News and Information From the Monroe County Tourist Development Council
Oil Response Chief: Risk Now ‘Very, Very Low’ for Oil to Travel to Keys Via Loop Current;
Risk ‘Will Go to Zero Once Well is Killed’
The head of the U.S. Government's response effort to mitigate the Transocean/BP oil spill said that with the oil leak capped there is now little chance of oil remnants reaching the Florida Keys and the South Florida mainland.
And when the well is permanently sealed there will no longer be any danger of oil impacts to the region, said retired U.S. Coast Guard Admiral Thad Allen during a news briefing in New Orleans Thursday.
Allen responded to South Florida “Sun Sentinel” reporter David Fleshler’s questions regarding future threats to the Keys and South Florida:
“Once the well is killed we will have secured the source of oil in relation to the (Transocean/BP) Macando well,” Allen said. “For the past several months there has been an eddy (Eddy Franklin) that has broken off from the Loop Current between the wellhead and where the current comes north and turns towards the Straits of Florida.
“So (that) eddy has created a hydraulic barrier between the wellhead and the Loop Current, and the chances that oil will become entrained in the Loop Current are very, very low and will go to zero as we continue to control the leakage at the well with the cap and ultimately kill it,” he said.
Allen said that even with all the oil that gushed between April 20 and July 15, he does not expect significant oil remnants to reach the Keys or South Florida.
“The recent storm, tropical depression Bonnie, drove most of the oil to the northwest,” he said. “This is all moving in the opposite direction where oil would need to be to enter the Loop Current.”
Allen’s comments are being carried in a Quicktime video file on the Florida Keys website at http://www.fla-keys.com/news/news.cfm?sid=7845 or via links off the website’s home page at http://www.fla-keys.com.
###
Spill-related websites, primarily focusing on affected areas, include:
http://www.restorethegulf.gov • http://www.noaa.gov
TDC website with spill-related information for Keys visitors: http://www.fla-keys.com/oilspill
Wednesday, August 4, 2010
Options for Homeowners on Mortgage Help- Fannie Mae
Fannie Mae unveils consumer website for borrowers
WASHINGTON – Aug. 3, 2010 – Mortgage company Fannie Mae is introducing a website to help consumers who are struggling to avoid foreclosure learn about ways to get help.
The government-controlled company on Tuesday launched http://www.knowyouroptions.com. It is designed to provide easy-to-understand definitions of mortgage industry terms and online calculators that help consumers determine whether they can qualify for a refinanced mortgage or a loan modification.
The site also describes options such as a short sale, in which the lender agrees to accept less than the total mortgage amount.
Fannie Mae executives say navigating the default and foreclosure process is often stressful and confusing for borrowers.
“We worry about the risks that borrowers will just give up and go to foreclosure,” said Jeff Hayward, a Fannie Mae senior vice president. “We don’t think that’s the right thing.”
Both Washington-based Fannie Mae and sibling company Freddie Mac have been upended by defaults and foreclosures as the housing bust has dragged on. The two companies have needed $145 billion to stay afloat since they were seized by the government in September 2008.
Copyright © 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
WASHINGTON – Aug. 3, 2010 – Mortgage company Fannie Mae is introducing a website to help consumers who are struggling to avoid foreclosure learn about ways to get help.
The government-controlled company on Tuesday launched http://www.knowyouroptions.com. It is designed to provide easy-to-understand definitions of mortgage industry terms and online calculators that help consumers determine whether they can qualify for a refinanced mortgage or a loan modification.
The site also describes options such as a short sale, in which the lender agrees to accept less than the total mortgage amount.
Fannie Mae executives say navigating the default and foreclosure process is often stressful and confusing for borrowers.
“We worry about the risks that borrowers will just give up and go to foreclosure,” said Jeff Hayward, a Fannie Mae senior vice president. “We don’t think that’s the right thing.”
Both Washington-based Fannie Mae and sibling company Freddie Mac have been upended by defaults and foreclosures as the housing bust has dragged on. The two companies have needed $145 billion to stay afloat since they were seized by the government in September 2008.
Copyright © 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Friday, May 14, 2010
The Oil Spill and The Florida Keys
KEYS TOURISM ADVISORY 9 May 13, 2010 • 1:15 PM EDT
News and Information From the Monroe County Tourist Development Council
Revised Q&A Regarding the Florida Keys and the Gulf Oil Spill
In light of new information regarding the Transocean/BP (British Petroleum) oil spill and its relationship to the Florida Keys, the Monroe County Tourist Development Council has updated the Question and Answer document originally transmitted May 4. This should be helpful in the event your staff must field questions from current or potential visitors. It is also published on the Florida Keys website in a special oil spill-related section. Since May 3, that section has received close to 20,000 views, so it is obvious travel consumers are seeking information related to the issue.
I heard that the Keys are in imminent danger of being affected by the oil spill.
The Keys currently are not being threatened by the oil spill and currently the spill is 475 miles away from the Keys. The oil from the spill is positioned in the northern Gulf of Mexico, away from the Loop Current, according to National Oceanic and Atmospheric Administration (NOAA) trajectory analysis. If oil got into the Loop Current, it would require 10 to 14 days for it to migrate into the Keys region. Even then, it is unclear whether the oil would actually impact Keys regions or bypass the area and remain either in the Loop Current or the Gulf Stream (see explanation of Loop Current below).
What is the Loop Current?
