liroche's Blog: All Categories

On Friday, May 29, 2009, the U.S. Department of Housing and Urban Development (HUD) announced that first time buyers using FHA approved lenders can now get an advance on the $8,000 tax credit. Buyers will still have to come up with the mandatory down payments on their own, but they could use the tax credits to lower their principal balance or to help out with their closing costs. This measure would allow lenders to purchase tax credits from Buyers and collect the rebate directly from the IRS.

 

 

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Realtor commissions for a short sale of a property are finally now protected. As a response to realtor complaints, Fannie Mae announced that effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate.  Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales.

One of the sections that will impact REO agents nationwide is the prohibition of banks making the sale of a short sale conditional upon the lowering… Read Full Post

 

The Florida Legislature passed a bill that would allow property owners the flexibility of making partial payments on their property taxes. Florida law currently requires payment of the full amount of a property tax bill in order for the Tax Collector to accept the payment tendered.

This is a great bill for Floridians, especially residents of Miami-Dade County who are suffering through this down economy. Homeowners can now make reasonable smaller payments on their property taxes as opposed to one large lump sum.  One of the most frequently asked question by Florida taxpayers is whether they can make partial payments on their property taxes.  This bill will really help taxpayers who are going through some very difficult times, Read Full Post

In February, Congress increased the Home buyer Tax Credit Stimulus from $7,500.00 to $8,000 without the need to repay, if Buyer stays in the home for a certain amount of time. But, many Buyers who are eligible for this credit are unaware of this incentive. The credit which has a deadline of December 1, 2009, will be crucial in bringing undecided buyers to finally purchase their first home. 

Potentially, first time buyers are meeting with obstacles in trying to save for the down payment necessary to purchase a property. The National Association of Realtors has sent a communication to the U.S. Department of Housing and Urban Development, urging HUD to give buyers access to tax-credit funds at closing through a loan facilitated by the FHA. It would become a… Read Full Post

The Pensionado Visa program was introduced to attract investment into the country, some of the benefits include:

• 20% discount on doctors bills, with 15% off hospital bills if no insurance cover.
• 20% discount on professional and technical services.
• 15% discount on personal loans in your name.
• 15% discount on dental and eye examinations.
• 10% discount on medicine.
• 1% reduction on mortgages on homes used for personal residence.
•  Import tax exemption on all household goods.
• Tax exemption to import a new car into Panama every two years.
• 50% discount on…

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