For Immediate Release Orlando – Wachovia, which is now part of Wells Fargo, has announced that it will be an exhibitor at the Orlando Foreclosures Expo. When the inaugural Expo is held at the International Plaza Resort & Spa in Orlando on February 7-8, 2009, it will serve as a forum where everyone from real estate agents and brokers, real estate attorneys and REO department representatives from banks to lenders, investors, wholesalers, builders and others in the foreclosure industry can gather under one roof to exchange ideas, offer guidance and conduct business. There will also be a help desk where people facing foreclosure can talk to real estate professionals about their options. Attendees can view actual foreclosure properties and learn how to make money investing in foreclosures. People facing foreclosure can sell their home and meet experienced buyers and investors. “Foreclosures are the primary topic in real estate. I receive multiple calls every day from clients interested in buying foreclosures,” said Tobi Moyle, who is a regional vice president of the mortgage division for Wachovia. “Real estate agents and independent buyers want information about bank-owned homes. The Expo will be an ideal place to reach these people.” The Orlando Foreclosures Expo ( www.foreclosuresexpo.com) is drawing so much interest from exhibitors that booth space is almost sold out. The interest reinforces founder and organizer Phil Peachey’s belief that it was time for an event like this. “The Orlando Foreclosures Expo was born out of the need for people in the real estate industry to promote their services to the public,” Peachey explains. “This will be the first event of its kind where real estate industry professionals and the public can learn about the foreclosure industry, network and links buyers and sellers of foreclosed properties. “Most people, even real estate professionals, do not have access to foreclosure listings or to the people who regularly buy and sell them. Wholesalers typically offer their foreclosure properties to a very select few. Also, most REO (Real Estate Owned) departments of banks will not deal with the general public,” Peachey adds. “The foreclosure industry has been more like a private club where the public cannot obtain a membership. The Orlando Foreclosures Expo will break down those barriers.” At the Expo, Moyle would like to educate the public about getting a mortgage to buy a bank-owned property. “There is a misconception that getting a mortgage to buy a foreclosed home is different than financing a regular home, but that’s not the case,” Moyle said. “I think the Expo will help educate people on everything they need to know about buying and selling foreclosed properties.” ### Media Contact: Phil Peachey phil@foreclosuresexpo.com 321-281=9462
For Immediate Release An Orlando-based nonprofit organization, the National Opportunities for Affordable Housing Foundation helps homeowners avoid foreclosure Orlando – When Phil Peachey created the first-of-its-kind Orlando Foreclosures Expo, he envisioned an event that would not only bring investors, bankers and real estate professionals who deal with foreclosures under one roof, but also serve as a resourceful forum for homeowners in danger of foreclosure. To facilitate that objective, he has donated booth space to the National Opportunities for Affordable Housing Foundation (N.O.A.H.) When the Orlando-based nonprofit organization was started in 2001, it focused on helping home buyers find down payment assistance programs. That is still an integral part of the organization’s mission, but now it is helping homeowners who are struggling either remain in their home or sell so they can preserve their credit and be in position to buy again in the short term. “We are helping homeowners who are in pre-foreclosure liquidate home through short sale process by negotiating on their behalf with lenders so the homeowners do not end up with a foreclosure on their credit report that will make it challenging for them to buy another home for several years,” said Chuck Mahoney, who is president and founder of N.O.A.H (www.noah-dpa.org). “We have a line of credit we tap into that allows us to buy the home and hold it, or purchase the home and sell it immediately to a homebuyer. “It is our intention to do all we can to help this real estate market recover by preventing foreclosures,” Mahoney added. “We also continue to help homeowners get down payment assistance so they can achieve their dream of home ownership.” When the inaugural Expo ( www.foreclosuresexpo.com) is held at the International Plaza Resort & Spa in Orlando on February 7-8, it will serve as a place where everyone from real estate agents and brokers, real estate attorneys and REO department representatives from banks to lenders, investors, wholesalers, builders and others in the foreclosure industry can gather under one roof to exchange ideas, offer guidance and conduct business. The Expo will also serve as a resource for homeowners facing foreclosure find professionals who can help them either remain in their homes or find buyers. There will also be a help desk where homeowners can talk to real estate professionals about their options. “We are glad that N.O.A.H. will have a presence at the Orlando Foreclosures Expo because they will be able to help homeowners directly, and make real estate professionals aware of their services,” Peachey said. Mahoney believes that the Expo is especially right now, at a time when many more families will be facing foreclosure. “Unfortunately, there are many more foreclosures to come, and the only way the market will recover is to see a reduction in the inventory of available homes,” Mahoney said. “The Orlando Foreclosures Expo will help match investors and home buyers with sellers, which will lead to transactions that will contribute to reducing the inventory. “People who are struggling and facing foreclosure need assistance to get out of their homes without devastating their credit,” Mahoney added. “The Expo is a forum for these individuals as well.” ### Media Contact: Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com