The Gulf Loop Current is a clockwise current that carries water from the Yucatan Channel north into the Gulf of Mexico, then back down south off the Florida west coast, past the Dry Tortugas and into the Gulf Stream. In this incident the current plays a crucial role because of concerns that if oil gets into the Loop Current, it could be swept to the south, possibly into or around the Keys and possibly carried by the Gulf Stream to other areas of Florida and the U.S. East Coast.
How can oil get into the Loop Current?
It’s based primarily on wind direction in the northern Gulf of Mexico. A strong wind from the north could push oil toward the Loop Current. Winds from the southern half of the compass help to keep oil away from the Loop Current.
I understand that if oil gets into the Loop Current it will definitely hit the Keys and the impacts will be devastating.
NOAA is still studying potential impacts, but more information is coming to light that the kind of impacts the Keys might experience would likely be different than what is transpiring in the northern Gulf of Mexico. Most oil spill experts say any oil carried by the Loop Current would be more dispersed and “weathered” by the time it gets to the Keys, which is some 475 miles from the spill site. That means it would be highly unlikely that large “rivers” of oil would impact the Keys. More likely, experts said, the impacts would be in the form of tar balls. While arrival of oil in any form is unacceptable, it seems those impacts would be less harmful to the environment and likely easier to mitigate. It is also possible that one area of the Keys could be affected and others not, or that oil could remain in the Loop Current and Gulf Stream and completely miss the Keys.
Can you guarantee me the oil will not make its way into the Keys during my vacation?
Nobody can make a long-term guarantee that residue from the Gulf Coast oil spill will or will not
be in the Keys. But what is known is that NOAA forecasts oil slick trajectory movements within a 72- hour timeframe. As long as the oil is north of the Loop Current, it is not likely to affect the Keys. If it does get into the Loop Current, new studies now show it will take about 10 to 14 days for any oil impacts to migrate down to the Dry Tortugas region (situated about 70 miles west of Key West) before possibly exiting into the Gulf Stream. When making reservations for accommodations and water-related activities, it may be prudent to discuss in advance any cancellation and refund policies in the event oil residues impact the immediate area of activity.
I hear authorities have shut down fishing in the Keys.
That is not true. Earlier, NOAA issued an order restricting fishing in federal waters affected by the oil spill. That area is from Louisiana state waters at the mouth of the Mississippi River to waters off Florida’s Pensacola Bay. No other areas of Florida, including the Keys, are under the order at this time. It also means that Keys-caught seafood has not been affected and is safe to consume.
Is it safe to dive, swim and participate in other water sports in the Keys?
There are no advisories in the Keys currently in effect due to the Gulf oil spill. The Monroe County Health Department is monitoring the situation and would issue an advisory in the event of any healthrelated risk.
I’m apprehensive about traveling to the Keys because I don’t want to lose money if oil comes and ruins my vacation.
Each property has its own cancellation policy. It is prudent to check with the hotel as well as any other travel-related operator in advance to determine cancellation policies and if management will offer refunds or credits in the event oil adversely affects Keys waters.
I hear much of Florida is under a state of emergency.
Nineteen of the state’s 67 counties are under a state of emergency, even though no impacts have been seen in Florida as of Thursday, May 13. The Keys are in Monroe County and a state of emergency has not been declared for Monroe. Many times a state of emergency is designated as a standard
prerequisite to qualify an area for emergency federal funds, before a disaster actually impacts the region.
What happens if oil does affect the Keys?
The U.S. Coast Guard is the lead government agency responsible for oversight of any necessary
cleanup and remediation activities. The Coast Guard works in conjunction with other local, state and federal authorities to enact a 725-page area contingency plan that includes oil spill response actions. Some of the other agencies include NOAA’s Florida Keys National Marine Sanctuary, Florida’s Department of Environmental Protection, Monroe County Emergency Management and other public agencies, as well as area individuals and organizations. All efforts possible would be made to protect the marine environment in the Keys. The agencies have a unified plan in place to address oil spills caused by vessel groundings and have conducted several drills to prepare for such an incident. Since the BP spill began, agencies have met several times to adapt the plan for this unique incident. BP must pay for all response activities.
When will this be over?
Officials don’t know for sure. The outcome and timing depend on when the actual leaks at the well site can be plugged or effectively contained and how effective current mitigation efforts are work in containing the oil already in the northern Gulf of Mexico.
Where can I get more information on the oil spill?
The Keys tourism council is posting information — including official NOAA oil slick trajectory maps — on its website at www.fla-keys.com as well as on Twitter and Facebook.
http://twitter.com/thefloridakeys • http://www.facebook.com/floridakeysandkeywest
Spill-related websites, primarily focusing on affected areas, include:
http://www.deepwaterhorizonresponse.com • http://www.noaa.gov
News and Information From the Monroe County Tourist Development Council
Revised Q&A Regarding the Florida Keys and the Gulf Oil Spill
In light of new information regarding the Transocean/BP (British Petroleum) oil spill and its relationship to the Florida Keys, the Monroe County Tourist Development Council has updated the Question and Answer document originally transmitted May 4. This should be helpful in the event your staff must field questions from current or potential visitors. It is also published on the Florida Keys website in a special oil spill-related section. Since May 3, that section has received close to 20,000 views, so it is obvious travel consumers are seeking information related to the issue.
I heard that the Keys are in imminent danger of being affected by the oil spill.
