The Poinciana Crane

Polk Address Housing Concerns

BARTOW, Fla., (Nov. 5, 2009) - In an effort to assist low-to-moderate income residents in their quest to purchase homes, Polk County Housing and Neighborhood Development is partnering with Polk Government Television (PGTV) to host a webinar on Thursday, Nov. 12, at 6:30 p.m.

During the live online-exclusive interactive webinar, participants will learn about the federally-funded Neighborhood Stabilization Program (NSP) for Polk County home buyers, sellers and vendors. Throughout the presentation, participants can post questions or comments for discussion by a panel of program representatives, including Greg Alpers, director of the Polk County Housing and Neighborhood Development Division; Bruce Lyon, president of Swan Development Advisors; and Jeff Bagwell, president and executive director of Keystone Challenge Fund, Inc.

Over $1 Million for Osceola Homeless

Ready or not? Apparently, Osceola County's human services department has received $1,041,569 federal assistance for housing, and they don't even have an application ready.  That's why they're only accepting "voice applications" for those who would like to be placed on their mailing list to receive an application ... later.  (Where have I heard that before?)  To get your name on the mailing list, contact Lania Crouch at (407) 742-8411 or by email at Lcro2@osceola.org.

The grant is targeted to individuals and families who are homeless, living in a hotel/motel, nearly homeless, or about to lose their housing because of eviction or foreclosure.  The program is being administered by the Florida Department of Children and Families.

Homes as Extreme Sport

Buying and selling single family homes in the U.S. market is starting to sound a lot more like a sports event than it does the purchase and sales of shelters for families.  Now that Henrieta Homeowner is finally familiar with the phrase "short sales," the financial industry has a new one that apparently supports the theory, "The more we change, the more we stay the same."  The new system is called an extreme short payoff or ESP, a new trend emerging in some of the hardest hit foreclosure areas in the country, and one that may be coming to a property near you. 

They say this is not short sales but an "extreme" yada ... yada ... yada.  It's in essence a short sale back to the original owners, thus helping to keep families in their own homes.  This new approach hasn't quite made it down to Poinciana or, maybe, sales prices in this area are so low that banks consider their values here already X-TREME! 

Anyway, according to National Public Radio, an ESP is essentially a business that "writes off" a loan in exchange for payment.  Some have seen their payments go down as low as "ten cents on the dollar."  Come to think of it, Poinciana's sales prices haven't quite gotten that low.  Hmm, maybe there is room for X-TREME financial sports here!

Crist Runs Out on Homeless

According to Homeless Services Network of Central Florida, Governor Charlie Crist allowed the state's Office on Homelessness to run out of funding.  And that's not even the bad news. 

The bad news, according to Tom Pierce of the Office on Homelessness, is that they have received over 5,600 applications but can only assist about 4,000.  Pierce even went on to say "that applications received after Friday, August 7, are not likely to be assisted." 

That was yesterday!

Click here to read the full DCF memo regarding this funding.

Free Medical Care

Considering the devastating impact of the housing crisis on fellow Poincianans, everyone much pitch in in whatever way possible to help each other.  For that reason, we're compiling information to help Poinciana's children and families in our times of need.  If you're in need of medical care, consider the following source:

On the last Wednesday of each month from 1 p.m. to 4 p.m., you may find free medical care,just south of downtown Kissimmee on Harrelson Lane.  (See map .)  The only requirement is that you meet the definition of homelessness, which according to the federal McKinney Act is loosely defined as:

A person who lacks an adequate residence. It includes people sharing other people's homes because of loss of their own, those living in motels, hotels, trailer parks or camping grounds due to a lack of adequate housing, and people living in cars or parks, or one of Poinciana's increasing number of abandoned homes.

Just look for the Medic Van at the end of the street on Harrelson.  It's hard to miss. To find out more or to donate your help, go HCCH Mobile.

Statewide Foreclosure Survey Closes

The Residential Mortgage Foreclosure Task Forceclosed an online survey that focused on the foreclosure issue in Florida.  They're in the process of tallying their survey, which will be made available on their website, www.flcourts.org.

We Called It

Back in January, we were able to use our statistical tracking of the Greater Poinciana area to show that the area was finally starting to come out of the housing-crisis woods.  We're glad to report that the trend continues.

We started at 80 homes in January to a high of 154 in March.  Poinciana is actually surging in sales more in 2009 so far than in 2006, which marked the end of the housing bubble.