For Immediate Release Orlando – When the first-ever Orlando Foreclosures Expo is held from Feb. 7-8 at the International Plaza Resort & Spa, it will bring a diverse group of individuals and companies that work with foreclosures and short sales under one roof. First-time investors and seasoned investors can meet real estate wholesalers, brokers and agents who have a multitude of bank-owned properties at below-market rates. Homeowners who are facing foreclosure can speak to investors interested in buying properties, and professionals who can provide them with options if they want to sell their house, or remain in it and avoid foreclosure. The Expo will also allow one attendee to walk away with a free home. In addition, another eventgoer will win a full carpet replacement, including installation and labor, for their property. “Our event will be a place where people can network, learn about aspects of the foreclosures and short sales industry they might not otherwise have known, and improve their business,” said Phil Peachey, who is founder and organizer of the Orlando Foreclosures Expo ( www.foreclosuresexpo.com). “The home and carpet replacement giveaways are valuable prizes that will make the winners especially glad they attended.” REO Resolution Trust, LLC will give away a home at the Orlando Foreclosures Expo. Every Expo attendee will be eligible to win just buy purchasing the $10 entrance ticket. Eventgoers can buy as many tickets as they prefer. REO Resolution Trust, LLC, which owns and operates BankerREOs.com, buys bank-owned properties and sells them to investment groups and individual investors. They will choose the property within a week before the Expo. “The winner of this giveaway will receive a home that can generate revenue as an investment property, or they can live in it if they choose,” said Will Bland, who is president of REO Resolution Trust. “This person will own the home free and clear.” Bland said that his company’s ultimate goal is to give away one home per month to a family in need. The donation at the Expo is just the beginning, he added. Bland will also give a presentation at the Expo about his company’s “turnkey system” that allows investors to buy properties, find qualified occupants, prepare the occupants to own the respective home, find a company to buy the note and then sell it to the occupants (giving them the chance to own the home). Conquest Home Services, a Longwood-based company that provides carpet services for new home builders and performs full-scale home renovations, will give away a full carpet replacement including labor (up to $3,000 and 200 yards of carpet). “The prize is ideal for someone who has an unoccupied home and intends to use it as an investment property, or a person who buys a home to live in,” said Rod Fair, who is vice president of sales for Conquest Home Services. “If you have an occupied home, you can win the giveaway, but you must either move the furniture on your own, and pay the cost for moving the furniture before the carpet is installed.” Before the real estate crisis, Conquest primarily provided flooring for new home builders, but once the market experienced a downturn, the company added renovation services to its menu. Conquest bought and renovated a 4,500-square-foot building in Longwood to house its showroom. “We’re a perfect example of why the Expo is a valuable event. We still provide flooring for new home builders, but we have placed a greater emphasis on renovation work to keep our bottom line healthy,” Fair said. “The Expo is a forum where companies like ours will make contacts with property management companies and investors who buy bank-owned homes because most of these properties need some level of renovation work.” ### Media Contact: Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com
For Immediate Release Orlando – Foreclosure numbers are staggering nationwide, but they are especially eye-opening in central Florida, where the foreclosure rate almost tripled in 2008 compared to 2007. According to RealtyTrac Inc., metro Orlando experienced the country’s seventh highest foreclosure rate last year. It appears that now is the right time for the first-ever Orlando Foreclosures Expo. When the inaugural Expo is held at the International Plaza Resort & Spa in Orlando on February 7-8, 2009, it will serve as a forum where everyone from real estate agents and brokers, real estate attorneys and REO department representatives from banks to lenders, investors, wholesalers, builders and others in the foreclosure industry can gather under one roof to exchange ideas, offer guidance and conduct business. There will also be a help desk where people facing foreclosure can talk to real estate professionals about their options. “There is such a lack of information among real estate professionals about foreclosures – how to find foreclosures properties for sale, how to get involved if you are an investor, people to network with.” said Mike Kane, who is CEO of ForeclosuresDaily.com, a subscription web site that provides foreclosure information listings throughout Florida. “This event brings a wide range of people that deal with foreclosures and short sales in one place at the same time. The Orlando Foreclosures Expo ( www.foreclosuresexpo) is drawing so much interest from exhibitors that booth space is almost sold out. The interest reinforces founder and organizer Phil Peachey’s belief that it was time for an event like this. “ The Orlando Foreclosures Expo was born out of the need for people in the real estate industry to promote their services to the public,” Peachey explains. “This will be the first event of its kind where real estate industry professionals and the public can learn about the foreclosure industry, network and links buyers and sellers of foreclosed properties. “Most people, even real estate professionals, do not have access to foreclosure listings or to the people who regularly buy and sell them. Wholesalers typically offer their foreclosure properties to a very select few. Also, most REO (Real Estate Owned) departments of banks will not deal with the general public,” Peachey adds. “The foreclosure industry has been more like a private club where the public cannot obtain a membership. The Orlando Foreclosures Expo will break down those barriers.” Kane said that every person who attends the Orlando Foreclosures Expo will receive a complimentary trial subscription to ForeclosuresDaily.com, which tracks foreclosures data in all 67 Florida counties. Kane’s company will have a booth at the Expo, too. “Forecasts indicate that there is no end in sight for the foreclosures crisis. Our objective is to give real estate professionals and investors information they need to help folks in foreclosure and let them know about their options,” Kane said. “Our investors purchase properties in pre-foreclosure so the homeowners can preserve their credit. “A growing number of consumers looking to buy real estate are interested in foreclosures because there is a vast inventory of homes at below-market prices,” Kane said. “Investors are not our only customers. We are also seeing an increasing number of people who live in the homes they buy.” Husband-and-wife real estate agents Frank and Angela Schifano have received so many inquiries about foreclosures since they arrived in central Florida late last year that they created the Orlando Foreclosure Trolley (www.orlandoforeclosuretrolley.com), which is a trolley-like mobile that transports ticketholders to bank-owned properties in Orange and Osceola counties, and West Palm Beach. The Schifanos are not new to the foreclosure trolley idea. The longtime Boston residents were real estate agents in that city, and they operated a trolley with success. The couple decided to leave Massachusetts to be closer to their investment properties in Florida and work in real estate in the Orlando area, where they are co-founders