The Keys currently are not being threatened by the oil spill and currently the spill is 475 miles away from the Keys. The oil from the spill is positioned in the northern Gulf of Mexico, away from the Loop Current, according to National Oceanic and Atmospheric Administration (NOAA) trajectory analysis. If oil got into the Loop Current, it would require 10 to 14 days for it to migrate into the Keys region. Even then, it is unclear whether the oil would actually impact Keys regions or bypass the area and remain either in the Loop Current or the Gulf Stream (see explanation of Loop Current below).
What is the Loop Current?
The Gulf Loop Current is a clockwise current that carries water from the Yucatan Channel north into the Gulf of Mexico, then back down south off the Florida west coast, past the Dry Tortugas and into the Gulf Stream. In this incident the current plays a crucial role because of concerns that if oil gets into the Loop Current, it could be swept to the south, possibly into or around the Keys and possibly carried by the Gulf Stream to other areas of Florida and the U.S. East Coast.
How can oil get into the Loop Current?
It’s based primarily on wind direction in the northern Gulf of Mexico. A strong wind from the north could push oil toward the Loop Current. Winds from the southern half of the compass help to keep oil away from the Loop Current.
I understand that if oil gets into the Loop Current it will definitely hit the Keys and the impacts will be devastating.
NOAA is still studying potential impacts, but more information is coming to light that the kind of impacts the Keys might experience would likely be different than what is transpiring in the northern Gulf of Mexico. Most oil spill experts say any oil carried by the Loop Current would be more dispersed and “weathered” by the time it gets to the Keys, which is some 475 miles from the spill site. That means it would be highly unlikely that large “rivers” of oil would impact the Keys. More likely, experts said, the impacts would be in the form of tar balls. While arrival of oil in any form is unacceptable, it seems those impacts would be less harmful to the environment and likely easier to mitigate. It is also possible that one area of the Keys could be affected and others not, or that oil could remain in the Loop Current and Gulf Stream and completely miss the Keys.
Can you guarantee me the oil will not make its way into the Keys during my vacation?
Nobody can make a long-term guarantee that residue from the Gulf Coast oil spill will or will not
be in the Keys. But what is known is that NOAA forecasts oil slick trajectory movements within a 72- hour timeframe. As long as the oil is north of the Loop Current, it is not likely to affect the Keys. If it does get into the Loop Current, new studies now show it will take about 10 to 14 days for any oil impacts to migrate down to the Dry Tortugas region (situated about 70 miles west of Key West) before possibly exiting into the Gulf Stream. When making reservations for accommodations and water-related activities, it may be prudent to discuss in advance any cancellation and refund policies in the event oil residues impact the immediate area of activity.
I hear authorities have shut down fishing in the Keys.
That is not true. Earlier, NOAA issued an order restricting fishing in federal waters affected by the oil spill. That area is from Louisiana state waters at the mouth of the Mississippi River to waters off Florida’s Pensacola Bay. No other areas of Florida, including the Keys, are under the order at this time. It also means that Keys-caught seafood has not been affected and is safe to consume.
Is it safe to dive, swim and participate in other water sports in the Keys?
There are no advisories in the Keys currently in effect due to the Gulf oil spill. The Monroe County Health Department is monitoring the situation and would issue an advisory in the event of any healthrelated risk.
I’m apprehensive about traveling to the Keys because I don’t want to lose money if oil comes and ruins my vacation.
Each property has its own cancellation policy. It is prudent to check with the hotel as well as any other travel-related operator in advance to determine cancellation policies and if management will offer refunds or credits in the event oil adversely affects Keys waters.
I hear much of Florida is under a state of emergency.
Nineteen of the state’s 67 counties are under a state of emergency, even though no impacts have been seen in Florida as of Thursday, May 13. The Keys are in Monroe County and a state of emergency has not been declared for Monroe. Many times a state of emergency is designated as a standard
prerequisite to qualify an area for emergency federal funds, before a disaster actually impacts the region.
What happens if oil does affect the Keys?
The U.S. Coast Guard is the lead government agency responsible for oversight of any necessary
cleanup and remediation activities. The Coast Guard works in conjunction with other local, state and federal authorities to enact a 725-page area contingency plan that includes oil spill response actions. Some of the other agencies include NOAA’s Florida Keys National Marine Sanctuary, Florida’s Department of Environmental Protection, Monroe County Emergency Management and other public agencies, as well as area individuals and organizations. All efforts possible would be made to protect the marine environment in the Keys. The agencies have a unified plan in place to address oil spills caused by vessel groundings and have conducted several drills to prepare for such an incident. Since the BP spill began, agencies have met several times to adapt the plan for this unique incident. BP must pay for all response activities.
When will this be over?
Officials don’t know for sure. The outcome and timing depend on when the actual leaks at the well site can be plugged or effectively contained and how effective current mitigation efforts are work in containing the oil already in the northern Gulf of Mexico.
Where can I get more information on the oil spill?
The Keys tourism council is posting information — including official NOAA oil slick trajectory maps — on its website at www.fla-keys.com as well as on Twitter and Facebook.
http://twitter.com/thefloridakeys • http://www.facebook.com/floridakeysandkeywest
Spill-related websites, primarily focusing on affected areas, include:
http://www.deepwaterhorizonresponse.com • http://www.noaa.gov
Wednesday, August 5, 2009
Waterfront Foreclosure homes in the Florida Keys
Click on the link below to get the most recent waterfront homes in the Florida Keys that are now bank owned (already foreclosed!)
Follow this link to see the page:
Click to view listing(s)
This link is valid until 9/4/2009.
