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Jerome Said:

Do I wait until I file for homestead March 1 to file my taxes?

We Answered:

homestead and Federal Income Taxes are not related.

Florida does not have personal income taxes.

so, file your income taxes when you are ready.


***
the homestead exemption for property taxes in Florida is handled through the county tax assessor's office [i think -- it's been a while].

that office is probably online -- check 'em out.


of course, if you are a registered voter somewhere else, or otherwise are not a Florida resident, you are not eligible for Florida homestead property tax exemption. You have to actually live here permanently.

Jay Said:

Why can't someone do something about my house pymt. going up 350$?

We Answered:

I also live in Fla. and relate to your problem. First, you need to understand government. The federal government is fighting the war in Iraq. The issue of homeowners insurance is a state matter that has nothing to do with Iraq. The insurance crisis in Fla. is due to several factors. 1). Insurance valuations were too low for many years. Now the insurance industry is playing catch up. 2) A lot of storms in 2004 that caused a lot of losses. Now the market is harder and insurance companies are getting picky. There is no magic solution. But you need to keep in mind insurance companies are there to make money for their shareholders. They aren't a charity. And if you live in a state like Fla. that has higher risk for catastrophe, you're going to have to pay for it. I would suggest you write your elected officials in state government such as the governor, and your state senator and state house rep.

Eva Said:

At this time, is it enevitable to have to put money down on a home?

We Answered:

25 years ago you had to put 20% down to buy a home. That was considered normal. Then we went thru the 2004 "boom" and no one put any money down.
Now we are finding a new equilibrium. No one knows what it will be. Many people are looking for areas that are considered rural (even tho they are near town) which can receive US Dept of Agriculture loans. Zero down payment because they were intended to help farmers. Look at a USDA map and see if you can live there..

Clinton Said:

Bank of America Mortgage Loan???

We Answered:

The mortgage papers will be sent to the title company who will then be paid by Bank of America to close the loan. The representative from the title company will be going through the paperwork with you, having you sign everything.

Please keep something in mind. The Bank only works for the bank - they do not work for you! They do not make sure you are protected, they do not make sure you are signing what you think you are signing. This is up to you. If you want to read through the loan papers (the note and the mortgage), you should ask for a copy of them prior to closing. If you don't understand them, take them to a financial advisor or a lawyer and have them explain them to you.

It seems that too many people go through their home purchases thinking everyone works for them in their best interest - wrong! You and only you are responsible for making sure everything is in order!

Pamela Said:

What can I do about my mortgage?

We Answered:

Hello Andrea,

I know Florida has some areas where homes have lost a lot of value. Yours must be one of them.

And this is the problem so many people are facing. It's in the news every day. W/o the value, lenders will not refinance the loan. There are special programs for this under Fannie Mae and Freddie Mac. But the max they will consider refinancing is 125% of the appraisal value. Your numbers don't meet that cushion.

Keep in mind that the lender is running a business. It's not "Charity Mortgage." Please don't take that the wrong way. But a lot of borrowers first look to their lender for help in paying their bills. You say it does not make sense to you that the lender won't refinance just because of an appraisal. But it makes perfect sense to the lender. The appraisal is the foundation of the mortgage business. You are borrowing money based on the value of the supporting asset. That value can't be ignored. Thorns in lending and appraising are what caused many of the problems today.

Lenders do not care at all that you have been their client and you are paying the loan. Again, it's a business. And when you apply to refinance, you are looked at as a new customer. They will not refinance your loan and ignore the value.

If your issue now is you anticipate a drop in income, then you have some time to find ways to add income via a part-time job or other. If $200/month is the breaking point for you losing or keeping your home, then extra income sounds like a workable solution. Most people need far more than $200/month to tide them over. There are many ways to cut back and save $200/month. Give that a shot too.

I looked at the numbers you gave in your question and I don't see how you were going to save $200/month anyhow.

Keeping it simplistic, $138000 at 6.5% = $872/month for principal and interest.

$135000 at 5.5% = $766/month for principal and interest.

And this is with no closing costs added to the loan amount. You would still pay the PMI. How were you going to save $200/month? Seems the lender gave you bad numbers.

I really think your problem is workable outside of the mortgage. Especially since it wasn't going to save you what you thought.

Good luck.

Tim Said:

Looking for an organization that deals with victims of mortgage/appraisal fraud?

We Answered:

Mortgage Banker's Association can give you referrals http://www.mbaa.org/ or maybe there is a Florida Mortgage Banker's Association

Sherri Said:

Two properties with Amtrust 1 foreclosure 1 not?

We Answered:

No property debt is normally settled at foreclosure. However, they MIGHT come after you for the difference--really depends on the amount owed and the contract.