Myth #1: I should stop paying my mortgage so I can get assistance with my mortgage payments.

Fact: Stopping payment on your mortgage only hurts your situation and can expose you to foreclosure and credit difficulties that could require years to rebuild. As soon as you think you may fall behind on your mortgage payments, contact your lender.

If you can financially afford to make your mortgage payments, you should do so for the following reasons:
- Making your mortgage payments helps protect your good credit.
- If you are discussing a loan modification or other foreclosure alternative with your lender, and your lender subsequently rejects either of those options, by continuing to make your mortgage payments, you will still be current and not in jeopardy of losing your home. However, if you stop making payments, you could end up losing the home to foreclosure.

Myth #2: If my house is foreclosed, I can never buy a house again, the foreclosure will stay on my record forever.

Fact: Foreclosure can have a devastating effect on your finances and you personally, but you can recover.

Use the time after foreclosure to prepare yourself for successful home ownership the second time around by:
- Creating a spending and savings plan
- Rebuilding your credit

Foreclosure is extremely damaging to your credit and may impact your credit rating for as long as seven years.

It may take a few years to qualify for a mortgage after foreclosure, but it can be done with some effort and planning. Find a reputable nonprofit housing and credit counseling agency to help you:
- Document your goals
- Obtain financial advice
- Develop a plan to improve your financial situation
Probably the most important work you will face after foreclosure is rebuilding your credit.

Myth #3: If I’m late on my monthly payments, I’ll lose my house.

Fact: If you have a financial hardship and fall behind, it’s possible to keep your house and get back on track if you contact your lender as soon as possible to discuss your options.

You can also contact a HUD-approved housing counselor by
calling the Homeowner’s HOPE Hotline at 888-995-HOPE (4673).

Your lender can help you understand the options available to you so that you can keep your home and avoid foreclosure. These may include:
- Federal Making Home Affordable Program
- Forbearance
- Loan Modification
- Reinstatement
- Repayment Plan

Myth #4: I am getting many offers for help from a variety of different people. They are probably all scams.

Fact: Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their home.

First, always open and respond to communications from your lender, particularly if you’ve already missed a mortgage payment. If you are in a financial crisis or facing foreclosure, make sure you work with your lender or a HUD-approved counseling agency to avoid common scams.

Protect yourself against common foreclosure scams, where a company/person:
- Asks for a fee in advance to work with your lender to modify,
refinance, or reinstate your mortgage.
- Guarantees they can stop a foreclosure or modify your loan.
- Advises you to stop paying your lender and pay them instead.
- Pressures you to sign over the deed to your home or sign any
paperwork that you don’t fully understand.
- Claims to offer “government-approved” or “official government” loan modifications.
- Asks you to release personal financial information online or over the phone (when you don’t know the company/person).

Legitimate offers will have specific information identifying your current mortgage, including the loan number of your mortgage. If you receive a letter offering a mortgage modification or other foreclosure alternative from a company other than your current lender or an authorized agent of your lender, you should seriously question the legitimacy of the offer.

Myth #5: My lender is not responding to my inquiries, so I should just give up and face foreclosure.

Fact: Whatever you do, don’t walk away, and don’t give up.

Call volume is high, and it may take several attempts to reach your lender. It may take longer than you would like, which is why you should contact your lender early.

The process of obtaining a loan modification or other foreclosure alternative may require multiple calls and submission of documents between you and your lender.

Lenders have many process requirements to institute a mortgage modification or other foreclosure alternative, so the process will be lengthy.

Each of the forms and documents that you are asked to complete is required and must be submitted, regardless of any potential redundant information.

Rockwood Capital, LLC (“Rockwood”), the private real estate investment firm, along with partners Duncan Hillsley Capital and Fortune Capital Management Services, announced today the acquisition of Everglades on the Bay, the new Vizcayne  an 849-unit mixed-use condominium community located in downtown Miami.  The new ownership acquired the development in a $141 million cash transaction

Vizcayne , which also includes 58,000 square feet of retail space, has now been recapitalized as a result of Chapter 11 reorganization.  South Florida-based Duncan Hillsley Capital, which initiated the deal, and Fortune Capital Management Services are Everglades’ new managing partners.  The original developer, Cabi Downtown, is transitioning the property to the new management and ownership.

 To date, approximately 184 of the 849 Everglades on the Bay/ Vizcayne residences have closed.  The development has been completed and a re-launch is planned for April 2011.

“We strongly believe that improving economic conditions, a shrinking supply of area condominium units and a resurgent downtown environment will lead to substantially accelerated sales at Everglades on the Bay/ Vizcayne ,” said Rockwood Managing Director and Fund Manager Tyson Skillings.  ”We look forward to reintroducing this landmark development.”

If you want to live or invest in this wonderful Paradise, call me!
Cell. 786.356.4400
Ysa@miamihomeBUYsell.com

Vacation home and condominium sales in Florida, Hawaii and other states hit hard by the housing downturn have posted dramatic gains.