Please call me with any questions on these or any other properties and don't forget that you can go to my website at www.keystropicalproperties.com anytime and click on the foreclosure button and see the most recent list available!
Follow this link to see the page:
Click to view listing(s)
This link is valid until 9/4/2009.
Please call me with any questions on these or any other properties and don't forget that you can go to my website at www.keystropicalproperties.com anytime and click on the foreclosure button and see the most recent list available!
Downstairs Enclosure Dilemma in the Florida Keys
Hi Everyone- This article was published in the Miami Herald last week regarding the fight to save the downstairs enclosures that are found throughout the Florida Keys. Please read on....
Florida Keys try to save downstairs rooms in stilt homes
Jul 27, 2009 — The Miami Herald
Cammy Clark
Jul. 27, 2009 (McClatchy-Tribune Regional News delivered by Newstex) -- Debra and Rory Brown were applying in 2006 for an elevator permit to help their newly paralyzed son get around the Cudjoe Key stilt home they bought three years earlier when they made an upsetting discovery: Their downstairs enclosure is illegal.
And they're not alone in the low-lying Florida Keys. As many as 8,000 downstairs enclosures -- from single rooms to complete rental apartments -- have been built illegally under stilt homes since 1974.
That was the year Monroe County agreed to strict federal regulations that ban most residential below-flood-level construction to join the National Flood Insurance Program.
Some enclosures were constructed on the sly. But many had the county's blessing, with building permits and tax bills. All are jeopardizing the island chain's subsidized flood insurance.
To correct the 30-year mess that the county helped create, the County Commission this month unanimously agreed to send the Federal Emergency Management Agency a limited amnesty proposal they think can save most downstairs enclosures. FEMA runs the flood insurance program.
"We don't want this headache to keep being passed on," Monroe County Mayor George Neugent said. "Let's bite the bullet and provide a long-term solution."
AMNESTY PROPOSAL
The new proposal would award amnesty for all downstairs enclosures built before the inspections began on March 14, 2002. Nobody knows how many homeowners would qualify.
To get amnesty, homeowners would have to obtain an annual, special-use permit. It would include a fee for a debris cleanup fund, which would be tapped if flood waters destroyed the ground-level enclosure. Any future sale of a home in unincorporated Monroe County would be required to be inspected.
But the proposal does not help homeowners who rent their downstairs enclosures. FEMA regulations never have allowed such enclosures to serve as rentals, a common practice in the Keys.
Attorney Richard Bennett -- who represented a group of Keys' homeowners called "Keep Our Downstairs Enclosures" that failed to resolve the issue in the 1980s -- called the commission's new proposal "brilliant" and "our last, best hope."
FEMA is considering it. FEMA spokeswoman Mary Hudek said officials at the Atlanta regional office discussed the draft proposal Tuesday in a conference call with headquarters in Washington.
The proposal, however, has opposition. Citizens Not Serfs, a group campaigning for less regulation, says that the county should determine whether the pilot inspection program has worked -- it's slated to run through 2011 -- before proposing anything new.
"Other coastal communities don't have mandatory downstairs enclosure inspections," said Citizens Not Serfs founder Phil Shannon. "Why does Monroe County have to have a unique, one-of-a-kind program?"
FEMA officials, who battled Monroe for decades over the issue, argue that building anything beneath a stilted home only brings problems when storms hit.
"After Hurricane Ike, at the south end of Galveston, the one house that was elevated and built in a strong way was the house that was left," said Hudek. "That's the picture we like to see."
Commissioner Mario de Gennaro said he wants to move fast on getting approval for the amnesty proposal to prevent any future demolitions and get people to use licensed contractors.
But such relief could come too late for some, such as Joe Stazzone. This month, the county ordered him to remove the two-bedroom, one-bath downstairs enclosure of his oceanfront home on Duck Key by Aug. 20. "I don't know what I'm going to do," he said.
LEGAL BATTLE
Stazzone bought the three-bedroom, two-bath house a decade ago as a vacation home. He said he has spent $15,000 in legal fees to try to keep the downstairs rooms that were built in the mid 1970s, long before he bought the house.
Those who rent their ground-level rooms are in a similar bind.
Bob Haupt, who bought his house 13 years ago with the rental unit and tenant in place, said he is being forced to kick out the now 30-year tenant and probably sell his dream home in Islamorada because of the loss of income. "We were deceived when we bought this place," Haupt said.
U.S. Rep. Ileana Ros-Lehtinen, a Republican whose district includes the Keys, sides with homeowners. "Amidst a national housing crisis, FEMA is taking unjust retroactive enforcement measures against Keys properties," she said.
But because mortgages are tied to having flood insurance, the county can't risk losing the program, said County Commissioner Kim Wiggington.
As of 2008, 20,026 flood insurance policies were in force in unincorporated Monroe County, providing $4 billion in coverage, according to the county.
Flood insurance covered little of the damage to the Browns' downstairs enclosure on Cudjoe Key after the storm surge from Hurricane Wilma in 2005, Rory Brown said.
"We'll take the risk," he said. "All we want is for our son to have a home that is accessible to him. He deserves his independence."
Copyright 2008. All rights reserved.
Florida Keys try to save downstairs rooms in stilt homes
Jul 27, 2009 — The Miami Herald
Cammy Clark
Jul. 27, 2009 (McClatchy-Tribune Regional News delivered by Newstex) -- Debra and Rory Brown were applying in 2006 for an elevator permit to help their newly paralyzed son get around the Cudjoe Key stilt home they bought three years earlier when they made an upsetting discovery: Their downstairs enclosure is illegal.