of Home and Living Real Estate in Windermere. They are excited about the potential of the foreclosure trolley here. The excursion takes guests on a tour of 15-20 bank-owned homes. A light breakfast and lunch are served during the trip, which lasts between four to five hours. A mortgage broker who specializes in REO properties is on board every tour, educating guests about the lending process. At times, Schifano says, a home inspector will also give a presentation, and the Schifanos will discuss the process of buying foreclosed homes “We call it a rolling classroom,” Angela Schifano said. “It is a tour where you make new friends and contacts, and sometimes there are bids offered and contracts written right on the trolley.” As an expert about selling bank-owned properties, Schifano believes there is a need for the Orlando Foreclosures Expo. “Many people don’t know how to find bank-owned homes, and many people also are not familiar about the process of buying and selling foreclosures, so the Expo will be a valuable forum for education and information,” said Schifano, whose company will have a booth at the event. “I am looking forward to the contacts we will make, but I am also interested in increasing my knowledge as well.” ### Media Contact: Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com
WASHINGTON (AP) – Jan. 15, 2009 – More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices. Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure research firm based in Irvine, Calif., which compiled the figures. Moody’s Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011. Still, foreclosures – which keep breaking records going back 30 years, according to the Mortgage Bankers Association – are likely to remain well above normal levels for years to come, and that will continue to keep home prices from rebounding. “Hitting bottom is a lot different than coming off the bottom,” said Christopher Thornberg, a principal with Beacon Economics in Los Angeles. The RealtyTrac report comes as Democrats, including President-elect Barack Obama, develop plans to use up to $100 billion of the remaining $350 billion in financial bailout money in an attempt to prevent the foreclosure crisis from getting even worse. The four states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California. More than 1.1 million properties in those four states received a foreclosure notice, almost half the national total. And more than one in five of those households were in California, which is coping with massive job losses in the housing and mortgage industries as well as a rapid decline in home prices. Among metro areas, Stockton, Calif., was first, with 9.5 percent of all housing units receiving a foreclosure filing last year. It was followed by Las Vegas, Riverside and Bakersfield, Calif., and Phoenix. In December, more than 303,000 properties nationwide received at least one foreclosure notice, up more than 40 percent from a year earlier and up 17 percent from November, according to RealtyTrac. Nearly 79,000 properties were repossessed by lenders in December, a 61 percent increase over a year ago. New state laws, particularly in California, Massachusetts and Maryland, that required giving homeowners advance notice of foreclosure proceedings, reduced filings in several states. But the effect of those laws has worn off, and lenders appear to be going ahead with foreclosure, rather than trying to modify loans. “If all you’re doing is basically giving a stay of execution, then the inevitable will follow,” said Rick Sharga, RealtyTrac’s vice president for marketing. Foreclosures would have been about 10 percent higher in California last year, Sharga said, if it were not for a law requiring lenders to give borrowers a 30-day warning before starting the foreclosure process. Meanwhile, the president of the Federal Reserve Bank of Philadelphia said Wednesday he expects the economy to slowly start recovering in the second half of 2009 and inflation to remain below 2 percent over the next year. In a speech at the University of Delaware, Charles Plosser also said that the unemployment rate probably won’t drop anytime soon, but that he doesn’t expect it to rise to double digits, as it did during the recession of the early 1980s. “I expect the housing sector will finally hit bottom in 2009 and the financial markets will gradually return to some semblance of normalcy,” said Plosser, adding that the current recession could be one of the longest in the post-World War II era.
What is a short sale? According to foreclosureuniversity.com, "a short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan." Pros and cons of short sales Pro: Getting the property for less than what it would cost for the owner to reinstate the mortgage can be a windfall for the buyer. Con: Short sales can require more work on the part of the buyer who must also qualify for the transaction -- and often be able to pay entirely in cash. Did you know? - Frankie Orlando, the author of The Pre-Foreclosure Real Estate Handbook, says that Fannie Mae and Freddie Mac will accept 85 to 90 percent of the fair market values in a short sale, and HUD will accept as low as 82 percent. - To make a case for the short sale, the buyer needs to compile paperwork to prove to the lender that the homeowner qualifies for a short sale payoff. - While a first mortgage will be satisfied in a short sale, buyers also need to consider any secondary liens against the property. - Lenders will more seriously consider short sale offers that are entirely in cash, with a 30-day-or-shorter closing and no contingencies. - The seller or property owner cannot profit from a short sale. What goes in a short sale packet? Since the average layperson is not familiar with the many nuances and legalities of most real estate transactions, including short sales, working with a Realtor® who specializes in this area can save prospective buyers a lot of aggravation, time and money. Whether you go it alone, or seek professional help, Frankie Orlando, author of The Pre-Foreclosure Real Estate Handbook, says you will need to present the following to a lender for any short sale: - Cover letter - Purchase agreement - Low comps list - List of repairs with quotes for bids - Photos of problems with the house - Seller's hardship letter - Net sheet (HUD-1) - Financial information on seller (W-2s, tax returns, etc.) - Your formal offer, with a time limit for acceptance. The Orlando Foreclosures Expo February 7th and 8th http://www.foreclosuresexpo.com
