Now this is interesting. The Associated Press announced that the five biggest mortgage lenders, and we all know by now who they are, have agreed to overhaul the banking business after their deceptive foreclosure practices crippled home ownership in our country. Now get this, a draft settlement between the banks and states has been sent to the state officials for approval. They are generously providing all 50 states with a grand total of $25 billion to distribute to current homeowners that were affected by their actions. Now let me get this straight, These are the same banks that took hundreds of billions of our tax dollars from our treasury. Now they want to distribute $25 billion of that to about 750,000 homeowners that have not been foreclosed upon yet? All the folks that have been tossed out of their homes are just out of luck! Too bad, so sad. Really? So now we have what's left after the carnage eligible for assistance under the deal. That comes out to about $1,800 each. Sounds like its missing a few zeros to me. Let's see . . . You paid $200,000 for a home in 2005. Its now worth $130,000. Your payment is still based on the $200K and they are suggesting maybe giving you $1,800 would help. Sounds like the deal of a lifetime to me.

There has been a resolution to the previous story I wrote about recently. It seems that the folks in Plant City who were being foreclosed upon by Bank of America even though they had sold their house many years ago are being vindicated. Somebody with a brain finally discovered that there was a deed correction filed fixing the technical glitch in the legal description of the property. Tax Collector's office knew it. Their records showed the correction. Nobody from BOA or their legal team could figure it out though. This is the kind of thoroughness that got the bank into this kind of trouble in the first place. Doesn't look like these bankers have learned anything about the errors of their ways. The poor former home owners were so stressed by all this and now are so relieved that they are not thinking about calling BOA out on this distressing fiasco. Maybe in time they will rethink it. We can't allow these bullies to threaten innocent folks so needlessly. Wake up Bank of America, pay attention to details. Fire someone over this harassment. Get more competent legal council, do something positive!

Maybe you read or heard about the folks in Plant City that sold their home about 8 years ago and are now being foreclosed upon by Bank of America. They are not even a client of BOA. The short version is the title company that closed their transaction so many years ago made a minor technical error on their legal description. This is the kind of error that is unfortunately somewhat common. That's why we all sign a form at closing stating that we will willingly come in and sign any correction that is necessary. Well, the title company is out of business, good luck with that. So, instead of contacting the folks like a normal person would do, and ask them to sign a correction, the thoughtful attorneys for BOA decided to include them in the foreclosure proceedings. Did wonders for their credit. Did I mention that the house was sold several other times in between? None of those owners/sellers were included in the foreclosure action. Great attention to detail BOA attorneys! Now if I were the folks that are the current owners, I'd find a lawyer that would challenge Bank of America's right to even foreclose on them at all. Since the legal description is for a different house how can they foreclose on them? They don't have a lien on the correct property. And if I were the other folks that are being included in the foreclosure proceedings, I also sue BOA for destroying my credit. It was frivolous and needless. It could have been resolved simply with a piece of paper correcting the error but wasn't.

Had a strange experience today. Went to a vacant rental property and found strangers moving in! I called my friend the Deputy Sheriff who had a little chat with them. Turns out some low life told them that he was the landlord, charged them a bunch of money and told them it was OK to move in. Know whom you are dealing with and let the buyer beware! There's now a family in Tampa who needs to move, lost their money to a crook and still looking. If they had only given it some thought, they would have know that the deal was way to good to be true. They were being offered a 3 bedroom home in Tampa in a decent neighborhood for $500 a month. The villan did not want them to fill out any application, just pay him rent and a deposit. I strongly suggested that the call my deputy acquaintance and have the man arrested when he brought them the lease to sign, if that ever really happens. Hope they do, but I have my doubts. regarding the rental market, started to slow down just before Halloween, there seems to be fewer lookers. I expect it will continue that way until after the first of the year. I have two very nice rental properties left, so If you hear of families that are looking, don't forget to tell them about me! I only accept high quality owners that take good care of their properties. I have actually fired landlords that will not keep up their rentals. I refuse to be a slum lord. People have a right to a decent home to live in regardless what they pay for rent.

There was an article in the paper the other day stating that home prices in the Tampa bay area went down another 8.2 % in October. Then it went on to state if the foreclosures were discounted, the decline would be more like 1%. That made the home owner in me feel a bit better.
I'm finding that there are two distinct markets in the Tampa, St Petersburg, Clearwater area. The distressed properties, both foreclosures (REO homes) and many of the short sale properties sell at a significant discount from the move-in-ready homes. Condition is a one word answer that has nuances to it. One of the elements that condition includes is the ability to get the property financed by a lending institution. Yes, houses need to be qualified by the bank, not just home buyers. We're not just talking about appraising here, although that is another consideration. Lender considerations include such things like, does it have a stove (range), Does it have a functioning air conditioning. In other words, can you close on it today and move in tomorrow and live in it. If not, the home does not qualify for a bank loan.
Move in ready homes command a premium in this market, but they aer being price damaged by the culls in the market place. Now that makes the home owner in me feel very ticked off.