And they're not alone in the low-lying Florida Keys. As many as 8,000 downstairs enclosures -- from single rooms to complete rental apartments -- have been built illegally under stilt homes since 1974.
That was the year Monroe County agreed to strict federal regulations that ban most residential below-flood-level construction to join the National Flood Insurance Program.
Some enclosures were constructed on the sly. But many had the county's blessing, with building permits and tax bills. All are jeopardizing the island chain's subsidized flood insurance.
To correct the 30-year mess that the county helped create, the County Commission this month unanimously agreed to send the Federal Emergency Management Agency a limited amnesty proposal they think can save most downstairs enclosures. FEMA runs the flood insurance program.
"We don't want this headache to keep being passed on," Monroe County Mayor George Neugent said. "Let's bite the bullet and provide a long-term solution."
AMNESTY PROPOSAL
The new proposal would award amnesty for all downstairs enclosures built before the inspections began on March 14, 2002. Nobody knows how many homeowners would qualify.
To get amnesty, homeowners would have to obtain an annual, special-use permit. It would include a fee for a debris cleanup fund, which would be tapped if flood waters destroyed the ground-level enclosure. Any future sale of a home in unincorporated Monroe County would be required to be inspected.
But the proposal does not help homeowners who rent their downstairs enclosures. FEMA regulations never have allowed such enclosures to serve as rentals, a common practice in the Keys.
Attorney Richard Bennett -- who represented a group of Keys' homeowners called "Keep Our Downstairs Enclosures" that failed to resolve the issue in the 1980s -- called the commission's new proposal "brilliant" and "our last, best hope."
FEMA is considering it. FEMA spokeswoman Mary Hudek said officials at the Atlanta regional office discussed the draft proposal Tuesday in a conference call with headquarters in Washington.
The proposal, however, has opposition. Citizens Not Serfs, a group campaigning for less regulation, says that the county should determine whether the pilot inspection program has worked -- it's slated to run through 2011 -- before proposing anything new.
"Other coastal communities don't have mandatory downstairs enclosure inspections," said Citizens Not Serfs founder Phil Shannon. "Why does Monroe County have to have a unique, one-of-a-kind program?"
FEMA officials, who battled Monroe for decades over the issue, argue that building anything beneath a stilted home only brings problems when storms hit.
"After Hurricane Ike, at the south end of Galveston, the one house that was elevated and built in a strong way was the house that was left," said Hudek. "That's the picture we like to see."
Commissioner Mario de Gennaro said he wants to move fast on getting approval for the amnesty proposal to prevent any future demolitions and get people to use licensed contractors.
But such relief could come too late for some, such as Joe Stazzone. This month, the county ordered him to remove the two-bedroom, one-bath downstairs enclosure of his oceanfront home on Duck Key by Aug. 20. "I don't know what I'm going to do," he said.
LEGAL BATTLE
Stazzone bought the three-bedroom, two-bath house a decade ago as a vacation home. He said he has spent $15,000 in legal fees to try to keep the downstairs rooms that were built in the mid 1970s, long before he bought the house.
Those who rent their ground-level rooms are in a similar bind.
Bob Haupt, who bought his house 13 years ago with the rental unit and tenant in place, said he is being forced to kick out the now 30-year tenant and probably sell his dream home in Islamorada because of the loss of income. "We were deceived when we bought this place," Haupt said.
U.S. Rep. Ileana Ros-Lehtinen, a Republican whose district includes the Keys, sides with homeowners. "Amidst a national housing crisis, FEMA is taking unjust retroactive enforcement measures against Keys properties," she said.
But because mortgages are tied to having flood insurance, the county can't risk losing the program, said County Commissioner Kim Wiggington.
As of 2008, 20,026 flood insurance policies were in force in unincorporated Monroe County, providing $4 billion in coverage, according to the county.
Flood insurance covered little of the damage to the Browns' downstairs enclosure on Cudjoe Key after the storm surge from Hurricane Wilma in 2005, Rory Brown said.
"We'll take the risk," he said. "All we want is for our son to have a home that is accessible to him. He deserves his independence."
Copyright 2008. All rights reserved.
Thursday, February 28, 2008
Great Time To Buy in the Florida Keys!
Hello Everyone,
I have read over several great reasons to buy real estate in various places throughout our country that have been posted online and decided to create my own for the Florida Keys. After reading it over, I have myself talked into buying and am pursuing purchasing more property on my own! Like my Guru told me, it is during times like this that many millionaires are made! Seriously folks, with the cold, cold winter up north and the lack of hurricanes over the past few years in the Florida Keys, we are having a great start to 2008. I hope you don't wait too long and miss the boat. Interest rates are great and there are lots of properties to choose from, so jump in and see what fits in your price range. Sellers are motivated and offering out many buyer incentives. So read on to...
Top Ten Reasons to Buy Florida Keys Real Estate
When is the best time to buy real estate? When it is a buyer’s market, right? So, what are you waiting for? The Keys real estate market is a ripe opportunity for investing in real estate, buying your dream home, or buying your retirement home. Here are a few reasons why you should think about buying now!
1. Location! The Florida Keys have a wonderful, WARM desirable location. You’ve heard that old saying about how to select real estate…first and foremost is Location, Location, Location. What more could you wish for than island living and sunny days filled with great outdoor fun like excellent fishing, diving, snorkeling, kayaking, and its right out your back door. Clear blue azure waters, warm year round climate, small local neighborhoods, low crime rates, and the laid back Keys Island life can be your reality!