What is foreclosure? According to Wikepedia, "foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court-ordered termination of a mortgagor's equitable right of redemption." To put it simply, foreclosure is a legal process in which a lender takes over ownership of a property when the borrower is in default of payment. Foreclosures can end in several ways, including pre-foreclosures, auctions and Real Estate Owned (REO), all of which are explained in further detail in this section. For prospective buyers, foreclosures can result in significant savings, since the lenders that take back the properties typically aren't in the business of being landlords and will do whatever they can to sell them. What are the two types of foreclosure? 1. Non-judicial, which occurs in deed of trust states. In this type of foreclosure, a third party that is empowered to foreclose or take back the property when the mortgage is in default holds title. Since the lender does not need to file a lawsuit against the mortgage holder to foreclose or take back the property, these foreclosures can take as few as 60 to 120 days. 2. Judicial, which occurs in mortgage states. Since the mortgage holder holds title and has to go to court to rectify the matter when the mortgage goes into default, this type of foreclosure can take much longer than non-judicial. FYI: Florida is a mortgage state with a judicial foreclosure process. Four steps to foreclosures Understanding the four steps to foreclosure can help prospective buyers to purchase properties at the best possible price. 1. Pre-foreclosure. This is the period during which a property owner starts missing payments but before formal legal action has been taken. During this time, a property owner may be more likely to consider any offer if it means saving their credit and avoiding full foreclosure. 2. Notice of Default (NOD). This is the first legal step taken in a formal process of foreclosure. 3. The foreclosure sale. Depending on whether it is a judicial or non-judicial process (each state varies), the foreclosure sale can take as long as a year. Judicial foreclosure sales are often held on courtroom steps as soon as a judgment is reached. 4. Redemption period. This is the time period some states (not Florida) allow for a property owner to get title back, provided they pay the full balance of the loan and various fees. Prospective buyers need to know if they are purchasing a foreclosed property that has a redemption period, since they won't want to make major improvements to the property until they know for sure it is theirs. A pro -- and some cons -- to consider Since no transaction is truly without risk, here are some downsides to foreclosures -- and one very good reason why purchasing a foreclosure may be right for you: Pro - A foreclosed property can often be purchased at a better price. In fact, the savings can be so significant it can outweigh all of the following cons: Cons - Foreclosures can be emotionally draining since they are the result of another person or family losing their American dream. - Very often, foreclosed properties have been left empty, neglected and vandalized, resulting in immediate expenses for the new owner. - The legalities of purchasing a foreclosed property can be much more complex and challenging than a traditional real estate sale. Where to turn for help? When purchasing a foreclosed property, you will likely want one or all of the following professionals on your team: 1. Realtor®. A Realtor® is professionally trained to deal with all types of transactions, including foreclosures. Some real estate firms even have departments devoted entirely to foreclosures. 2. Home inspector. Since foreclosed properties have often been neglected and vandalized, this is especially important here. Even auctions leave a window for interested parties to examine properties before they're put on the block. If you're unable to inspect a property prior to purchase, follow your gut, but you might want to move on to the next property on your list. 3. Mortgage broker or lender. Even if you find the foreclosed property of your dreams and can agree on a purchase price, securing a loan has never been more difficult. Before you even begin your search, you should consult with a mortgage broker or lender to determine if you're qualified to purchase and for how much. 4. Attorney. Foreclosure transactions can be complex and intimidating. Florida does not require buyers to have an attorney, but hiring one here can save you lots of time, money and aggravation in the end.
Pre-foreclosures Hitting the jackpot? What is pre-foreclosure? A property is considered to be in pre-foreclosure when the owner is late with at least one payment and has received notification from the lender. The entire matter is still not considered legal, though, until a Notice of Default is filed at approximately day 90. Until a property is legally foreclosed, there is a window of opportunity for savvy buyers to make a deal with the owner and/or lender. Advantages to purchasing a pre-foreclosure - Motivated sellers who want to move on without a strike on their credit record may accept an offer that is much lower than you think, depending on how much they still owe on the mortgage. - There is more time to inspect the property than is the case with auctions. Also, utilities will still be on so a complete inspection will not be impeded. - Unlike auctions and REOs where prospective buyers frequently are required to put down more cash, or even pay for the property entirely upfront in cash, pre-foreclosure properties are typically owned by individuals who can be more flexible at times than banks and other institutions. - There may be less competition for pre-foreclosure properties than will be the case at auctions. Locating pre-foreclosures Finding the perfect pre-foreclosure opportunity is a bit of a grab bag, but with the right attitude and due diligence, there are definitely deals to be gotten. Consider the following sources when trying to locate a pre-closure: - Public records and legal notices. Nearly everything connected to foreclosures is a matter of public record, including the Notice of Default and auction notice, making searching for them much easier. Prospective buyers should also keep an eye on divorce, bankruptcy and probate filings, since many of these are tied to foreclosures. - Public services. Online sites -- including foreclosures.com, realtytrac.com, foreclosure.com and foreclosure.net -- can save time and energy by providing you with the information you need. While there is a small fee (foreclosures.com charges a $49.95 monthly fee that can be cancelled anytime after a free, seven-day trial period), this can often be the easiest way to locate a foreclosed property that fits your needs. One word of caution: restricting your search to one or two areas that are near enough by for you to check out in person and with which you are familiar will go a long way in making a wise purchase. - Networking and referrals. If you have several sets of eyes looking out for a pre-foreclosure opportunity, you stand a better chance of achieving your goal to purchase one. It's especially important to contact anyone who might have inside knowledge of your desired area, including residents, service people, postal workers, and more; ask them to let you know when properties in a particular neighborhood are starting to show neglect, since this is often one of the signs of a property being in or near foreclosure. Offering to pay a finder's fee can also help in your search.