FL No Longer #1 in Fraud

According to a study by the Mortgage Asset Research Institute (MARI), mortgage fraud is more abundant now than it was at the height of the lending boom.  MARI singled out the most troubled states based on cases it gathered from about 600 lenders, mortgage insurance firms and mortgage investors, as well as federal data on loan originations.  Rhode Island topped the list, followed immediately by Florida.  Also in the top ten were Illinois, Georgia, Maryland, New York, Michigan, California, and Missouri.

Newest Loan Mod Scam

Scam artists have found a new field in the Obama foreclosure-prevention plan. Attempting to make a grand per customer, these firms charge fees for what they call "quick and effective negotiations" with banks.  In most cases, the firms will take your money, then do nothing.  The Federal Reserve issued advice for people seeking to modify their mortgages:

Due Diligence Extends to Pre-Foreclosures

During the cramdown talks last month, senate majority whip Dick Durbin of Illinois pronounced Wall Street the winner over homeowners. 

“The banks that are too big to fail are saying that 8 million Americans facing foreclosure are too little to count in this economy.”

We've been saying something like that for months now.  Yet, it appears that it took the recently expired, two-month moratorium on foreclosures to instill some sense into the financial industry.  In a recently completed survey on the industry by the Association of Community Organizations for Reform Now, better known as ACORN, they found that:

"Surviving Tough Times" Free

Not sure where to turn to for help in these tough times?  Find Information at the Poinciana YMCA, located at the intersection of Marigold Ave & Walnut. 

Poinciana ‘We Can Bounce Back’ Event

Saturday, March 21^st from 12 noon to 3 p.m.

This free public event will offer residents information and assistance on social services, foreclosure prevention, refinance programs, HUD & housing assistance programs, something called long-stay alternative accommodation, help with prescription costs, help with health care costs, how to cope with stress, and how to deal with credit card debt.  Workforce Central Florida will be there along with educa-tional opportunities, helpful hints on how to save money on utility bills, transportation options, help for the elderly, and food stamps and food assistance programs.  Chair of the Poinciana Area Council Wendy Farrell said this "event is about people helping people, as simple as that."

Cramming It Down the Bank Hole

Americans are not only saving more these days, we've been instrumental in knocking down some of the biggies of the energy industry.  Now it's time to deal with Goliath, i.e., Wall Street.  In a proposal making its way through Washington, it appears that Wall Street is petrified of a newly popularized concept embodied by the word "cramdown!" 

Cramdowns would give our legal system the power to force banks to negotiate with homeowners in trouble and would be a much-needed break from the tsunami of foreclosures still actively striking the U.S.  The financial industry may not have a pulse when it comes to resolving the crisis they created, but came alive when threats of The Cramdown reached their desks.  At least

Banning Banks from Real Estate

Victory was recently declared in a federal campaign to keep banks out of real estate.  The "banks-in-real-estate" ban is now part of the 2009 Omnibus Appropriations bill, the one president Barack Obama signed. 

With this legislation, it is evident that the real estate is not a financial activity.   It is a property activity.  The other side of this coin is that financing real estate is a financial activity.

Doubly Dipped Sales

If you lost your home to foreclosure, listen up.  Referring to a new bill that would restore the $50,000-per-person fund to compensate victims of mortgage fraud, Terry Straub, finance director for the Florida Office of Financial Regulation, called upcoming rules before legislators “the equitable thing to do.”  If you are a victim of mortgage fraud, come back here for more information as this funding is discussed.  Keep in mind that while this funding might help, just as last year's action in Florida eliminating the licenses of 10,000 mortgage brokers, it is still not enough.  What needs to happen in Florida is the disallowance of transaction double-dipping, that is, mortgage brokers who are also real estate agents within a single property transaction.  That would ensure the elimination of mortgage fraud far more effectively than anything the state has done to date.  Read the full story.

 

2006 Redux: The Change Remains the Same

The bad news first: According to recent data from the MidFlorida MLS, foreclosures reign supreme in Poinciana.  Nearly 90% of all current sales are properties in some state of foreclosure, like short sales, bank-owned, and foreclosing properties. 

Other than that, Poinciana begins the new year like it was 2006.  With 79 sales in the month of January, a dip from 92 in December 2008, yet it is almost exactly how we started 2006.  (Click on image to see a close-up of the statistics.)

To widen the good news, the market is still getting rid of foreclosures and Poinciana is showing a five-month trend so far towards improvement in both sales and reduction of supply.  The percentage of existing homes in some state of foreclosure decreased, but by only 4% over the last 60 days.  A small change but heading in the right direction.

