WASHINGTON - May 20, 2009 - Congress has finally sent the president legislation that encourages banks to spare homeowners from foreclosure on Tuesday. This comes after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy.

The House voted 367-54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.

"In the last few weeks, we have cracked down on corporate and mortgage scams and helped more struggling homeowners keep their homes," said Senate Majority Leader Harry Reid, D-Nev. "And in the coming weeks, we will continue to protect people ... who keep our economy moving, and we will restore their confidence."

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First American CoreLogic showed March foreclosure rates in the Orlando-Kissimmee area are up over the same period last year.

The rate of foreclosures among outstanding mortgage loans was 8.1 percent in March, more than double March 2008's 3.5 percent rate, First American data said.

Foreclosure activity in Orlando-Kissimmee is higher than the national foreclosure rate of 2.1 percent in March 2009.

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The Ford Foundation is set to spend $50 million dollars in a new venture to help save foreclosures. They plan to provide money to a consortium of community based nonprofits so this group can broker deals between cities trying to rehabilitate neighborhoods and mortgage servicers trying to sell foreclosures. They are simply looking to accelerate this market while working with state and local governments that have already received grants from the Department of Housing and Urban Development to redevelop foreclosed homes.

This consortium, called the National Community Stabilization Trust (NCST), also seeks to get huge discounts on foreclosed home before they are listed for sale to the public. They are going directly to the banks to secure these valuable opportunities and courting financial institutions like J.P. Morgan, Bank of America Corp., and GMAC Financial Service.

Ford is not the only company seeking to ease the housing crisis, Housing & Neighborhood Development Services Inc., a nonprofit in Orange, N.J., recently bought 47 mortgages from J.P. Morgan Chase & Co. with plans to fix up the homes and sell them.

The MacArthur Foundation, who funded the 3 million dollar start up investment for the NCST hope to prompt purchases in more that 100 cities before year's end.

With the huge back log of foreclosed properties t he NCST seeks to save financial institutions time and money by funneling the properties right to buyers.

Unlike a typical grant, Ford's money comes from its endowment principal, in the form of a 10-year loan with a below-market interest rate of 1%. Ford has made such investments for decades, but this marks its largest bet on an untested project.

"It's risky," said Luis Ubinas, Ford's president. But "only a market-based solution is going to work to clear what is likely more than $1 trillion in real estate. Someone has to step up and put the risk capital in play that will come up with a model for that marketplace solution."

Mr. Ubinas, a former McKinsey & Co. consultant, took the foundation's helm in January 2008. In addition to the stabilization trust, Ford plans to spend an additional $100 million on housing over the next five years, Mr. Ubinas said, doubling what the foundation had put in that area over the past decade.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Relocation Resource Guide

Read Also: Has Orlando's Real Estate Finally Reached it's Low Point?

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If you want to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.

There may be help for troubled Orlando homeowners on the horizon!

Congress sits poised to dole out the next $350 billion in bailout funds to banks as more and more people loose their homes to foreclosure. Congress has now indicated they may even include some type of much needed help for homeowners desperate to save their homes, in this plan. By adding very appealing incentives for servicing companies, congress aims to attract more lenders to work with borrowers and stem the tide of foreclosures.

 The "Hope for Homeowners" program, a foreclosure prevention plan, might also be changed to make it more attractive to lenders.

Negotiating a loan modification is almost hopeless, when banks started pooling and marketing loans as bundles, it made lenders unable to directly work out new terms with borrowers. There are just too many parties that have to agree on the terms, to get the process done in a timely manner. Lots of times too the lenders make more money by foreclosing.

This plan hopes to entice lenders to make loan modifications, and lessen foreclosures thereby helping homeowners keep their homes.

These new changes will give homeowners on the verge of foreclosure some new opportunities and some much needed hope and help to get through this crisis.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Relocation Resource Guide

Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.

Read Also: Orlando Florida Facts & Resources

Read Also: Orlando Florida City - Everything You Need To Know!

If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.

How can Orlando Real Estate Short Sales Compete With Foreclosures?

There is a new tactic being used in the housing market and some say the abundance of information for sellers

to abuse the foreclosure system is to blame. Orlando Real Estate short sales are an excellent option for buyers

looking for an excellent deal. It is also a win, win for sellers looking to get out of a mortgage they cannot afford

and still being able to sell their home. Some though, are trying to work the system to be able to stay in their

homes as long as they can for free!

Short sale sellers are using stall tactics like entertaining multiple offers, utilizing foreclosure technicalities, and

costing buyers and agents a lot of time and effort.

The key to working with short sales is to learn to identify stalling tactics. A good Realtor will greatly be able to

help you with this process. Most people don't realize how much information agents have access to. Not only

public information like recent sales, and previous owners, most MLSs provide loan information and more

detailed data for Realtors. Information that simply is NOT available to the public.

Below we have included a few ways to identify stalling tactics and save buyers from wasting their time and energy

on sellers who have no interest in actually selling.

• First find yourself an agent with experience in short sales! Just like when buying a commercial property,

a multifamily property or a residential home, every agent has a corner of the market they specialize in. Find one

that concentrates on short sales, this is very important. Ask them how many short sales they have CLOSED in the

last year, if they say none go to someone else with more experience.

• You might be able to spot potential delay tactics by just talking with the seller. Asking if they have other offers

(an agent is a great tool for this because they can ask the listing agent and gain some valuable information not usually

released to a buyer) and be cautious when working with a seller that doesn't seem to care the amounts of the offers just

that there are many on the table. This might be an indication this seller is trying to stall the foreclosure with delay tactics.

• Have a time and the profit potential in mind BEFORE making the offer.
• Make sure you have deadlines and contingencies in place to maximize you returns and minimize and problems

that might arise. Using a good Realtor will help you to clarify your offer and greatly enhance your chances for success.

• You may be able to offer the seller and maybe the bank a few hundred dollars as reward for a quick closing, or

negotiate other items important to the seller to close on time.

• Keep it simple. Avoid complicating the deal with unnecessary requirements. Fixing the garage door might be important

to you, if you are able to purchase the home $20,000 under market value you can afford to hire someone to fix it after closing.

Learning how to negotiate short sales is a new skill some Realtors have made their specialty. Find a Realtor that has proven their effectiveness in short sales and you will greatly increase your chances of landing an amazing house for an amazing price.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: What to Expect With a Foreclosure

Read Also: Federal Foreclosure Relief Plan May Skip Orlando Homeowners

Read Also: Orlando Florida Facts & Resources

Read Also: Orlando Florida City - Everything You Need To Know!

If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.