What is an REO? REO stands for "real estate owned" property. If a foreclosed property is not purchased at auction, it is typically bought back by the lender. Although the lender is often a bank (the reason why REOs are frequently called "bank foreclosures"), credit unions, mortgage companies and other financial organizations can also lend money to purchase properties -- and foreclose on them if they need to. Since banks and other lenders aren't in the business of being landlords, they will often want to get REOs off their books as quickly as possible, creating some truly excellent opportunities for buyers. Locating REOs - Check newspapers for ads from lenders and real estate agents listing REO properties. - While banks aren't required to release information on their REO properties, it is still a worthwhile venture to ask them periodically for whatever they can provide. - Network with and frequently contact the person who handles REOs for lenders. Who handles REOs? Some lenders will have a real estate agent or broker handle the sale of their REO properties, while others have one or more people, or even an entire department, internally handle them. Did you know? A foreclosure and an REO are the same thing -- but REO designates the end of the foreclosure process. 5 things you need to know about REOs 1. Unlike properties that are in pre-foreclosure or being sold at auction, lenders can profit from the sale of REOs. So, while deep discounts are often an advantage to purchasing REO properties, they should not be expected. 2. Prospective buyers of REO properties typically do not have to worry about cloudy titles, back taxes or other surprises, since the lender will almost always take care of them before closing. 3. The condition of REO properties can range from horrific to impeccable, making it extremely important for prospective buyers to have them professionally inspected. TIP: Make sure your purchase agreement includes a clause that gives you a certain number of days to inspect the property. 4. REO properties are sold "as is," meaning the lender who now owns the property will not agree to fix any damages or deficiencies. Most purchase agreements, however, give the buyer a certain number of days to inspect the property and the rite to cancel the sale (or negotiate a lower price) if something they discover is not acceptable. 5. Lenders typically accept less money down for the purchase of REO properties and will also often pay for closing costs and provide other incentives -- so be sure to ask! The Orlando Foreclosures Expo Feb 7th and 8th http://www.foreclosuresexpo.com
For Immediate Release Orlando Foreclosures Expo raises $2,000 for Russell Home for Atypical Children Orlando – A test drive in an Aston-Martin and a weekend vacation for two in Naples were among the prizes auctioned at a recent event hosted by the Orlando Foreclosures Expo and held at Luxautica Car Club to raise money for the Russell Home for Atypical Children. Phil Peachey, who is founder and organizer of the Expo, presented the Russell Home with a check for $2,000. An Orlando-based non-profit organization for brain-damaged children, the Russell Home is near and dear to Peachey, who wanted to help raise funds and awareness for the organization upon visiting the home last year. Russell Home officials are trying to generate financial help to build a new facility. The Orlando Foreclosures Expo will be held from Feb. 7-9 at the International Plaza Resort & Spa in Orlando. “ The Orlando Foreclosures Expo is not just a first-of-its-kind forum that brings buyers, sellers and other professionals who work with short sales and foreclosures under one roof, but it is also designed to help people facing foreclosure,” Peachey said. “In the spirit of helping, we are committed to creating added exposure for the Russell Home. Hopefully, the money we raised helps them get closer to their financial goal for building a new facility.” The Russell Home (www.russellhome.org) was founded by Vantrease Russell in 1951 when the woman who was affectionately called “Grandma” was asked to care for a 3-year-old with Cerebral Palsy. The child, whose name is Marilyn, is still a resident at the home today. Over the years, more children whose parents could not give them proper care were taken in by Grandma Russell, who transformed her house into an organization that offers full-time residency and care, day care and part-time care for brain-damaged children. Today, the Russell Home has more than 60 full-time residents (many who are adults and have lived their since infancy) and a full-time staff of 21. Grandma Russell died in 2003, but her daughters have continued her mission. At the recent fundraising event, Russell Home spokesperson Vantrease Blair - one of Grandma Russell’s granddaughters who are involved in operating the facility – gave a presentation about the organization’s mission. “We do not receive aid from the local, state or federal governments, so we solely rely upon private donations,” Blair said. “Without the compassion and generosity of organizations like the Orlando Foreclosures Expo, the Russell Home would not be able to continue. We are grateful for fundraising events like this one.” One of the prizes that raised money for the Russell Home was a $250 hotel stay anywhere in the southwestern United States donated by Barterfirst International, which is based in Casselberry. Peachey created the Expo (www.foreclosuresexpo.com) as a forum for homeowners facing foreclosure and looking to sell their homes, and for real estate industry professionals who are involved in foreclosure-related work. The Expo will bring everyone from real estate agents and brokers, real estate attorneys and REO department representatives from banks to lenders, investors, wholesalers, builders and others in the foreclosure industry under one roof. The Expo will also allow homeowners in danger of foreclosure to list their properties and the minimum price they need. In addition, homeowners facing foreclosure can visit a help desk, which will be staffed by real estate industry professionals who can provide advice on how the homeowners can resolve their situation. ### Media Contact: Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com http://www.foreclosuresexpo.com
