophic event. Scott Wallace, Citizens president, says policyholders who combine their plans could see annual premium savings of up to 10%. Citizens customers who have windstorm coverage through Citizens and multi-peril coverage from a private source may also take advantage of the new single policy. Existing Citizens clients who wish to change their policy should contact their insurance agent. Consumers seeking a Citizens agent in their area should go to http://www.citizensfla.com."

The Department of Housing and Urban Development (HUD) provides the following tips for avoiding foreclosure:

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.  

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.  

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.  Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.  

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income?  Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.  

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.  While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home!  Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Governor Crist has been rather busy this quarter signing laws which affect homeowners, borrowers and mortgage brokers.

Property Taxes

The first half of the property tax bill became law on June 21, 2007. It's not much to cheer about at this point; the average homeowner will save about $180 on their primary residence property tax and $200 on their second homes and investment properties.  The second part of the savings plan is to be voted on by Florida residents on Jan 29, 2008.  At this time the voters can decide to keep the homesteading status quo or to allow homesteaded homeowners to be able to accept a large decrease of approximately 44% in their primary residence property tax and lose the 3% cap on yearly increases in assessed value that they currently have; with this law they will be able to convert to the large decrease at any time, however once they choose it they can't go back and they will have permanently lost their 3% increase protection. You can view the actual law at:

http://www.bcpa.net/Forms/07TaxReform-H1B-Final.pdf      and

http://www.bcpa.net/Forms/07TaxReform-H1B-Summary.pdf  and

http://www.bcpa.net/Forms/07TaxReform-S4B-Final.pdf

Lending Laws

Changes to Florida Statute 494 were signed by the Governor on June 19, 2007 and go into effect October 1, 2007.  Mortgage brokers and lenders must give borrowers detailed disclosures for loans, including Adjustable Rate Mortgages (ARMS), the mortgage broker must disclose if and how much money they are receiving from the lender, Good Faith Estimates (GFEs) must be signed and dated by the borrower, if a loan's terms change the borrower must be notified no later than three days before closing, the Office of Financial Regulation has the power to enforce RESPA and TIL compliance and mortgage brokers must be high school graduates or equivalent.  For the full text of the law read http://election.dos.state.fl.us/laws/07laws/ch_2007-182.pdf  Governor Crist has also signed into law that individuals convicted of mortgage fraud may serve up to fifteen years in prison.

Inspectors

On June 28, 2007 Governor Crist signed a bill which requires the licensing of all home inspectors, mold assessors and remediators working in Florida. The law goes into effect July 1, 2010 in order to give the State time to develop the specific course and testing requirements. To read SB 2234, go to http://www.flsenate.gov. On the left side, select 2007 session and search using the bill number.

Welcome to my website.  The Veritas Real Estate Group, Inc. is a multi-licensed corporation and functions as a real estate brokerage firm, mortgage broker business, real estate school and mortgage broker school.  Pat O'Connor is the owner and is licensed as a real estate broker and mortgage broker as well as a Florida real estate instructor.  Pat lives in Tamarac which is the fastest growing city in Broward county and Tamarac properties will be featured on her website.

Take some time and poke around.  There is a wealth of information under the Real Estate tab and the Mortgages tab. 

I intend to update this site frequently with real estate and mortgage news as well as information on property tax changes and changes happening within Broward county.  Check it out and come back often.