New RESPA Reglatory Changes go into effect January 1, 2010!

Happy New Year Peachtree City!  As we welcomed in the official beginning of the new millennium and a new decade the government also introduced some sweeping new regulatory reform changes that will pose a significant impact on the mortgage industry and everyone in the real estate profession. 

The Real Estate Settlement Procedures Act (RESPA)went into effect on January 1st.  I would be remiss if I did not also state that HUD will overseeing enforcement of these new rules and is stated to say that they will “exercise restraint in enforcement” giving lenders an opportunity to make a good faith effort to comply with the new regulations.

Georgia Property Taxes Increase Due to Loss of The Homeowners Tax Relief Grant!

Hey Peachtree City have you taken the opportunity to open your tax bill yet!  Well if you haven’t you are probably one of those homeowners that will be filing late as typically taxes in Fayette County are due on November 15th.  By the way, if you plan on writing off those taxes for 2009, I hope that you get them paid before December 31st.

First-Time Home Buyers Tax Credit Extended!!

Hello again Peachtree City!!  As the dust finally settles….the Senate finally decided not only to extend the tax credit but to expand it as well!  

Yes, you can exhale now, especially all you folks that waited until the last minute to take advantage of the credit.  Legislation passed on Wednesday, November 4, 2009 which will  extend the much debated $8,000 first-time home buyer tax credit.  Also included in the Bill was the establishment of a new $6,500 tax credit for “move-up” buyers!  

Note from Sen. Johnny Isakson: Support of Extension of 1st Time Home-Buyers Tax Program!

Hello again Peachtree City!  You probably didn’t know this but I have been a proponent for gaining the support from our elected officials related to getting an extension of the 1st Time Home-Buyers program.  My efforts went so far as to send personal letters to both Senators Saxby Chamblis and Johnny Isakson asking for their positions on pending issues and continued support on others. 

Folks, I would be remiss if I first didn’t state that I received responses from both Senators.  I thought I’d share the response I receive from Sen. Johnny Isakson which acknowledged his efforts as co-sponsor of the Bill to extend the tax credit to 2010.  What you may not have known is that he also fully supports a Bill that would also create a $15,000 tax credit for all home buyers. 

H.R. 3590: Service Members Home Ownership Tax Act of 2009 Passes in House!

Hey Peachtree City…The House just passed the bill introduced by Rep. Charles Rangel (D-NY) to extend the $8,000 First-Time Home Buyers credit to Members of the Armed Forces and certain other Federal employees until November 30, 2010.  The Bill passed unanimously and will now go to the Senate where it is also expected to pass with ease. 

The Bill also amends the Internal Revenue Code and exempts those service personnel from having to pay back the credit should they be deployed for extended duty service. 

No Property Tax Increase In Peachtree City for FY 2010!!

Hey Peachtree City…City Council recently voted by a margin of 3 to 2 not to increase property taxes for fiscal year 2010!  However, Council did agree to increase the millage rate to 5.711 mils.  The increase in the millage rate would prevent the usage of cash reserves for the FY 2010 budget.  Just in case you are wondering were the money is going….approximately 16.5% is headed to Peachtree City, 67.2% goes to Fayette County School Board, 15.5% goes to Fayette County and 0.7% goes to the State.  Three public hearing were scheduled (as required by law) to advertise the increases. 

The New American Dream…..Renting?

      Okay Peachtree City before things become as hostile as a town hall meeting on health care, let me explain the topic.  Recently, I read this article in the Wall Street Journal entitled “(Marxism) The New American Dream: Renting.”  The article stated that Americans might as well get used to the fact that home ownership is no longer a realistic goal for folks and further suggested that we curtail the enormous government subsidies that are fueling this endeavor. The Marxism connotation as identified in the article’s caption views Capitalism as a society in which a small minority of the population dominates and exploits the vast majority considered the working class.

Is the Bank’s “Shadow Inventory” Casting a Cloud on the Real Estate Market?

Hey Peachtree City….has anyone noticed that a number of foreclosed homes seem to be just sitting for months on end with no visible effort going on by the banks to actually resell them?  It really did not hit me until a client expressed interest in a foreclosed home in my own neighborhood. When I approached the sales broker for the neighborhood he informed me that the builder had gone bankrupt and the house was going into foreclosure in a few days.  ”Call me back”, he said.  ”The house will probably a better buy once it comes out of receivership and is back on the market.” 

Bank of Georgia Receives “Cease & Desist” from FDIC!

The Bank of Georgia is under some major scrutiny as the FDIC served a “cease and desist” to the Peachtree City-based bank.    The order basically states that the Bank of Georgia has been cited for a number of banking practices that could represent unsound and unsafe banking practices. 

Specifically, the bank was cited for operating with inadequate capitalization for its risk profile.  Additionally, the bank was operating with inadequate management citing that those practices are detrimental to the bank and further jeopardize its deposits. 

Thinking About A Mortgage Modification? Freddie Mac has Video Assistance via YouTube!

 

Hey Peachtree City!  A lot of homeowners either behindin their mortgage or find that their homes are under water are seriously considering a mortgage modification.  However, I think the biggest complaints revolve around the arduous amounts of paperwork required by the banks and mortgage companies.  All this confusion coupled with being bombarded by so many companies stalking you and promising to assist with your loan modification has led many needy homeowners to become sceptical and abandon seeking assistance. 

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