Eliud Gautier

THE NEW RESPA RULE SEMINAR

Friday, December 11, 2009
10:00 a.m. - 12noon
Must Register Online

The Federal Building
600 Arch Street, 2nd Floor 
Philadelphia, PA  19107

The Philadelphia Home Ownership Center is hosting a two hour seminar and update on the new RESPA Rule. The Department of Housing and Urban Development (HUD) is requiring that loan originators provide borrowers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a revised HUD-1 Settlement Statement. Also discussed will be elimination of FHA cap on origination fees. 

The new RESPA Rules were published November 17, 2008 and will take full effect on January 1, 2010.  Guest Presenter is Ivy Jackson, Director of the Office of RESPA and ILS, Department of Housing and Urban Development, Washington, DC.

Register Here
Please bring a Photo ID  
Space is Limited • Register Early!

Please be aware that we do not know when  there will be a training session in NY on RESPA.  I would strongly suggest you send someone to attend just in case a NY session does not happen before the year is out.

A couple of things you should know:                                 

1. Deadline for registration and questions is a firm close of business on December 4, 2009.
2. Due to the expected large audience, no questions will be answered from the floor. All questions must be submitted on-line. Using an ID given to them at registration, registrant's may re-log into the registration site to ask additional questions.
3. This is not a webinar and will not be carried by telephone.
4. The Register  Now link is sticky. Give it time to open. 
5. If you should have a problem with the link in the attached flyer. The actual registration weblink is:

Register Here or copy and paste this link: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=314&update=N    

Please share with your colleagues and staff. See you there!

If you want to received FHA Up Dates - Please send your email to the following contact person:

Migdalia Murati Sr. Account Liaison
FHA Office of Business Development
1 Newark Center 1085 Raymond Blvd., 13^th Floor
Newark, New Jersey 07102
Phone: 973.776.7316
Cell: 973.204-8255
Fax: 973.645-6423
migdalia.murati@hud.gov
www.FHA.gov

As you may know, last night the Senate reached a deal on extending and expanding the home buyer tax credit, and they plan on attaching it to the unemployment insurance bill. You can see a copy of the bill here. The tax credit provisions begin on p. 14.

Near as we can tell at this moment, the process from here will go like this:

1. There will be a cloture vote at 5 pm on Monday in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to "ripen," i.e., before the bill can be brought to the floor.

2. Thirty hours later it's Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.

3. Thirty hours after that, it's Thursday morning, when the Senate will vote on final passage of the bill.

4. The House could take up the bill as early as Thursday afternoon or Friday.  They likely will just accept the Senate bill and vote on that.  If their bill differs from the Senate bill, then the whole thing has to back through Conference. That's unlikely at this point - and undesirable.

5.  The plan/hope is to have the bill on the President's desk as soon as next weekend.

Obviously, this is all subject to change without notice. This is the Congress, after all.

You can see from the above that it is important to keep weighing in throughout the week - and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same.  The amount of emails being sent through the Fix Housing First site has been fantastic - keep it up!

www.FixHousingFirst.com

Save Your Home Conference

September 8, 2009 @ 6 PM

Temple of Yahweh
2128 Sunset Ave, Vineland, NJ

You are cordially invited to attend this workshop presented by representatives from New Jersey Housing Mortgage and Finance Agency (NJ HMFA) and United State Housing and Urban Development (HUD).

They will be discussing the following topics:

• The New Face of FHA
• Stream Line 203K Rehabilitation Program
• Foreclosure Prevention Assistance Programs
• The Tax Credit Loan Program - $5,000
• The SMART Start Program - 4% NJ Grant
• The Live Where You Live Program - 5% NJ Grant
• The First Time Home Buyer Program - 0 pts Loan

This event is for families interested in learning how to buy their first time home, prevent foreclosure, and/or refinance an adjustable loan.

This event is also great for real estate professionals that want to raise their level of awareness of the many programs available for their clients. Therefore, if you are a realtor or a loan officer - come out to this great educational event.

Guest Speakers

Migdalia Murati
Senior Account Liaison
FHA Office of Business Development
HUD Regional Office
1 Newark Center
Newark, New Jersey 07102
973.776.7316

Stephone, D. Mickler
Outreach Officer
NJ HMFA
637 South Clinton Ave.
Trenton, NJ 08650
(609) 278-7545

NJ First Time Home Buyer Tax Credit LOAN

http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/tclp.html

It looks like everybody is doing it again - helping First Time Home Buyers (FTHB) - Buy a Home with another LOAN package. I hope that for the sake of the first time home buyer (FTHB) that this doesn't become a nightmare.