The number of homes on the market fell below 1,000 ... finally ... to 991 properties.  Barring another wave of foreclosures, Poinciana is headed in the right direction again.  Ready to buy?  Write us.

"Smart Change" Group Working to Expand

How many reasons can we find for a "Smart Change" group in Poinciana?  Let me count a few.  We don't want:

• Poinciana referred to as a "ghost town," as "Angelina of Florida" describes our once bustling expanse of "Disney Preserve" real estate.

• The quality of our community to suffer from the long-term effects of its current housing crisis, such as green pools, which are now ripening for our upcoming hurricane season.

• A lawsuit because some unnamed governor couldn't manage to get an approval for a hospital.

That's why a group of Solivita residents, the same ones who stopped the Lake Hatch Ranch project, are now formalizing plans to start a group they've officially named "Poinciana Residents for Smart Change" or PRSC.(1)  To find out more about joining this growing group, contact Keith Laytham at (863) 496-1884 or email Keith.

FL #1 in Fraud?

Now more than ever, it's critically important to make sure that, when you work with professionals in the real estate industry, beware!  According to The Impact of Mortgage Fraud On Florida, a report compiled by the National Association of Realtors (NAR), Florida ranks top 10, nationally, in per capita mortgage fraud.

The report included "falsely inflating the value of a property" as a method used to de-fraud homeowners.  This was a technique popular in the Poinciana area between the years 2004 and 2007 and the primary reasons we have a housing crisis in southwest Kissimmee.  How was it done?

• Real estate agents, mortgage brokers, and appraisers aligned themselves to sell a properties.  Many times, the agent and the broker were the same person.  The weird thing is Florida allows this dual agency and pretend that no conflict of interest could possibly exist.  (The conflict being obvious to honest agents, like Darhlene!)

• Some agents back then even required buyers to use a specific mortgage broker, who would use a specific appraiser, who would, in turn, use a specific et cetera.  While mostly gone with the bubble, too many real estate agents still partake of this activity but are more likely to be aligning with banks these days.

Home Defenders Needed

According to Credit Suisse, there will be upwards of nine-million foreclosures in the next four years, at a potential cost to the economy of $702 billion, if something isn't done today to stimulate the economy. In response, ACORN is launching a "homesteading" campaign as part of their effort to prevent the widespread abuse of foreclosure.  Orlando, Florida, was chosen as one of their Tier 1 cities.  The Home Defenders program links members of local communities with families who have taken the assertive step of refusing to cooperate with the foreclosure process.

The Recovery's Landed

Long before many realized that the housing bubble had burst in 2006, I had asked my broker at RE/MAX Executive Group, "What happened to home buyers?"  Buyers were cooling and far too many homeowners were suddenly asking about short sales.  To serve these owners I asked RE/MAX leadership, "When are you going to schedule a short sale training for staff?"

But apparently business leaders had no clue of what was about to burst by 2007 and refused to offer training ... at first.  About six months later, they closed their Kissimmee doors without warning. 

That's about the time I began keeping statistics on Poinciana's housing demographics through the MidFlorida Regional Multiple Listing Service (MLS).  Today, after years of keeping track of Poinciana's MLS sales, inventory, and, now, foreclosures, I say with great relief that I've got good news.

We are at the beginning of a recovery!

Stop in the Name of Crist

ACORN was once again credited with setting a fire under our politicians cabanas when they called for more action from Florida governor Charlie Crist.  While it was an action on Crist's part to call for 45 days of relief from foreclosure, no action has been so lame duck as the responses from bankers.

 

Did you hear a needle drop?

 

Crist's Hope for Homeowners program, which, as of last month, received only 111 applications, has all but fallen apart.  The Florida Association of Realtors recently reported that while the halt won't help the over 444,000 property owners who are already being foreclosed, it may help owners who are still living in their primary residences. 

Meet the Senators

According to the Osceola News-Gazette, Osceola County, Florida, will hold a public meeting on January 9 to hear residents concerns, review bills, etc.  About half of Poinciana residents, who live in Osceola side of Kissimmee, are invited to attend.  See image at right for details.

Bella Poinciana to Join Bellalago

If you've noticed activity at Poinciana's little elbow in the road, the one that turns Marigold Avenue into Poinciana Parkway, then imagine an upscale, mixed use, planned development named Bella Poinciana.  This more than 1,000-acre gem, located adjacent to Village 8, is the future home to what has apparently been already approved in Poinciana's Development of Regional Impact (DRI).  (Poinciana on DRI includes areas: 240, 241, 242, 243, 244, 245, 246, 247.) 

