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I almost fell out of my chair today when I got notification of this new policy by the credit reporting agencies. Seems the government's financial regulators have given their blessing to the "Big Three" credit reporting bureaus – Equifax, Experian and TransUnion to enact new guidelines that will allow mortgage lenders to report mortgage loan modifications as a negative credit line item on the borrowers' credit report. The agencies will designate the loan modifications to show as "partial payment status," which in turn can lower an individual's credit score by 50 points or more.

With thousands of folks seeking payment relief by doing a loan modification, such a move will surely push many of these borrowers into the poor risk category pool. Just exactly how…

The residential task force set up by members of the Florida Supreme Court and others to review current foreclosure guidelines used by Florida courts recommended Monday that all cases involving "primary homesteaded foreclosure homes" should be subject to mandatory managed mediation. In addition, the 15-member panel also said that judges should expedite cases dealing with vacant or abandoned properties.

According to the task force, Florida should require mediation between lenders and borrowers to help the courts better manage the crush of foreclosure cases and improve the borrowers' chances of keeping their home. Other recommendations included having the state standardize some court required forms, creating a foreclosure clearinghouse on the Web and making…

The mid year Ft. Myers Beach real estate market sales statistics for both homes and condominiums are listed below. Ft. Myers Beach is the "happening" locale on Southwest Florida's Lee Island Coast. Ft. Myers Beach offers every amenity you can imagine- from seven miles of wide sandy beaches, golf, boating, fishing and more than anything else - relaxing. The Beach as its known, is eclectic and diverse. It draws visitors from all over the world and you'll find all sorts of folks from generations of families to Easter Break kids. There's nothing else quite like it anywhere in Southwest Florida.

Ft. Myers Beach, Florida Sales Data

Ft. Myers Beach Home Sales January-June 2009*:

• 59 Closed Sales
• Average Sales Price - $420,361
• Median Sales…

Beginning August 15, FHA borrowers will be able to apply to reduce their monthly mortgage payments by seeking a loan modification through their current lender or loan servicer under the new FHA-Home Affordable Modification Program (FHA-HAMP). The Helping Families Save Their Homes Act of 2009 allows FHA to give qualified FHA-insured borrower's the opportunity to reduce their monthly mortgage payment by modifying the mortgage through the new program.

The program will permanently reduce a family's monthly mortgage payment through the use of a partial claim, which defers the repayment of mortgage principal through an interest-free subordinate mortgage. FHA-HAMP will allow lenders to set aside up to 30% of the total principal balance until the house is sold or…

The mid year Estero real estate market sales statistics for both homes and condominiums are listed below. Estero is ideally located between Ft. Myers and Naples is currently in the process of building and developing wherever you travel in the area. Developers are offering every type of community you can imagine, from large gated and planned communities, to smaller town centre type projects where the amenities are built around a self-contained lifestyle.

Estero, Florida Sales Data

Estero Home Sales January-June 2009*:

• 270 Closed Sales
• Average Sales Price - $266,218
• Median Sales Price - $226,500
• Average Days on Market - 140
• Average Sales Price/Square Foot - $123.63

Estero Condominium Sales January-June 2009*:

• 209 Closed…

Hardly a few days go by that we don't get an inquiry from either one of our industry peers or a prospective client as to why they can't get mortgage financing for their recent condo purchase. The reasons are many and in most instances very confusing. Especially if you're talking about buying a condo in Florida.

Since the majority of our lending business is now done within this state, I'm going to focus on the problems we are facing here with getting financing for a condo. However, many of the same problems exist in other areas of the country and thus may be applicable to your business too.

Primary residence and second home condo purchases are treated quite differently. The reasons for this are many and entirely too convoluted to go into in a blog post.…

The mid year Ft. Myers real estate market statistics for both homes and condominiums are listed below. Ft. Myers, known as the "The City of Palms", sits along the natural splendor and shoreline of the Caloosahatchee River and is renowned for its fabulous winter weather. The city is a metropolis bustling with historical, cultural, and ecological attractions and the downtown area is undergoing major renovations in order to keep up with its continuing growth.

Ft. Myers Sales Data

Ft. Myers Home Sales January-June 2009*:

• 4190 Closed Sales
• Average Sales Price - $113,355
• Median Sales Price - $59,900
• Average Days on Market - 44
• Average Sales Price/Square Ft. - $58.95

Ft. Myers Condominium Sales January-June 2009*:

• 1311…

The Florida Homebuyer Opportunity Program (FL HOP) - created during the 2009 regular legislative session - is scheduled to have funds available ($30 million) by the first week of August, 2009. The FL HOP program will be administered through the State Housing Initiatives Partnership (SHIP) program; offices are located in all 67 counties and 53 Community Development Block Grant (CDBG) entitlement cities. Eligible FL HOP applicants can receive up to $8,000 in purchase assistance, which is expected to be repaid by the applicant upon receipt of his/her federal tax refund from their federal first time homebuyer tax credit established through the American Recovery and Reinvestment Act of 2009.

Highlights and Exceptions of the FL HOP program include:

…