Basically, this sounds like the FTHB is going to borrow money from their own future 2009 Federal Tax FTHB Credit of up to $8,000.

Therefore, if the buyer needs additional money for down payment and/or closing cost - they could go to their state agency - borrow up to $5,000 - then after they apply for their tax credit - the no interest loan is paid back with this Federal Tax Return.

I like this idea. And I am glad that the program is helping families buy their first home. But this entire process - if I am not mistaken - is based on helping families that can't save enough for the purchase of a home. Hummm

I prefer a saving incentive such as the Individual Deposit Accounts (IDA) where the banks match money saved by the family for the purpose of buying a home. The money belongs from the family and the Bank; no more government money and the family learns a good lesson - SAVE money for your Home and Family.

Therefore, I warn FTHB to use this program - the TAX CREDIT LOAN - with CAUTION.

Get Paid for Buying Your First Home

Don't hesitate any longer. The real estate market is on your side. It's time to become a First Time Home Buyer.

The real estate market has never been so user friendly to First Time Home Buyers. Interest rates are at its lowest in history. Property prices have been reduced in most neighborhoods in the Delaware Valley.

I know what you are thinking; "My credit score is lousy and I don't have any money." Well, here are some solutions to your financial challenges.

What if you knew that you'll get paid for saving money, cleaning up your credit and buying a home? Would you do the work? Well, it is true - some of you could get paid for getting your act together now and buying Your First Home before December 1, 2009.

Get Paid for Saving 

And I have done one better for you - get the application online from my website.

Get Paid for Cleaning Your Credit

You will reduce the cost of your monthly mortgage by thousands of dollars through the life of the loan for increasing your credit score. You wouldn't have to pay points at closing in order to reduce your interest rates if you raise your credit score. The interest rates on your credit cards could also be reduced once you clean up your credit.

Therefore get free credit counseling advice at your local Consumer Credit Counseling Service office and start getting paid for cleaning up your credit history. They could be reached at (800) 989-2227.

Get Paid for Buying Your First Home

You could get up to $8,000 as part of the 2009 Federal Tax Credit for buying your first home before December 1, 2009. Usually, you could get this money 8 to 10 weeks after you buy your home. You don't have to wait until 2010 to file for this tax credit. Get it right away. Consult your tax professional for more details.

Therefore if you save money - You Get Paid. If you clean up your credit - You Get Paid. And if you buy your home before December 1^{st - You Get Paid.}

For more information about these programs go to www.CasaLatinoNJ.com

Eliud Gautier, REALTOR® Associate, Casa Latino Affiliates, (856) 448-6090

Do you remember the last time you lost your PDA?

Do you remember the last time your computer's MS Outlook was attacked by a virus?

Do you remember the day you needed an important name and phone number but you were not near your PDA or personal computer?

Well, I did - and this is when I plunged into Plaxo. This free service allows me to keep a copy of my database with various folders on the web and MS Outlook (lab top and desk top computers). So if something were to happen to my PDA, computer or Internet connection - I could always have all my personal and business contacts saved.

An added plus is that I could sych my PDA, Computer and Plaxo website so I have the most latest contact information from family, friends and business associates that are members of Plaxo.

Initially I was hesitant because of the privacy issues but in the last 3 years that I have used Plaxo I have never had any problem with other intruding with my contacts.

I am also a member of other social networking websites but none provide me the opportunity to automatically download contact information as easy as Plaxo into my MS Outlook and PDA.

Take a look at my profile on Plaxo and consider connecting with me and enhancing your network online at the same time you are protecting your list from being lost due to a PDA or Computer glitches.

http://eliudgautier.myplaxo.com/

Eliud Gautier

 TO:             ALL NEW JERSEY REAL ESTATE LICENSEES

FROM:         ROBERT L. KINNIEBREW, EXECUTIVE DIRECTOR, REAL ESTATE COMMISSION

RE:             NOTICES TO RESIDENTIAL TENANTS IN FORECLOSED PROPERTIES

The Real Estate Commission Staff has learned that some licensees are sending letters or notices to residential tenants in properties that have been foreclosed or are pending foreclosure which either state or imply that the tenant must promptly vacate or face eviction, notwithstanding that the Anti-Eviction Act, N.J.S.A. 2A:18-61.1 et seq. ("the Act") provides, with very limited exceptions, that tenants, whether or not they have a written lease, who are current on their rent payments cannot be evicted solely on the grounds of foreclosure.