For Immediate Release A forum for buyers, sellers and current homeowners alike The first-ever Orlando Foreclosures Expo will feature experts who will offer guidance and education to first-time real estate investors, home buyers and those facing foreclosure Orlando – Financial experts agree that the real estate market – and the economy as a whole – will not improve until the inventory of available homes shrinks. Because of the abundance of foreclosed homes on the market, today is an ideal time for seasoned real estate investors, and first-time home buyers and investors, to buy properties. These factors are among the reasons why the inaugural Orlando Foreclosures Expo is a timely event. When the Expo ( www.foreclosuresexpo.com) takes place from February 7-9, it will bring together for the first time a diverse group of individuals and companies that work with foreclosures and short sales under one roof to network and educate. Homeowners who are facing foreclosure can speak to investors interested in buying properties, and professionals who can provide them with options if they want to sell their house, or remain in it and avoid foreclosure. First-time investors and seasoned investors can meet real estate wholesalers, brokers and agents who have a multitude of bank-owned properties at below-market rates. “ The Orlando Foreclosures Expo is being held at the exact time it is needed for anyone involved in buying and selling foreclosures, short sales and distressed properties,” said Mary Abrams, who is a sales executive with Stirling Sotheby’s International Realty in Orlando and a certified short sale specialist and foreclosures expert. Abrams will be an exhibitor and a speaker at the event, talking about how to sell short sales and how to buy, rehab and finance foreclosures. “Importantly, the Expo will give visitors access to professionals who have a high level of expertise in buying and selling real estate.” Phil Peachey, who is founder and organizer of the Expo, agrees with Abrams that the time is right for an event like this. “There is undoubtedly a great need for an event like this,” Peachey said. “It will benefit every professional associated with the foreclosure industry, and it will also help those people who are trying to avoid foreclosure.” Foreclosure statistics remain staggering. According to the National Association of Realtors, current market conditions indicate that one of out 105 properties in Orange County is in foreclosure. In Lake County, the number is one out of 247, in Seminole County it is one out of 236 properties and in Osceola it is one out of 101. After a 13-year boom from 1992-2005, the real estate market experienced two years of instability and then a crash in 2008, Abrams explained. In 2009, the inventory of available homes will start to drop, Abrams believes, which is a key to stimulating the real estate market and the economy. Abrams thinks there will be a full market recovery in 2010. “Considering the current market conditions, this is obviously a good time to buy properties,” Abrams explained. “If you are a first-time home buyer or investor, it is important to become well-equipped with knowledge and information so you can make an educated decision.” According to Yahoo.com, 42 million individuals will be willing to buy or sell properties when they reach a comfort level of confidence in the market. However, Abrams points out, since many people don’t understand how to enter market, they are less apt to be a part of it. “Real estate is still a sound investment,” Abrams said. “Like any investment, though, it is important to understand how to proceed. This is why the Expo will be such as valuable forum because it will be buzzing with resources and expert guidance for buyers, sellers and current homeowners alike.” ### Media Contact: Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com The Orlando Foreclosures Expo February 7th and 8th http://www.foreclosuresexpo.com 
December Orlando home sales were up 21 percent, but real estate agents in 2008 sold 12 percent fewer homes and the median value dropped by $45,000, the Orlando Regional Realtor Association reported Jan. 12. Association members brokered the sale of 1,305 existing homes in December, a 21 percent improvement over the 1,076 sold in December 2007. The median sales price for December 2008 was $169,900, a 2 percent jump from the $166,000 reported a month prior, but a 24.5 percent decline from the $225,000 posted in December 2007. That drop was attributed to the fact that 40 percent of home transactions involved foreclosures and short sales, which pull down values, Association President Les Simmonds said in a prepared statement. Meanwhile, sales in 2008 were down nearly 12 percent from those sold in 2007. Association members sold 14,740 homes last year, compared to 16,744 in 2007. The 2008 median price fell to $200,000, an 18 percent drop from 2007’s $245,000. Realtors in Lake, Orange, Osceola and Seminole counties sold 1,643 homes in December, a 27.6 percent increase when compared 1,288 resales in December 2007. Osceola saw its second highest percentage increase in home resales in December with a 64 percent jump, from 180 sales in December 2007 to 296 last month. Orange County recorded a 42 percent increase in existing home sales in December, from 581 to 827, and Lake County home sales grew 8.7 percent, from 229 to 249, while Seminole County sales fell 9 percent, from 298 to 271. Overall year-end sales for each county were as follows: • Osceola County — sales grew 3.6 percent above 2007, from 2,712 in 2007 to 2,809 last year. • Lake County — sales fell 5 percent, from 3,147 to 2,976. • Orange County — sales dropped 10.6 percent, from 9,887 to 8,839. • Seminole — 22 percent decline, from 4,305 to 3,348. Association members’ pending sales — considered an indicator of future sales activity — fell from 3,326 in November to 3,265 in December. But last month’s number of pending sales was up 109 percent from the 1,559 reported in the same month a year prior. Lower home values also pushed up the first-time homebuyers affordability index in December. The area’s affordability index in December rose to a record 142.16 percent, which means a buyer who earns the area’s median income of $51,962 could qualify for a conventional 80 percent loan for a home valued up to $241,523 — 142 percent of the median home sales price. There are currently 22,524 homes on the market, 1,884 homes less than November. The current inventory level also is 7 percent lower than December 2007’s 24,298. The inventory level reflects a 17-month supply at the current sales pace, an improvement from the nearly 22-month supply posted a month prior and 23.6 percent less than December 2007’s inventory. All homes spent an average of 109 days on the market before being sold in December 2008, and the average home sold for 92.7 percent of its listing price. Existing condo sales in the Orlando area totaled 137 in December, a 42.7 percent jump when compared with the 96 condo resales in December 2007. Orlando homebuyers purchased 117 duplexes, town homes, and villas in December 2008, a 6 percent decrease from December 2007’s 125. The Orlando Foreclosures Expo Feb 7th and 8th http://www.foreclosuresexpo.com