2. Selection! For the first time in many years buyers have choices! The Florida Keys have an unusually large supply of inventory on the market, but it seems to have topped out. Excess inventory is what drives prices down, but just as importantly, it gives you plenty of choices. Just two years ago if you could find five homes in your price range, you were lucky, and the escalating prices shut out many eager buyers. Now you can select from several homes. Better selection equals a better purchase. Now that our inventory is beginning to shrink, it may signal that the bottom has already occurred or is very near. Buy now, before the seller’s market returns.3. Prices are down. Our residential prices are down over 20 percent from the high of 2005. This is unprecedented and represents a great buying opportunity. Opportunities like this don’t last long.
4. Interest rates are still near historical lows. Ask anyone in the business where interest rates are going to go over the next few years. Everyone believes that rates will go up. For every increase in interest rate, thousands of buyers are shut out of the market. Your dollars will go farther today than they will a year from now. Taking advantage of today’s rates is like buying your house at a discount. Financing guidelines are tightening on a daily basis. This is a sure sign that rate hikes are coming.5. The baby boomers are retiring and guess where they want to go? They want to retire where it is warm! The Florida Keys offer that and much more. The laid back Keys lifestyle is a dream for most, with days filled with ocean adventures, kayaking, sailing, fishing, scuba diving, snorkeling, where you can kick back, relax, and enjoy that Florida sunshine!
6. Sellers are motivated to sell. Some homes have been on the market for over a year. They have reduced their price again, again, and again. Some are desperate and most are quite motivated. For the first time in many years, sellers are not insulted by low offers and are even offering out incentives to the buyers, such as paying for repairs or even closing costs.
7. Foreclosures and the Short Sale market is a once-in-a-lifetime opportunity. Since many speculators overextended themselves in 2005 our foreclosure and short sale rate has skyrocketed. If you are an investor, this represents a tremendous buying opportunity. Your strategy should be to buy at a discount, hold for a few years, and then sell for a big profit. Put a tenant in the property and allow them to pay down your mortgage for an even greater profit. If you are buying a home to live in, the advantage is even greater.
8. No Bidding Wars! Patience is tolerated and buyers can take their time selecting their dream home without worrying that someone will come in and snatch it right out from under their nose.
9. The Florida Keys real estate market is poised for a quick rebound. It is predicted that our market will experience what’s called a “V” recovery. It was quick to go down and it will be quick to recover. If you are the type of buyer waiting to find the bottom you have probably already missed it. Even if you believe the bottom is still to come, buying today locks in your discount during a historical opportunity, plus the added advantage of low interest rates. Waiting now may only mean paying more in the future.
10. Real financing is available. The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business.
The bottom line: It's a great time to buy real estate!
I have read over several great reasons to buy real estate in various places throughout our country that have been posted online and decided to create my own for the Florida Keys. After reading it over, I have myself talked into buying and am pursuing purchasing more property on my own! Like my Guru told me, it is during times like this that many millionaires are made! Seriously folks, with the cold, cold winter up north and the lack of hurricanes over the past few years in the Florida Keys, we are having a great start to 2008. I hope you don't wait too long and miss the boat. Interest rates are great and there are lots of properties to choose from, so jump in and see what fits in your price range. Sellers are motivated and offering out many buyer incentives. So read on to...
Top Ten Reasons to Buy Florida Keys Real Estate
When is the best time to buy real estate? When it is a buyer’s market, right? So, what are you waiting for? The Keys real estate market is a ripe opportunity for investing in real estate, buying your dream home, or buying your retirement home. Here are a few reasons why you should think about buying now!
1. Location! The Florida Keys have a wonderful, WARM desirable location. You’ve heard that old saying about how to select real estate…first and foremost is Location, Location, Location. What more could you wish for than island living and sunny days filled with great outdoor fun like excellent fishing, diving, snorkeling, kayaking, and its right out your back door. Clear blue azure waters, warm year round climate, small local neighborhoods, low crime rates, and the laid back Keys Island life can be your reality!
2. Selection! For the first time in many years buyers have choices! The Florida Keys have an unusually large supply of inventory on the market, but it seems to have topped out. Excess inventory is what drives prices down, but just as importantly, it gives you plenty of choices. Just two years ago if you could find five homes in your price range, you were lucky, and the escalating prices shut out many eager buyers. Now you can select from several homes. Better selection equals a better purchase. Now that our inventory is beginning to shrink, it may signal that the bottom has already occurred or is very near. Buy now, before the seller’s market returns.3. Prices are down. Our residential prices are down over 20 percent from the high of 2005. This is unprecedented and represents a great buying opportunity. Opportunities like this don’t last long.
4. Interest rates are still near historical lows. Ask anyone in the business where interest rates are going to go over the next few years. Everyone believes that rates will go up. For every increase in interest rate, thousands of buyers are shut out of the market. Your dollars will go farther today than they will a year from now. Taking advantage of today’s rates is like buying your house at a discount. Financing guidelines are tightening on a daily basis. This is a sure sign that rate hikes are coming.5. The baby boomers are retiring and guess where they want to go? They want to retire where it is warm! The Florida Keys offer that and much more. The laid back Keys lifestyle is a dream for most, with days filled with ocean adventures, kayaking, sailing, fishing, scuba diving, snorkeling, where you can kick back, relax, and enjoy that Florida sunshine!
