January, 2014:
Are flood insurance premiums still supposed to go up?
Flood insurance (NFIP) premiums have already gone up astronomically in the case of pre-FIRM homes, the result of the Biggert Waters Act. In this area, pre-FIRM generally refers to homes that were built before 1974. Our elected politicians in D.C. are going through the motions but making little progress in the re-writing of this very bad legislation.
Our salvation may lie in the fact that FEMA failed to follow the rules and did not conduct the required cost studies before enacting. Therefore, a now pending lawsuit in federal court may provide our best option for relief.
More on this at: http://rem.ax/1fnwewZ
As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com
Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1
My partner and I are being foreclosed on. Why did I get served with papers when I am not on the note, just on the deed?
The note is the obligation to pay, so it sounds like your partner may have to wage that battle alone. However, everyone that may have an interest in the disposition of the property will typically be served when the lis pendens is filed. That would include all of the parties on the deed, the HOA or condo association, second lien holders, etc.
It is not too late to structure a short sale just because you were served with foreclosure documents. In most cases, a short sale is the best option for the owner and lender. Please call us direct for more details.
As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com
Did I miss the opportunity to buy with really cheap interest rates? Are rates going to come back down?
The scaling back of QE is expected to increase mortgage interest rates by 50 basis points over the course of the year. Some believe that the recent increase in rates pre-absorbed that anticipated impact.
However, to put it all in perspective, 2001 marked only the second time in Freddie Mac’s history (1971) that rates averaged below 7%. 2010 marked the first year that rates averaged below 5%. So by comparison, at 4.5%, today’s rates are still very cheap and it is a great time to buy!
As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com