In Miami, existing condo sales surged 58 percent during the year-over-year period ended in February; and statewide, condo and single-family home sales climbed 29 percent and 13 percent, respectively, due to low property prices and mortgage rates.

About 50 percent of these sales were cash purchases, and about 70 percent involved foreclosures or short sales.

We’re even seeing instances in certain neighborhoods with multiple offers above asking price.

This means home prices continue to decline, with the median in Miami down 23 percent for single-family homes and 25 percent for condos from February 2010. However, prices are beginning to pick up on the Miami waterfront, where distressed sales accounted for only a fraction of transactions.

Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say.

Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season. Some builders are ramping up discounts on new homes to try to spark more transactions.

Sellers of existing-homes also are getting more competitive in pricing their homes. After  years of the housing downturn, people are becoming much more realistic in terms of valuing their homes.

While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won’t last long.

“Few think mortgage rates are going lower,” says Mark Zandi, Moody’s Analytics chief economist. “It’s more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers.”

 Si quieres vivir o invertir en este hermoso Paraiso no dudes en llamarme!!
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If you want to live or invest in this wonderful Paradise, call me!
Cell. 786.356.4400
Ysa@miamihomeBUYsell.com

 The New World Symphony, America’s Orchestral Academy, will celebrate moving into its first purpose-built home in Miami Beach its 23-year history.

The centerpiece of the building will be a 757 seat natural acoustic performance space featuring large, distinctive sail-like acoustical surfaces that will come alive with theatrical lighting, videos and other projected imagery.

The number of homeowners completing short sales rose sharply across South Florida in 2010, following the release of government guidelines designed to simplify the process.

Many potential buyers have steered away from foreclosed homes since foreclosure freezes began last fall, concerned that the deals would be delayed or canceled while lenders investigated possible wrongdoing by so-called robo-signers. As a result, banks have been more willing to approve short sales.

Even without the effect of moratoriums, lenders have warmed up to short sales, realizing they can dispose of properties more quickly and make $30,000 to $50,000 more per sale than they could by foreclosing on a home.

In a short sale, the homeowner gets approval to sell the property for less than what’s owed on the mortgage, and the lender typically forgives the difference. The transactions are seen as a key to reducing the massive inventory of available properties.

The most recent figures show that roughly four in 10 single-family mortgages in South Florida are worth more than the homes, making short sales one of the only viable options for “underwater” homeowners who need to move.

In the past few years, though, sellers and buyers complained that lenders took several months or longer just to consider short sale offers. Frustrated buyers walked away during the delays, and properties lingered on the market, prolonging the housing slump and the recession. To address those concerns, the U.S. Treasury last spring introduced a voluntary program called Home Affordable Foreclosure Alternative, which included a series of guidelines governing short sales.

The rules call for lenders to approve or deny offers within 10 business days. Also, sellers, loan servicers and investors who own the mortgages receive financial incentives for completing the deals. Sellers don’t have to repay any of the remaining debt and also get $3,000 in moving expenses. Servicers get $1,500, while investors owning the first mortgage receive a maximum of $2,000 for allowing up to $6,000 of sale proceeds to be distributed to less senior mortgage holders.

The lenders seem to be approving more short sales because they realize it makes good business sense. Also, he said, a new automated computer system that banks use is expediting the process. Still, no lender that he has worked with on a transaction has stuck to a 10-day deadline. Two of the nation’s largest lenders insist they follow the government guidelines.

But not all homeowners who want to complete short sales qualify for the government program. If a property isn’t eligible, lenders aren’t subject to the 10-day deadline and don’t receive the incentives. In those cases, deals still tend to drag.

The number of mortgage applications for home purchases is expected to become a bigger part of the mortgage market in 2011 as home prices stabilize, predicts the Mortgage Bankers Association. Refinancing has mostly dominated in recent months as homeowners looked to lock-in low interest rates, but experts predict refinancing to slow as new mortgage shoppers dominate.

• Jumbo loans become more attractive. Jumbo loans (loans over $417,000 in most housing markets and above $729,750 in high-cost housing markets) are expected to pick up pace in the next few months. Jumbo loans often have higher mortgage rates than conforming loans. However, with mortgage rates on jumbo loans dropping, experts predict a hike in refinancing and purchase applications for high-end housing.

• All-cash purchases. All-cash purchases represented about a quarter of all existing home purchases in the last four months of 2010. I expect all-cash purchases to continue to represent a big part of the real estate landscape in 2011.

Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.

The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That’s the lowest on records dating back to 1971, and down from 4.32 percent the previous week.

The average rate on 15-year fixed loans, a popular choice for refinancing, dropped to 3.72 percent from 3.75 percent. That was lowest on records dating back to 1991.

Rates have mostly fallen since spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.

The 30-year rate was 5.08 percent at the beginning of April, while the 15-year rate was 4.39 percent.

In recent weeks, Treasury yields have dropped as investors predict that the Federal Reserve will soon increase its Treasury purchases to help boost the economy. That has pushed down rates.