Under N.J.A.C. 11:5-6.1(a) letters and notices of this nature issued by licensees are considered a type of advertising.  Such letters or notices which state or imply that a tenant is subject to eviction solely because of a foreclosure are either patently false or, at best, misleading and licensees who send such communications would be in violation of N.J.A.C. 11:5-6.1(r) which states: "No advertisement shall contain false, misleading or deceptive claims or misrepresentations.  In all advertisements which make express or implied claims that are likely to be misleading in the absence of certain qualifying information such qualifying information shall be disclosed in the advertisement in a clear and conspicuous manner."

Licensees who issue letters that fail to comply with this rule are subject to sanctions pursuant to N.J.S.A. 45:15-17t, including revocation or suspension of one's license and/or fines up to $5,000 for a first violation and up to $10,000 for subsequent violations.  Each notice sent would constitute a separate violation.  The broker responsible for supervising the licensee could also be subject to sanctions.  See N.J.A.C. 11:5-4.2. 

In addition, N.J.A.C. 11:5-6.4(i) requires a licensee to recommend that legal counsel be obtained whenever the interests of a party seem to require it.  Clearly, a notification to a tenant stating or implying that the tenant is being or may be evicted constitutes circumstances where the interests of the tenant seem to require that they obtain counsel.  Consequently, such letters and notices should include text recommending that the tenant consult with an attorney.  Licensees who issue these letters without including such a recommendation are subject to sanctions for failing to comply with N.J.A.C. 11:5-6.4(i).  Finally, N.J.S.A. 45:15-17, which subjects licensees to sanctions for: making a substantial misrepresentation (17a.); pursuing a flagrant and continued course of misrepresentation through advertisements or otherwise (17c.); and engaging in conduct which demonstrates unworthiness, incompetency, bad faith or dishonesty (17e.) may also be applicable to licensees who issue notices or letters as described above.

The New Jersey Public Advocate has published a pamphlet entitled "The Rights of Tenants During a Foreclosure," available at http://www.state.nj.us/publicadvocate/public/pdf/tenantsforeclosurebrochure.pdf

All brokers are urged to provide copies of this Notice to all salespersons and broker-salespersons in their firms.

Robert L. Kinniebrew, Exec. Dir., NJREC

Get up to $3,000 to replace your old, underground storage tank.

Homeowners are finally getting help for a problem the oil heat industry has long focused on : oil, buried oil tanks.

A tank is no different thsn a roof, a driverway or other parts of your home that need to be tended to. After a period of time, you need to replace old and worn-out structures with something that's new and modern.

Now, thanks to a new [New Jersey] state program, homeowners can apply for grants, which, in many cases, fully cover the cost of replacing a monleaking, underground oil tank.

If, in the process of removing your old tank, a leak is found, money may be available through the NJ
Department of Environmental Protection.

How the program works:

The state will give you up to $3,000 to help you remove your buried tank and replace it with a modern, environmentally sound tank.

This tank replacement program came about because of a new state law that channels business tax receipts to environmental causes. Removing underground oil tanks -- before they leak --- falls into this category.

Today's underground tanks are protected against corrosian, making them worry free. Aboveground options include installation of a modern, clean tank in your basement, backyard, garage or utility room.

As with all government grant programs, there is paparwork to be filled out. Your local Oil heat dealer will be happy to help you with this.

For more information, visit www.NewTanksNJ.org or call your local Oil heat dealers for the tank option that is right for you.

A landlord can be sued for failing to take at least minimal steps to alleviate the risk posed by a violent tenant, a Court has ruled.

The Plaintiff was a former tenant of the Defendant's apartment complex who occasionally returned to visit family still living there. A tenant with a history of intimidating behavior had previously brandished a firearm at visitors and other tenants. At least one such previous incident involving the Plaintiff's family was reported to the property manager in writing. When the tenant observed the Plaintiff on the premises, he got a shotgun, shot the Plaintiff twice and beat him before the police arrived to subdue him. The Plaintiff sued, claiming the landlord had breached a duty to protect him from the tenant. The landlord argued the law required a showing that the tenant had committed a nearly identical prior crime before a duty to protect visitors could be implied. But the Court disagreed and stated, "to establish heightened foreseeabillity, the law requires ‘prior similar criminal incidents (or other indications of a reasonably foreseeable risk of violent criminal assaults in that location) and does not require a showing of prior nearly identical criminal incidents'.

Spiegel & Utrera, P.A. Newsletter - Volume X: Issue XVI

Latino Approach to Online Real Estate Initiative

VivaReal.us is a web project developed by Brian Requarth of Bilingual Marketing. This will distinguish itself from others sites by its approach from the Latino perspective.

Watch the video to learn more about this exciting venture and place it on your favorite list - www.vivareal.us - and get ready to develop your profile on this new site in the near future.

Eliud Gautier
NAHREP Philadelphia/South Jersey Chapter