ORLANDO, Fla. – Jan. 12, 2009 – Is now the time to buy a house in Central Florida? The answer to that question is hardly simple, given the prolonged housing slump and the nationwide recession. It also depends on a complex mix of personal issues and factors, including, of course, “The Fear Factor.” If you own a home and need to sell it before you can afford to buy a better one, you might find that difficult for another year or so – maybe longer – because of the glut of properties still on the market and the state of the U.S. economy. But if you are a first-time buyer, the situation is different. Do you have enough cash for a down payment – at least 3.5 percent for a Federal Housing Administration loan, as much as 20 percent for a conventional bank loan – plus closing costs? And is your job or career relatively stable? If the answers are yes and yes, then you have options. Still, is this the right time to take the plunge? “Now is a much better time than a year and a half ago,” said Chris Toadvine, a certified financial planner in Orlando and president of the Financial Planning Association of Central Florida. “I think home prices may fall a bit further, but if I were a buyer, I would not be trying to time a bottom.” From a dollars-and-cents perspective, it’s certainly a buyer’s market. Asking prices for Orlando-area homes have not been so low at any time in the past four or five years, and the number of properties on the market is still at or near record levels. “There’s a substantial amount of inventory still to be sold,” said Hank Fishkind, a private economist who analyzes the Florida and Central Florida real-estate markets for Attorney’s Title Insurance Fund and other industry groups and companies. Foreclosures will continue adding to the volume of homes for sale and keep downward pressure on prices throughout the year, Fishkind predicts, though he notes that the rate of increase in the number of foreclosures is now slowing. The median sales price for existing homes in Central Florida has fallen about 30 percent in the past year, to well below $200,000. Prices are now back to levels last seen in the spring of 2004. New-home prices in the Orlando area have dropped about 20 percent from their 2006 peak, according to some industry surveys, to just more than $300,000, and are still heading down. Others’ pessimism can pay off As a result, homes are much more affordable now than they were only a year ago. For example, a first-time homebuyer with the median household income of $34,947 in January 2008 had only 75 percent of the income needed to afford the median-priced existing home, which cost $188,275 at the time. But as of two months ago, a first-time buyer making the median of $35,334 had 96 percent of the income needed to afford that median-priced starter home, which by November cost $141,971. Denise Kovach, a certified financial planner with Certified Financial Group Inc. in Altamonte Springs, said that, for first-time homebuyers who do not have to sell an existing house, this is a decent time to consider making a move. “As with the stock market, usually the best time to buy is when everyone is feeling most pessimistic,” she said. Those first-time buyers can take advantage of a relatively new federal tax credit for primary residences purchased by July 1, 2009. The credit reduces your income tax dollar for dollar as much as $7,500, with the size of your credit depending on your home’s purchase price. It’s actually more like an interest-free loan from the government, because the IRS “recaptures” the credit during the next 15 years, or when the home is sold. Most homebuyers during the early years of a mortgage also “itemize” on their federal tax return to take advantage of the deductions they can take for property taxes and home-loan interest. But even those who claim just the standard deduction can use another new tax break to deduct at least part of their property taxes: $1,000 for joint filers, $500 for singles. Price plunge near bottom, experts say For potential buyers who have everything they need lined up and are ready to sign on the dotted line – but are holding off for fear the house they buy will keep losing value in the coming year – industry professionals can’t offer any guarantees. But they generally agree that most, if not all, of the historic plunge in values has likely run its course. In coming years, they expect a slow but steady increase in property values, at or slightly above the rate of consumer inflation, without dramatic leaps fueled by lax lending practices and easy money. Those days are long gone. Credit standards are higher now than they were just a couple of years ago, and full documentation of income and good credit scores are required of those seeking the best home-loan deals. “I think that, if someone buys a home today and locks in a low-rate, long-term mortgage, they will be glad they did 10 years from now,” Toadvine said. Copyright © 2009 The Orlando Sentinel, Fla., Jerry W. Jackson. Distributed by McClatchy-Tribune Information Services. The Orlando Foreclosures Expo February 7th and 8th http://www.foreclosuresexpo.com
WASHINGTON – Jan. 12, 2009 – A bill that embraces the need for righting the housing market – the first big step toward economic recovery – was introduced Friday in the U.S. House of Representatives. H.R. 384, The TARP Reform and Accountability Act, was offered by Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee. The bill would require the Treasury Department to develop a program, outside the Troubled Asset Relief Program, to stimulate demand for home purchases and lower property inventories, by making affordable mortgages available for qualified buyers through interest rate buydowns, a priority of the National Association of Realtors® (NAR). The measure would amend the TARP provisions of the Emergency Economic Stabilization Act of 2008 to make significant steps to reduce foreclosures, strengthen accountability and close loopholes, according to NAR officials. The Treasury could consider the impact of areas with the highest inventories of foreclosed properties. NAR President Charles McMillan was heartened by the legislation that would