The yield on the closely watched 10-year bond reached its lowest point this year at 2.39 percent Wednesday following a surprisingly weak employment report.

However, historically low rates haven’t helped the struggling housing market, which recorded its worst summer in more than a decade.

Applications for mortgages to buy homes rose last week to the highest level since May, according to the Mortgage Bankers Association on Wednesday. However, that level is almost 32 percent below the level at the end of April, when homebuyer tax credits expired.
Also, much of the most recent surge was led by borrowers seeking a government loan before the requirements were tightened. The new standards, including higher credit scores and downpayments, went into effect this week.

Sales this fall are not expected to improve that much. Job concerns have kept many people from buying homes. Tighter credit standards have also dissuaded many would-be buyers from purchasing. Experts also expect the worst-hit cities to face more foreclosures and other distressed sales.

To calculate average mortgage rates, Freddie Mac collects rates from lenders around the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a given day.

Rates on five-year adjustable-rate mortgages averaged 3.47 percent, down from 3.52 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.40 percent from 3.48 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.8 a point for 30-year mortgages. It averaged 0.7 of a point for 15-year and 1-year mortgages and 0.6 of a point for 5-year mortgages.

                                                                                           A long dreamed project is one step closer to reality! The new Miami Art Museum and Museum of Science at Museum Park will be world-class facilities with our beautiful Biscayne Bay as a backdrop. Residents and visitors are sure to enjoy a one-of-a-kind experience that only South Florida can offer. Miami is a unique bridge between hemispheres and a gateway to cultures and experiences around the world. By presenting fundamental scientific concepts from the unique perspective of Miami’s cultures, MiaSci will engage, intrigue, and excite its members and guests.

Construction of Miami Art Museum’s Herzog & de Meuron‐designed building is scheduled to begin soon after remediation is completed this November with delivery planned for 2013; groundbreaking of Miami Science Museum’s new 250,000 square foot building by Grimshaw Architects will take place in late 2011 with the museum opening its doors in 2014.

Soaring upwards from Biscayne Bay, MiaSci will share the city’s 40-acre Museum Park with the new Miami Art Museum, creating a powerful cultural magnet in Downtown Miami. In this vibrant new city park, MiaSci will enjoy a waterfront setting amid public gardens, fountains, pools and natural Florida landscaping. Visitors to MiaSci will be able to stroll down to the bay, relax in the garden or enjoy outdoor games in an inviting South Florida setting.

A key attraction in the city’s open-air waterfront Museum Park, MiaSci will be located east of Biscayne Boulevard, south of I-395 between the new Adrienne Arsht Center for the Performing Arts and the American Airlines Arena in downtown Miami. Museum Park is easily accessible via the downtown Miami Metromover system, which connects with the countywide Metrorail and Metrobus transit systems. In addition, Museum Park will have extensive underground parking to accommodate museum visitors.

Museum Park  Miami will be a 40-acre city park designed for both active and passive recreation where visitors and residents alike can visit two first-class museums, the Miami Museum of Science & Planetarium and the Miami Art Museum, in an open setting of lawns, public gardens, fountains, and pools  all fronting Biscayne Bay.

Designed to provide a welcoming environment in keeping with South Florida’s unique subtropical climate, MiaSci incorporates advanced communications and energy-conservation technology, as well as a host of visitor-friendly features. Structured around a lushly landscaped indoor and outdoor ‘living core’ of terrestrial and aquatic exhibits, featuring one-of-a-kind aquarium components, a state-of-the-art digital dome, hands-on exhibits and interactive digital technology, MiaSci will offer one of the world’s most exciting museum experiences. Every aspect of the three-story, 250,000-square-foot MiaSci building is designed to inspire the mind, engage the senses and stimulate the imagination.

Designed to provide a welcoming environment in keeping with South Florida’s unique subtropical climate, MiaSci incorporates advanced communications and energy-conservation technology, as well as a host of visitor-friendly features. Structured around a lushly landscaped indoor and outdoor ‘living core’ of terrestrial and aquatic exhibits, featuring one-of-a-kind aquarium components, a state-of-the-art digital dome, hands-on exhibits and interactive digital technology, MiaSci will offer one of the world’s most exciting museum experiences. Every aspect of the three-story, 250,000-square-foot MiaSci building is designed to inspire the mind, engage the senses and stimulate the imagination

The Miami Science Museum is truly a museum for the people. The new state-of-the-art green building, its aquarium, multi-media planetarium and exhibit space will not only offer great educational value and enjoyment, but will help create jobs for the community. This entire project is a strong team effort between the County, the City and our Museums.

“Beyond providing our community with world‐class venues for arts and science exploration, the development of Museum Park will yield a short‐term impact in the form of economic development in our urban core and much‐needed job growth,” said Dan Bell, co‐chair of the Miami Science Museum board of trustees. “Museum Park will be a ‘triple win’ for our City’s museums, its residents and visitors, and our local economy.”

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