6. Sellers are motivated to sell. Some homes have been on the market for over a year. They have reduced their price again, again, and again. Some are desperate and most are quite motivated. For the first time in many years, sellers are not insulted by low offers and are even offering out incentives to the buyers, such as paying for repairs or even closing costs.
7. Foreclosures and the Short Sale market is a once-in-a-lifetime opportunity. Since many speculators overextended themselves in 2005 our foreclosure and short sale rate has skyrocketed. If you are an investor, this represents a tremendous buying opportunity. Your strategy should be to buy at a discount, hold for a few years, and then sell for a big profit. Put a tenant in the property and allow them to pay down your mortgage for an even greater profit. If you are buying a home to live in, the advantage is even greater.
8. No Bidding Wars! Patience is tolerated and buyers can take their time selecting their dream home without worrying that someone will come in and snatch it right out from under their nose.
9. The Florida Keys real estate market is poised for a quick rebound. It is predicted that our market will experience what’s called a “V” recovery. It was quick to go down and it will be quick to recover. If you are the type of buyer waiting to find the bottom you have probably already missed it. Even if you believe the bottom is still to come, buying today locks in your discount during a historical opportunity, plus the added advantage of low interest rates. Waiting now may only mean paying more in the future.
10. Real financing is available. The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business.
The bottom line: It's a great time to buy real estate!
Sunday, November 25, 2007
Avoiding Foreclosure
In trouble with your mortgage payments?
Many markets are seeing a rise in delinquencies and foreclosures. If you’ve missed payments on your mortgage or are worried about future payments, it’s easy to feel like you’re all on your own. With your house on the line, you may be tempted to hide and merely hope for the best. However, if you face problems quickly and directly you’re much more likely to avoid foreclosure.
It’s important to remember that foreclosure is also an undesirable endgame for lenders. Many mortgage companies would rather attempt to work with a delinquent borrower before resorting to the expense and hassle of foreclosure.
Identify the Timeframe of Your Financial Issues
Generally speaking, mortgage service companies provide one set of solutions for borrowers who have short term troubles and another set for those whose problems are more long term. Before you begin negotiating with the mortgage company, you should know which category your situation falls into.
For example, if you’ve been recently confronted by a costly auto repair, you may be in a crunch trying to meet a mortgage payment or two. Because the repair bill is a one-time expense, the mortgage issue is short term.
On the other hand, a change in employment or earning ability can be a longer-term problem, especially if your financial outlook is unknown.
Respond to Contact
Ignoring a problem rarely makes it go away. Unfortunately, in far too many cases borrowers fail to respond to their mortgage service company (the firm that collects payments and sends notices when payments have not been received). The first step in showing good faith is responding to the calls or letters regarding your delinquency. Many service companies have a foreclosure prevention department that is trained to empathize with troubled borrowers. So make initial contact, but be careful not to agree to any new terms hastily.
Get Outside Assistance
The mortgage company may offer up several different solutions initially, but the last thing you want to do is to agree to something new that may put you into even more of a bind down the road. Before agreeing to any new terms, you should describe your situation to an outside expert. Seek outside help in the form of a real estate attorney, credit counselor or a housing counseling agency.
Document, Document, Document
The most caring mortgage lender in the world still sees things largely in black and white, so it’s important to gather as much information as possible. Begin by collecting all correspondence from the mortgage service company. Keep envelopes when possible, as sometimes the postmark of critical notices can affect a borrower’s eligibility for relief.
Document Income – Collect as much documentation displaying your income as possible. Lenders typically want to see at least one month of income, but get together as many consecutive recent pay stubs as possible. Find your last two to three tax returns and W2 forms. Also include three to six months of bank statements.
Document Expenses – Assemble all bills, paid or unpaid, from the time you began to fall behind in payments until now. Include utilities, credit card bills and auto payments. It’s particularly important to show any of the reasons that you may have fallen behind in the first place (such as unexpected repair or medical bills).
The documents will likely help tell the story of why you fell behind on your mortgage payments. Now it’s up to you to fill in the blanks with the human element. Write down all of the circumstances that lead to your current situation, and you’ll be better prepared to explain yourself to the powers that be.
Possible Solutions
Depending on the number of payments missed, the size of the loan and the financial outlook of the borrower, the mortgage company has a variety of potential solutions that it may offer.
Repayment Plans – If you haven’t missed many payments, the mortgage provider may work with you to form a repayment plan that allows you to pay off the past due amount bit by bit (in addition to your regular mortgage payments).
Reinstatement – Should you be experiencing a temporary shortfall of cash, your lender may provide an extended period of time to pay of the past due amount. In most cases you will still be responsible for any late fees or penalties you’ve already incurred.
Forbearance – If you need temporary relief, the lender may offer a forbearance plan. A forbearance plan suspends or reduces your payments for a set period of time, with the unpaid to be paid later in either pieces or one lump sum.
Loan Modification – Longer term financial problems that affect overall income are sometimes solved by loan modification. Any term of a mortgage may be modified by a lender: the rate, the payoff date, and even the total amount owed. A lender may modify the terms of the mortgage if you cannot make payments under the current agreement, but the lender is reasonably sure that you will be able to consistently make future payments under new terms. Modifications are extreme measures and are used sparingly, but are an option for lenders who conclude that foreclosure would be more costly.