move the housing market forward. “The bill proposed by Chairman Frank is an important first step toward launching a real estate recovery. Housing has always led this country out of economic downturns, and this bill recognizes that the key to bolstering the overall economy is creating stability in the real estate markets. With foreclosure relief, improving the Hope for Homeowners Plan, and expanding TARP to support commercial real estate loans and commercial mortgage-backed securities, this legislation will help create housing stability.” “By directing the Treasury Department to increase the availability of affordable mortgages rates for qualified home buyers and to offer reduced rate loans designed to stimulate demand for home purchases and clear inventory of properties, Chairman Frank has responded to the most critical issues facing potential homeowners,” McMillan said. Foreclosure relief, using the second half of the $700 billion previously authorized by Congress, would be conditioned on stipulation that $50 billion be used for foreclosure mitigation and calls for a plan to be put into action by March 15. That would allow the Treasury to begin committing the remaining TARP funds for the plan no later than April 1. The plan would require that foreclosure assistance must apply only to owner-occupied residences. Further, the bill would provide liability protection for loan servicers who engage in loan modifications. Such servicers would have to report regularly to the Treasury. In addition, the Treasury would be authorized to provide support for commercial real estate loans and commercial mortgage-backed securities, an NAR priority. NAR has been urging the incoming Obama administration, as well as Congress, to address critical housing needs. “This legislation is a great beginning, but more needs to be done. We must continue to bring potential homebuyers into the market by ensuring low mortgage interest rates, making the higher 2008 conforming loan limits permanent, and applying the $7,500 tax credit to all homebuyers and making it non-repayable,” McMillan said. The Orlando Foreclosures Expo Feb 7th and 8th http://www.foreclosuresexpo.com
ORLANDO, Fla. – Jan. 7, 2009 – An entrepreneur who invested heavily in Central Florida’s real-estate boom is heading to Washington this week to complain that his bank has refused to rework his troubled loans, even though the lender received billions of dollars in government bailout money. Thomas H. Ward, a Puerto Rican businessman who owns a half dozen homes in Metro Orlando, is facing foreclosure after his financing came due in full last month. He said he can’t pay off the loans and couldn’t find buyers in a recession before the three-year “balloon” payments came due. So he’s on the hook for more than $3.5 million. Ward said Fifth Third Bank refused to renegotiate the loans, even though he insists he has been a stellar customer for years. Ward has taken his complaint public this week to federal regulators, congressional leaders and in a full-page ad in the Orlando Sentinel. “I think it is important for those who are giving away all this money for nothing to know what is really going on,” said Ward, who expects to meet with U.S. Sen. Mel Martinez, R-Orlando, in Washington on Thursday. “While the banks are standing there with their hands out, it’s like they’re turning around and hitting us with a baseball bat. It’s affecting a whole sector of the economy that until now has been okay.” Fifth Third would not comment on Ward’s grievance, citing privacy rules. The bank’s foreclosure suit says he has defaulted on the financial terms and other loan conditions. But spokeswoman Wendy Mallory said Fifth Third is acting responsibly with the $3.4 billion it received last month from the Treasury Department’s Troubled Asset Relief Program. Lending has increased, although the bank is being more cautious. “We have increased our capacity to provide additional credit to businesses and consumers and further assist qualified borrowers,” she said. “We have also generated additional capital [reserves] and we’re using it as a safeguard to defend against further deterioration in the economy.” Banking industry officials argued that Ward’s complaint against Fifth Third is off base. It is wrong to expect a bank to restructure every troubled customer’s loan just because it received aid from the bailout fund, said Alex Sanchez, chief executive officer of the Florida Bankers Association. “People expect TARP to jump-start the economy, but that doesn’t mean banks should just indiscriminately forgive loans or forgive people from paying their loans,” he said. “The regulators would jump all over them if they did something like that. What we’re seeing now is banks exercising prudent lending practices.” But Ward said he, too, has taken a hit from the economy, though his loan payments were always on time. It is hypocrisy, he said, for the banks to catch a break from the government but refuse to help good customers. “My fight is not just with Fifth Third; this problem transcends them,” he said. “But I will say this has been a nightmare dealing with them.” Many people are still ensnarled in the credit crisis, despite the bailout effort. Residential foreclosures continue on record pace as the economy has fallen into a recession, while banks scramble to pump up capital reserves. Some analysts said Ward’s situation highlights the need for banks to provide more relief to customers that are in good standing. “I think his case was another example of banks shooting themselves in the foot,” said Clay Singleton, a finance professor at Rollins College, who read Ward’s ad in the Sentinel earlier this week. “If what he says is true – and it appears plausible – I’d say he correctly identified the bank’s motive. They’re looking for liquidity wherever they can get it.” Many small businesses, especially those tied to real estate, are caught in the credit crunch, and finding little relief from lenders, said Allen Douglas, legislative director for the Florida office of the National Federation of Independent Businesses. “Banks obviously have a sour taste in their mouths about real estate,” he said. “But even outside of that, we’re seeing small businesses of all types have trouble getting new credit, even if they have a good credit history.” Copyright © 2009 The Orlando Sentinel, Fla., Richard Burnett. Distributed by McClatchy-Tribune Information Services. The Orlando Foreclosures Expo February 7th and 8th http://www.foreclosuresexpo.com
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