Military Sellers Reimbursed For Losses

The federal government is using $555 million dollars in Recovery Act funds to reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell. The Department of Defense has identified Florida as having the most home sellers who qualify for the program. The Pentagon’s Housing Assistance Program now applies to: wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed. Military personnel moving to a new base.  All of this is good news for employees and military personnel of the Dept. of Defense.

Sink hole insurance protection in Pasco

A new Florida law, effective January 1, 2010 allows all insurance companies in florida to renew homeowner’s policies without sinkhole coverage in Pasco and Hernando counties. Homeownerswill have to specifically request and pay a seperate premium if they want coverage for sinkholes. Many insurance companies are requiring a sinkhole inspection prior to granting the coverage. The cost to repair sinkhole damage can be catastrophic, and if you don’t have the coverage your house is almost worthless. The fear is that many homeowners will drop sinkhole coverage on renewal, leaving them in a bad situation if their homes are damaged. Sinkholes are to Florida what wild fires are to California.

The problem with sinkholes in not just the sinkhole claims but also the cost to insurance companies to investigate sinkhole related damage. Aggressive plantiff attorneys are too quick to blame sinkholes for any structural damage. Ultimately homeowners in these two counties are caught between a rock and hard place. They either resign themselves to paying higher premiums to expanded coverage, or they get stuck paying for costly repairs when sinkhole sdamage their homes.

HOMEPATH.COM

If you are looking for a really good deal in a foreclosed property go right to the source, www.homepath.com.  This is the official Fannie Mae home sight of foreclosed properties that Fannie Mae owns. Fannie Mae is the quasi government underwriter of mortgages. Fannie Mae is the largest provider of mortgage financing in the country. Fannie Mae wants to clear out 50,000 properties it has taken back from owners through the foreclosure process. In addition, some Fannie Mae owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers qualified homebuyers the ability to purchase with as little as 3% down.  They are also offering 3.5% in closing costs. Fannie Mae doesn’t pay owners title policy of state documentary taxes. That would take up about 2% of the 3.5%.  Call us for more information at 813-956-6487.