Be Relentless, but Realistic
Most mortgage service companies are essentially divided into two branches. The first tier is the collections department, whose job is to track down delinquent borrowers and recover back payments. The second division is the foreclosure prevention department (sometimes called loss mitigation, delinquency customer service or loan resolution). This second tier is responsible for making the tough decisions.
Getting past the collections agents and to the loss mitigation department is critical. The help of an attorney can be crucial in gaining you such access. When you do get through to a loss mitigation agent, tell your story and answer all questions about your income and expenses, and request an application for forbearance or modification.
While the hope is that the lender will offer mitigation, you should be prepared for the worst case scenario: that you will have to move out. However, if the lender does over loan resolution, they likely will push you to make a quick decision. Instead take time to consider it with an advisor before agreeing to anything.
Reprinted from Re/Max MonthlyNewsletter, November 2007 Issue
Many markets are seeing a rise in delinquencies and foreclosures. If you’ve missed payments on your mortgage or are worried about future payments, it’s easy to feel like you’re all on your own. With your house on the line, you may be tempted to hide and merely hope for the best. However, if you face problems quickly and directly you’re much more likely to avoid foreclosure.
It’s important to remember that foreclosure is also an undesirable endgame for lenders. Many mortgage companies would rather attempt to work with a delinquent borrower before resorting to the expense and hassle of foreclosure.
Identify the Timeframe of Your Financial Issues
Generally speaking, mortgage service companies provide one set of solutions for borrowers who have short term troubles and another set for those whose problems are more long term. Before you begin negotiating with the mortgage company, you should know which category your situation falls into.
For example, if you’ve been recently confronted by a costly auto repair, you may be in a crunch trying to meet a mortgage payment or two. Because the repair bill is a one-time expense, the mortgage issue is short term.
On the other hand, a change in employment or earning ability can be a longer-term problem, especially if your financial outlook is unknown.
Respond to Contact
Ignoring a problem rarely makes it go away. Unfortunately, in far too many cases borrowers fail to respond to their mortgage service company (the firm that collects payments and sends notices when payments have not been received). The first step in showing good faith is responding to the calls or letters regarding your delinquency. Many service companies have a foreclosure prevention department that is trained to empathize with troubled borrowers. So make initial contact, but be careful not to agree to any new terms hastily.
Get Outside Assistance
The mortgage company may offer up several different solutions initially, but the last thing you want to do is to agree to something new that may put you into even more of a bind down the road. Before agreeing to any new terms, you should describe your situation to an outside expert. Seek outside help in the form of a real estate attorney, credit counselor or a housing counseling agency.
Document, Document, Document
The most caring mortgage lender in the world still sees things largely in black and white, so it’s important to gather as much information as possible. Begin by collecting all correspondence from the mortgage service company. Keep envelopes when possible, as sometimes the postmark of critical notices can affect a borrower’s eligibility for relief.
Document Income – Collect as much documentation displaying your income as possible. Lenders typically want to see at least one month of income, but get together as many consecutive recent pay stubs as possible. Find your last two to three tax returns and W2 forms. Also include three to six months of bank statements.
Document Expenses – Assemble all bills, paid or unpaid, from the time you began to fall behind in payments until now. Include utilities, credit card bills and auto payments. It’s particularly important to show any of the reasons that you may have fallen behind in the first place (such as unexpected repair or medical bills).
The documents will likely help tell the story of why you fell behind on your mortgage payments. Now it’s up to you to fill in the blanks with the human element. Write down all of the circumstances that lead to your current situation, and you’ll be better prepared to explain yourself to the powers that be.
Possible Solutions
Depending on the number of payments missed, the size of the loan and the financial outlook of the borrower, the mortgage company has a variety of potential solutions that it may offer.
Repayment Plans – If you haven’t missed many payments, the mortgage provider may work with you to form a repayment plan that allows you to pay off the past due amount bit by bit (in addition to your regular mortgage payments).
Reinstatement – Should you be experiencing a temporary shortfall of cash, your lender may provide an extended period of time to pay of the past due amount. In most cases you will still be responsible for any late fees or penalties you’ve already incurred.
Forbearance – If you need temporary relief, the lender may offer a forbearance plan. A forbearance plan suspends or reduces your payments for a set period of time, with the unpaid to be paid later in either pieces or one lump sum.
Loan Modification – Longer term financial problems that affect overall income are sometimes solved by loan modification. Any term of a mortgage may be modified by a lender: the rate, the payoff date, and even the total amount owed. A lender may modify the terms of the mortgage if you cannot make payments under the current agreement, but the lender is reasonably sure that you will be able to consistently make future payments under new terms. Modifications are extreme measures and are used sparingly, but are an option for lenders who conclude that foreclosure would be more costly.
Be Relentless, but Realistic
Most mortgage service companies are essentially divided into two branches. The first tier is the collections department, whose job is to track down delinquent borrowers and recover back payments. The second division is the foreclosure prevention department (sometimes called loss mitigation, delinquency customer service or loan resolution). This second tier is responsible for making the tough decisions.
Getting past the collections agents and to the loss mitigation department is critical. The help of an attorney can be crucial in gaining you such access. When you do get through to a loss mitigation agent, tell your story and answer all questions about your income and expenses, and request an application for forbearance or modification.
While the hope is that the lender will offer mitigation, you should be prepared for the worst case scenario: that you will have to move out. However, if the lender does over loan resolution, they likely will push you to make a quick decision. Instead take time to consider it with an advisor before agreeing to anything.
Reprinted from Re/Max MonthlyNewsletter, November 2007 Issue
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