From its description, it appears the plan is similar to that of Bellalago, a gated community known for it exclusivity.  Bella Poinciana is set for up to 2,600 residences and 580,000 square feet of commercial space with 1,132 acres of wetland preserve.  Developers hope to see a buyer and completion of this project by 2010.

An Improved Trend

So the markets around the world look pretty dismal and you've stopped watching TV.  Maybe started drinking or smoking again.  If you're looking for any good news in this market, come on down to Poinciana! 

Sales of existing Poinciana homes are now maintaining at an increase.  With four months straight of better-than-anything we saw last year in sales, homes are selling again. Could it be a trend? 

Need Feed?

Considering the devastating impact of the housing crisis on each of our neighbors, everyone much pitch-in.  For that reason, we've compiling information for residents of Poinciana, our children and our families in this time of need. 

If you're in need of food, consider the following area sources:

Lake Hatchinea Ranch

It's official, the Lake Hatchinea Ranch Development, that was to be located south of Poinciana will not--we repeat, will NOT--be developed.   After an initial thumbs down in September, Polk County came back with an appeal but backed off as a sign of the times.  The Reporter suggested that our current housing crisis played a role in their decision.

Wish for a warm Thanksgiving for each of those who participated in this victory for Poinciana residents and Concerned Poinciana Residents for Smart Development for making it happen.  For more information about this group, write to us at Home@PoincianaHome.net. 

Hope Failing Homeowners

Two federal programs designed to help hundreds of thousands of homeowners avoid foreclosure are having negligible effects, according to the Florida Association of Realtors (FAR).  But if at first you don't succeed, try, try again.  To that end, changes are expected soon for these programs.

• The “FHA Secure” program has only assisted about 4,000 delinquent borrowers.  (Launched August 2007.)

• “Hope for Homeowners” received just 111 applications. (Launched October 1, 2008.)

Sentinel Calls on Expert

When the Orlando Sentinel was looking for an expert in Poinciana home sales, they turned to Darhlene Zeanwick, who explained the seriousness of the housing crisis in Poinciana to Sentinel reporters.  One of the most stunning statistics is the REO-driven economy in Central Florida, is the "38% of homes in Poinciana in some state of foreclosure or short sale." 

What this means to homeowners in Poinciana who are ready to sell their homes today is that they will have to "compete against the bank," or, more correctly, "many banks."  In this community of many churches and the nation's largest homeowner association the APV HOA,

APV Emails

Need to get in touch with the Association of Poinciana Villages (APV) high-tech-like? Here are the emails of some of their personnel.

• Jeanette Coughenour - jeanette@apvinc.net

• Valentin Ramos - vramos@apvinc.net

• Benny Gonzalez - csd1@apvinc.net

If you'd like to help make our APV HOA transparent, email us at Home@PoincianaHome.net with your concerns or information you'd like to share.

Osceola 4 Homeowners

The Osceola County human services department has a new program that is designed to assist residents behind on mortgage payments. It's called the Mortgage Foreclosure Prevention Program.  Apply online now.

$1.5 Million for Fair Housing

A federal grant could mean better housing for some Florida residents. The U.S. Department of Housing & Urban Development (HUD) were in Florida on October 22nd to announce a $1.5 million fair housing grant for several Florida housing organizations. The grants will be used to investigate allegations of housing discrimination and educate the public about their rights under the Fair Housing Act.  (The Fair Housing Act prohibits discrimination based on race, color, religion, national origin, gender, familial status and disability.)  Some of the Florida organizations who have been designated to receive the HUD grant include:

• Community Legal Services of Mid-Florida Inc. – $275,000
• Fair Housing Continuum Inc. – $275,000
• Housing Opportunities Project for Excellence, Inc. – $275,000
• Mid-Florida Housing Partnership Inc. – $100,000

Loot for Thought

Many homeowners in the Poinciana area have been asking me why they have to pay Osceola and Polk taxes on high assessments when their home values and have dropped and their equities are gone.  The answer is, "You don't."

You can appeal your tax assessment.  In Poinciana, where home values continue to drop, if you win your appeal, you won't have to pay your county's over-inflated tax but one that would likely be more in line with your home's value.

In Osceola, appeals are handled through their Value Adjustment Board.  In Polk, they also have their own Value Adjustment Board.

