Davis Islands Today

Real Estate Outlook
By Kevin Reder and Rick Scherer

Many distressed homeowners may be able to finally breathe a sigh of relief due to rising home costs from expired ARMS (Adjustable Rate Mortgage) or the possibility of foreclosure. Major lenders have created new policies, some even entirely new departments, to alleviate the burden facing many homeowners created by the economy and various markets.

Bank of America and its acquisition of Countrywide Financial have been leaders in this arena, offering innovative solutions to keep people in their homes. New policies, re negotiating interest rates, lowering principals, and the development of Bank of America’s Nationwide Homeownership Retention Program for Countrywide Customers are the latest tools Bank of America has implemented to keep their customers in their homes.

Starting December 1, nearly 400,000 Countrywide borrowers could benefit from the creation of the Homeownership Retention Program that will modify up to $8.4 billion in interest rate and principal reductions. “We are confident that together with together with Attorneys General we have developed a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership,” said Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services. “Since acquiring Countrywide in July, we have committed significant resources and developed innovative programs to help as many Countrywide customers as possible stay in their homes.”

Other lenders are developing secured, but inventive, programs in order to offer loans in this tightening credit crunch. One lender is offering occupation specific loan programs, such as a 100% financing loan for Physicians. Wells Fargo is considering alternate underwriting guidelines that would take less emphasis on an individual’s current credit, but consider the individual’s entire credit history. While some of these programs are still in an exploratory phase, lenders are working to find a way to offer money by alternate means than simply immediate credit driven scores.

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Support RMHC while enjoying your favorite McDonald’s foods. On November 20, McDonald’s will donate $1 for every Beef or Chicken Extra Value Meal© and Chicken McNuggets sold.

In addition, from November 10-20 customers can donate $1 towards RMHC by purchasing a helping “Hand” that will be displayed in-store during the event.

Take the night off from cooking and support RMHC this November.

Our annual two-day golf tournament at the prestigious Innisbrook Resort & Golf Club in Tarpon Springs raises operational funds for our local Ronald McDonald Houses while offering some of the best golf on the west coast, not to mention a lot of fun! To download our 2008 Golf Brochure containing Registration and sponsorship information, please visit the Ronald McDonald House Charities of Tampa Bay website at www.rmhctampabay.com.