New program for Military member and Short sales.

New program for Military member and Short sales.

Are you in the Armed forces and have PCS orders over 50 miles from your current residences ? Is your local market in the dumps and everything around it short sales, distress, bank owned and bargain ? A new program has been announced by President Obama to help up to 3 million service members. The link below will take you to the official press release.

Hampton Roads is full of Military members who are in the middle of this crisis. If you are currently a homeowner and have PCS orders up to 50 miles out of the area PLEASE call me TODAY . I can help get your home sold and save your credit.

Servicemembers Civil Relief Act (SCRA).
If you have a loan with Bank of America, JP Morgan, Citgroup Wells fargo or Ally Financial you may qualify under this new ruling.

The mortgage servicers who signed the settlement have agreed to review their files for violations of the Servicemembers Civil Relief Act (SCRA). They will give monetary relief to those families who saw their homes taken from them in violation of the SCRA, or who did not receive the SCRA interest-rate reduction to which they were entitled. In one way the settlement goes farther than the SCRA: it protects from non-judicial foreclosure all military homeowners who are deployed to a combat zone, even if the mortgage was not obtained before the servicemember entered active duty. If you feel that your rights were violated by one of the mortgage servicers in the settlement you can call the Justice Department at 1-800-896-7743. But you don’t have to call in order to get the help offered by the settlement, and you shouldn’t give information or money to anyone who says they will help you get in on the settlement! If the banks in the settlement owe you money they will try to find you; you don’t need to fill out an application or file a claim.

The settlement also has provisions for military homeowners who get Permanent Change of Station (PCS) orders. The banks will provide short-sale agreements and deficiency waivers to those servicemembers who were forced to sell their home at a loss due to a PCS and were not eligible for the military’s Homeowners Assistance Program (HAP). This will help servicemembers who were underwater on homes they bought between July 1, 2006 and December 31, 2008, or who received a PCS after October 1, 2010.

http://www.whitehouse.gov/blog/2012/03/06/help-military-homeowners

http://www.whitehouse.gov/the-press-office/2012/03/06/fact-sheet-president-o

http://www.whitehouse.gov/blog/2012/03/06/what-you-need-know-about-todays-housing-announcement

• Providing Relief for Servicemembers Forced to Sell Their Home at a Loss
Due to a Permanent Change in Station: Under the Department of Defense’s
Homeowners’ Assistance Program (HAP), some servicemembers who are forced to
sell their home at a loss due to a Permanent Change in Station (PCS) may be
compensated for the loss in their home’s value. Under this settlement,
servicers will provide short sale agreements and deficiency waivers to those
servicemembers who were forced to sell their home for less than they owe on
their mortgage due to a PCS, but who are not eligible for HAP. This means
that the benefits of that program will finally be extended to servicemembers
who bought their homes between July 1, 2006 and December 31, 2008, or who
received a PCS after October 1, 2010.

The VA compromise sales has been the way to help the Veteran in the past here is link to help you understand that option. http://www.valoans.com/va_article.cfm?id=103

I feel bad for Portsmouth

I feel bad for Portsmouth

DISLCAIMER- this is just an opinion about what I read and see in the local paper and not to offend any resident of the city.

This poor city seems to be fighting for its life. Weekly I see stores about business failures, taxes, mis management , tolls . The most recent story I read today is about property values dropping. Normally I would say this is helpful for the long term resident who plan on staying in there home. If you look deeper dropping property values does nothing for them. Its only going to burden the city with more revenue loss and not a assessment rates might have to increased to balance the difference. Maybe Im simple minded but all this did was take the home sale values and drop them even more so when you do sell you have to take less.

Local business are footing the bill on the in crease of taxes. I can see this as a hit to any new business and growth in the city. Its so sad its a cycle that keeps them suppressed. How is Portsmouth going to fix there issues ? I don’t know that answer to that I know know maybe they need better leadership or people with better vision for the resolution

There are some positive notes for the city.
Foreclosure decreased annually from 585 to 495
Real Estate transfers increased from 2866 from 2649
Average days on the market dropped from 119 to 101
Median sale price dropped from 178300 to 166,00

I love the TIDE – Bring it to Virginia Beach !

I have a question. When do you think the Tide will be extended to Virginia Beach ?

Amazing growth in ridership for the light rail is proving to be a success. It was estimated about 2900 people would ride it daily. What’s happening is over 4600 on weekdays and 4800 on Sundays are taking advantage of the new public transportation. I personally have been on it up to 10 times I love it and I wish Virginia Beach would extend it all the way to the beach. It would be amazing if it went to some of the military bases.

Do you ride the light rail, if so what impact has it had on your daily life ? I recently had a daughter move with to a new apartment with in 3 blocks of the light rail. I love it, I park at the Newtown lot and ride all the way to EVMS to visit her. With the cost of gas and parking It saves me money, wear and tear on my car and the stress of traffic. I plan to ride the tide every time I head to norfolk if I can. Its a great way to relax and avoid traffic problems.

Foreclosure and renters

Consumer Protection bill HB1110

Share with me your thoughts on this subject.

If a home is foreclosed on and has a person renting it still in a lease should the bank have to honor that lease as long at the renter is paying the rent ? This is one bill that is being investigated currently and would keep banks from tossing the renter out once the foreclosure has taken place. On the surface I see it as a good policy. Tell me something that you think could be bad about it and lets have a conversation.
Im a Realtor in Hampton Roads and I see this happening all the time. I have not taken a long hard looked at the pros and cons of keeping the lease in place. I do know that when you sell a home with a lease the new homeowner has to honer that lease. I would think its good practice to have the same policy with the bank takes it over. It the renter is in good standing and is willing to stay it might help the bank buy sometime on the sale of the home.

Its if for the animals or for the economy

Love to drive on the beach ?

Watch for new changes on being able to off road on Cape Hatteras national shoreline. Starting February 2012 its going to cost you. An annual permit is going to run you $90-$150, or a weekly permit $30-$50, in addition to a 7 minute video your required to watch. 26 miles of the 67 miles beach front will also be off limits. This new rule starts February 15th
The debate is wildlife against business owners. Green organization applaud the rules stating the wildlife is growing abundantly since restrictions were put in place in 2008. Business owners are frustrated as they see tourism slowing down and there economy crawling at a slow pace.

Weekenders to the area beware there is no one-two day pass for driving. Its best to plan for this in the budget when vacationing in the outer banks this year.

What do you think ,was this for the GREEN of the animals or the GREEN of revenue ?

Drug test for welfare recipients ?

There is a new bill being proposed. The bill, HB73 is proposed by Del. Dickie Bell, R – Staunton. If a recipient fails to take a drug test or refused the test they will loose benefits for a year unless they enter a treatment program.
Chris Stole was the only republican who was against the vote. Del Chris Head R- Botetourt county said he is not looking to single out welfare recipients but as steward of public money it is the obligation to ensure its being given out wisely.
Some questions why pinpoint only the welfare why not test all recipients of taxpayers money.
The fight is a constitutional battle on pinpointing certain people, some feel its an invasion of your body and rights.

My opinion:
At fist glance I read this and was YES YES ! Test them its true we have to be good stewards of tax payers money. Im sure almost anyone would feel that to be valid and a true statement. After all there is so much government waste its amazing we are not bank rupt. OH wait we almost are…… Anyway back to the topic. Its a good thing I kept reading the article. Im almost on the fence now about pinpointing one type of community program for the test. I agree maybe anyone or agency that get taxpayer money should be included in the testing .
Tell me what do you think ? To test to not ?