As well, if the county does not re-evaluate your taxes, you may be able to present an argument that is gaining popularity among Florida voters.  It originated with a a letter to the editor of a publication produced by the the Florida Association of Realtors (FAR).

Bouncing Baby Bubble

As The "Four-Corners" Reporter focused their attention on Poinciana, Florida, on what looks an untamed painting of the world economic crisis, the local association manager, Jeannette Coughenor, referenced an eight-month inventory of homes in the area.  Data from the MidFlorida MLS suggests something more like ...

Ripe for Investments

Want to find out more if moving to Florida is a good move for you?   Ready to find out the real story on Florida's housing market? 

A 56-page report released by Florida Association of Realtors has some answers. Researched by their parent, the National Association of Realtors, the report, "Effect of Policy Changes on Homeownership - Focus: Florida," provides an overview of housing's impact, both nationally and in Florida.  It also analyzes possible changes the Florida Legislature could consider.  It covers issues such as transfer taxes, business receipt taxes, property taxes and general housing taxes.

Help 4 Homeless

Rental assistance is available to any U.S. citizen who lives in Florida.  If you are in need of help go to the Department of Children & Families Office on Homelessness.  You can write to them at: PDHO, 1317 Winewood Boulevard, Tallahassee, FL 23299-0700, or call them toll-free at (877) 891-6445.

WaMu Booed

They say that the rats are the first to leave a sinking ship.  Thank goodness for that as Poinciana has now seen its Number Two forecloser, WaMu, go down in flames recently.  The first to go down was CountryWide.

The Federal Deposit Insurance Corporation, now most popularly known as the FDIC, seized Washington Mutual (WaMu) then sold their banking assets to JPMorgan Chase & Co. for $1.9 billion.  According the the Florida Association of Realtors, "The Seattle-based bank collapsed under the weight of its enormous bad bets on the mortgage market."

CDBG to Poinciana!

If you've never heard of a Community Development Block Grant or CDBG, now's the time to brush up on that bit of knowledge.  Senator Mel Martinez recently announced that more than $541-million in federal foreclosure aid is coming to Florida.

Kissimmee will get over $2.3-million while Polk has over $14.5-million.  Either way it looks as though Poinciana may receive some help before much longer.  Finally!

DC's Mad Men

How have you been feeling about what’s happening in DC lately with the Wall Street versus Main Street catastrophe in leadership?  Did you know that more than 38% of homes on the market in Poinciana, Florida, are in some state of foreclosure? If a bailout happens, it could mean significant improvements in the housing market here. Do you agree? Tell us what do you think.

One-stop Voting Registration

We're coming down the pike towards the last laps of the race for the White House. You're on your way to Yeehaw Junction when all of a sudden you realize, "I forgot to register to vote!" (Yeah, right.)  But let's just say that really happened. What are your options?

Stop at the next Starbucks? Library, work, or home office?  No!  Get online.  Register to vote in one short sitting. While you're experiencing the greatness of one-stop registration, think about some important facts about the upcoming elections in Florida. 

• The deadline to register to vote is October 6th.
• A majority of Floridians are registered and are registering as Democrats.
• Florida is also experiencing an unprecedented surge of newly registered voters.
• If you don't vote, your vote is lost

Polk county references Florida's version of the No-Match/No-Vote law, one that is similar to the controversy making headlines from Michigan.

No Help for the Defrauded

Sept. 16, 2008 | Now burdened with the nation’s highest level of mortgage fraud, Florida residents are now just finding out that a program -- that at one time reimbursed people scammed by mortgage brokers -– no longer exists -- at least not for them.

State regulators killed a victim assistance program with no public debate more than a decade ago, even when it was warned that mortgage fraud was on the rise in Florida. While 47 states have protections for people who are scammed, including guaranty funds and insurance that covers fraud, Florida has nothing in comparison.

Free Legal Aid

A program offered by the Florida Bar and Florida Legal Services Florida provides access to a lawyer and free legal advice for homeowners troubled with financial issues.  To take advantage of this free program call, toll-free – (866) 607-2187 - or take advantage of their new, online Intake Form.

Fill out the form on-line to bypass the toll-free hot line available.  If you opt to call the hot line, note their office hours are from 10 a.m. to 4 p.m. Monday through Friday.  They also take up to ten days to respond to intakes.

You’ll be asked a few initial questions about your situation to ensure an accurate placement, and then you’ll be sent to a free attorney. The attorney will then negotiate with the lender on your behalf to help keep your home from foreclosure.

