New HARP Rules for Borrowers Underwater

The federal government has announced changes to the HARP (Home Affordable Refinance Program) to make it easier for borrowers to refinance their loans.  Some sources say March 1st 2012 is when homeowners will be able to start applying. 

Changes include:

No Loan to Value (LTV) ratios

No refinancing fees if borrowers shorten terms of their mortgages to 20 years or less

No Appraisals will be required in many cases

Read more about this program. 

Finally, there's some help for those borrowers who are current on their loan and need a break!  Get ready to call your lender, or call us and we can direct you to reputable lenders who, like us, go the extra mile for their customers.

Please visit www.IWantNaples to look at my latest real estate listings. 

Oh and if you are on Facebook we would appreciate it if you would please go to our business page TeamFranklin and click the "like" button on the bottom left of the page, as we frequently post valuable information about Naples Real Estate there.  It will also help grow our online presence.

As always, Neil and I appreciate your loyalty and invite you to call us anytime, even it's just to say hello, so pick up the 'phone and give us a buzz, 239 290 5627

Florida Homestead - Time is Running Out

HOMESTEAD ALERT- TIME SENSITIVE

 

 

If you plan on making Florida your homestead you had better do it by December 31st 2011 to get the tax benefits in 2012.  To apply you will need a driver's license, vehicle registration as well as a voter's registration.

The March 1st deadline does not apply it must be done before year end.

Here's the tax office link with contact numbers. 

Happy New Year to all our customers and friends who have helped to make 2011 a wonderful year in real estate for our family.

Courtesy of Ronald Webster. 
Congratulations to Ron on receiving  “Affiliate of the Year” from the Marco Island Association of Realtors for the year 2011.

Cleaning those Darn Gutters!

I showed a beautiful home yesterday but the roof had leaked due to poor maintenance of the gutters.

Maintaining gutters is the most important thing you can do to prevent water damage to your home.

Luckily, most common gutter problems are easy for homeowners to fix themselves. And it's worth the effort. "Gutters are one of those things where routine maintenance and inspecting them can really prevent bigger problems down the road," says Jason Stutzman, director of home maintenance and repair for Brothers Redevelopment in Denver.

Here are the gutter problems that the pros see most often, and the recommended solutions.

Unclog those gutters
This is the most common problem of all. Left untended, gutters and downspouts get so clogged with debris that they're rendered useless. The excess weight of leaves, twigs, and standing water can also make them sag and pull away from the fascia.

Clean them at least once a year, and twice a year if you have a lot of trees nearby. Gary Mindlin, managing partner of New York City-based Top Hat Home Services, schedules gutter maintenance four times a year, with additional checks after big storms.

Another option for dealing with chronically clogged gutters is to outfit them with gutter covers. These include mesh screens, clip-on grates, and porous foam. They still need regular maintenance, though, and the cost can be more than the gutters themselves.

Plug the Leaks and holes

Leaky gutter joints can be sealed by caulking the joint from the inside with gutter sealant, says John Eggenberger, vice president of training and corporate development for the Mr. Handyman franchise of home repair companies. A tube costs about $5. Very small holes can be filled with gutter sealant. Larger holes will require a patch. If you can't find a gutter patching kit at the hardware store, you can make a patch from metal flashing.

Improperly pitched gutters

Gutters need to be pitched toward the downspouts for the water to flow properly. You want at least a quarter inch of slope for every 10 feet. Get on a ladder after a rainstorm and look in the gutter; if there's standing water, it's not pitched properly.

Downspouts draining too close to the foundation

Downspouts need to extend several feet from the house, or they'll dump right into the basement. Gutter extensions attached to the bottom of the downspout will discharge water well beyond the foundation. They're inexpensive and easy to install. "I like the downspout material extended four or five feet and screwed on," says Reggie Marston, president of Residential Equity Management Home Inspections in Springfield, Va. Cost: less than $20 per downspout.

In Florida many homes do not have gutters as the tropical rain is so forceful.  It's a good idea though to place gutters at the front entrance and garage so you don't get went on entering or exiting your home.

Courtesy of  Pat Curry

Insrance Policy Traps! Are you CLUEless?

Did you know the insurance companies share a database on your claim history and each of us has a CLUE report?

The CLUE report and the insurance scoring system are tools insurers use to decide your risk profile, that is, how likely you are to file a claim against your policy. Insurers feed information about paid claims - perhaps even your inquiries about coverage that do not result in a claim - into a national database for use by insurers. Information included in the database, along with your insurance score, makes up your risk profile. Insurers use the profile to decide whether you get new insurance. At renewal time, your current insurer will probably review your claims history as well as your current insurance score to set your premiums - even to decide if you get to keep the insurance you have. When you shop for new insurance, the company may order a CLUE report. If information is inaccurate, you can be left without insurance while you work to correct the errors.

Knowledge is Power - take time to visit the link below:

Check out the Privacy Rights Clearinghouse to read all about CLUE and what it means to you.  

Insurance Trap!

Standard policy forms by Insurance Services Office were once used by insurers but now some are writing their own and tweaking the wording which could mean trouble for some homeowners.  Some policies include mold and lead coverage and other not, according to a study to be published early next year by the University of Chicago Law Review.  Homeowners could find their claims denied when a disaster occurs.

Remember to ask questions before purchasing a policy such as:

Is Wind Damage covered and is there a deductible?
Is Flood Damage covered and is there a deductible? 
Will items be paid at replacement value or actual cash value?
What exclusions or limitation are there in the policy?

Get ready now for your insurance renewal - don't forget to shop around!








Source: “A Home-Insurance Trap?” The Wall Street Journal (Dec. 3, 2011)

Naples Real Estate Vanessa Franklin 239.290.5627: Fannie Mae has a heart afterall....

Naples Real Estate Vanessa Franklin 239.290.5627: Fannie Mae has a heart afterall....: The Holidays are coming and evictions for single families and two to four unit properties are being suspended between December 19th 2011 thr...

Fannie Mae has a heart afterall....

The Holidays are coming and evictions for single families and two to four unit properties are being suspended between December 19th 2011 through January 2, 2012.

“No family should have to give up their home during this holiday season.”  said Terry Edwards Executive VP of Credit Portfolio Management for Fannie Mae. “The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,”

Many families will be spending a LOT of time together PAST the holiday season when they lose their home after January 2, 2012 and have to move back in with mum and dad!

So eat, drink and be merry, for tomorrow...... you'll be spending a lot more quality time with the in-laws.

Let's hope we see more jobs in 2012 to stop these foreclosures.  The banks need work faster with the loan modifications to keep those with jobs and families in their homes and out of foreclosure.

Under Contract in 48 hours!

Just closed on the darling house in Waterways Naples Fl.

Listed for $186,500 and under contract within 48 hours this home was hot property!

896 Grand Rapids Way Naples Fl

If you need help in selling your home, please give me a call, I need homes to sell! I have buyers waiting. Inventory is at an all time low and prices are rising so I will get the best price possible for your home.

Go to my website and ask for a Free Home Value Report to see what your home might be worth or call me and I will personally give you a comparable market analysis. Absolutely free and confidential service.
Call me 239 290 5627 or visit my website IWantNaples.com.