More than 10,000 Florida attorneys have volunteered their services in the program, according to Florida Legal Services Inc.  They volunteered under the the Florida Attorneys Saving Homes program.

Other legal aid services for Florida homeowners include:

• Greater Orlando Area Legal Services
• Pro Bono Legal Assistance to the Poor

Rent-to-Own is Back

As more and more people are struggling to get re-financing for their homes, more and more are also looking at offering lease-to-own agreements.  Such agreements enable tenants to rent a property with the option of buying the residence at some date in the future.

Sellers with once-vacant properties, who add this option, have seen a stable cash flow, and they also get a prospective sale later!  Sellers can contact Home@PoincianaHome.net to see what a rent-to-own option might look like.

When Up is Down

And what about those property taxes these days!?  Many homeowners across Florida are asking the same question: If the value of my home has dropped, why has my tax bill increased? The Florida Association of Realtors has a few answers.

Confidence Rising

Even as Obama, Biden, McCain, and Palin, each try to grab our attention for a brighter future, Florida's economists sound like they concur. According to University of Florida economists, happier days may be around the corner again. Consumer confidence among Floridians made huge gains in August, rising six points to 67 from its revised July index. This appears to suggest a turn in the midst of our international economic crisis.

VA Ceiling Raised

According to the Florida Association of Realtors, the Department of Veterans Affairs (VA) is raising ceilings on its no-downpayment home loans from the current $417,000 to as much as $729,000. The VA increases went into effect immediately under legislation enacted under the Housing and Economic Recovery Act of 2008.

Values on the Rise

Glimmers headlined in August that the housing crisis has finally hit the bottom and may be on the rebound. The decline in home prices is starting to ease and, in some cities, values are rising again. Existing home sales rose slightly and the glut of newly built homes fell to a five month low. Like music to our ears Moody's chief economist, Mark Zandi, said, "The bottom of the housing downturn is coming into view."

Reporter on Poinciana

When Lakeland newspaper, The Reporter, needed a local expert to help them understand the extent of the housing crisis in Poinciana, they didn't have to google "Poinciana Home."  They already knew they could turn to Poinciana's expert, Darhlene Zeanwick. Darhlene relayed statistics from the multiple listing service, the Osceola County Association of Realtors, and information only a local expert could know. To read the article, see The Reporter. The Reporter is a news media business covers news in Central Florida's "four corners" area, which includes Orange, Lake, Osceola, and Polk counties.

Housing Recovery Near Start

As a Poinciana homeowner myself, I find too many responsible homeowners being affected by the housing crisis. It is so rare that I am able to provide good news to homeowners these days, that when I do, I must blog it.

The good news is that the federal homeowners assistance program is kicking-in around here. It’s in the newspapers and TV. Everywhere. And while buyers have been too slow to come back to the market, there are signs that the buyer issue is improving.

Over the past month there have been more pending sales in Kissimmee. If the federal homeowner bail-out is effective, Poinciana should be out of the worst of the housing crisis by Summer 2009. (Spring, if Americans vote a compassionate presidential candidate into the White House this year.)

10,000 Fewer Felons

It has always been a long-standing belief that mortgage lenders and real estate agents should never be the same person in a property transaction. Unfortuntately, Florida's governor Charlie Crist still does not think so, even after his administration was slapped with the reality of over 10,000 felonious mortgage brokers with Florida licenses to operate.

Crist's cabinet recently barred white-collar convicts from becoming mortgage brokers in Florida. Office of Financial Regulation chief Don Saxon, the state's top mortgage regulator, resigned under pressure from this scandal.

#1 Forecloser Out!

For years, Countrywide has been the number one forecloser of properties in the Poinciana area, but that will end soon. The SECis now conducting a formal investigation againt Countrywide, according to a regulatory filing by Bank of America, which finalized its acquisition of Countrywide just in July 2008. Countrywide will soon be history as it continues to get pummelled by lawsuits from investors, consumers and state officials in Florida, among other states.

FHA Lends for Home Repair

The state of the housing market has left many homeowners trapped with homes that no longer suit their needs. With negative home equity gaining ground these days, it is also impossible for many of these same homeowners to "move up." An under-utilized, government-insured loan may be the antidote.

An FHA loan established in 1996 known as a 203k rehab loan can help homeowners redo their existing home or even help interested home buyers buy a fixer-upper and rehab it without having to take out a second loan.