Treasury Department Extends Mortgage Relief, Refinancing Program
May 31 - The White House announced that it is extending the Making Home Affordable Program, a refinancing program that has helped home owners lower their monthly mortgage payments and obtain loan modifications. The program, originally set to expire at the end of this year, has been extended two years until Dec. 31, 2015. Read more here.

Florida Insurance Commission Says Buy Flood Insurance Now
Florida Insurance Commissioner Kevin McCarty encourages Floridians to prepare for the upcoming 2013 hurricane season by buying flood insurance now. Two reasons: 1) most flood insurance policies don't take effect for 30 days, and 2) flood policy rates are expected to significantly increase on Oct. 1. Click here for more.

Freddie Mac Streamlined Loan Modification Program Opens Early To Help Distressed Homeowners
May 15 - Freddie Mac says it's making its new Streamlined Modification program immediately available to eligible borrowers nationwide, to expedite financial relief for potentially thousands of distressed families. The program was scheduled to start on July 1 but the government-owned company changed the date to help victims of Hurricane Sandy. The Streamlined Modification program makes it easier for homeowners who are behind in their payments to keep a house and they don't even need to apply. Lenders are directed to contact all borrowers that fit the program's criteria. The Streamlined Modification Program applies to the entire country. Other details are:
~ Loan servicers must send modification offers to borrowers who are at least 90 days but no more than 720 days late on their mortgage, providing the mortgage itself is at least 12 months old. Other eligibility criteria also apply.
~ Eligible borrowers aren't required to submit documentation.
~ The modification becomes permanent after a three-month trial period, providing the homeowner makes payments on time.
~ Loan servicers can reduce monthly mortgage payments by adjusting interest rates, extending payment terms to 40 years, and in some cases, lower the principal.
More information is available on Freddie Mac's website.  Source: Florida Realtors

Check Your Credit Report: FTC Says Many Contain Errors
Consumers may have trouble getting a bank loan or mortgage because of errors in their credit reports. The Federal Trade Commission (FTC) recently reported that 5.2 percent of consumers had errors on one of the three major credit reports that could result in less favorable loan terms. Results of the study make it clear that consumers need to check their credit reports regularly. Click here for more on the story.

Census Bureau Has New "Easy Stats" Tool
The U.S. Census Bureau recently added a new "Easy Stats" tool to its website that offers quick, simple access to selected statistics on these topics: financial, jobs, housing, people, and education. The interactive tool offers a variety of the latest statistics for local communities. Visit the Easy Stats page here.

3.8 Percent Tax On Home Sales - What's True
A viral email continues to circulate indicating that the 3.8 percent tax on some 

investment income is a tax on all home sales. The rumor suggests that the National Association of Realtors (NAR) is using its opposition to the tax to try to influence the presidential election. The viral email is wrong: 1) the tax itself is not a tax on the sale of a home, 2) neither NAR nor the Realtors Political Action Committee (RPAC) engages in advocacy related to a presidential election. Whoever is circulating this information is inappropriately trying to link NAR / Realtors to erroneous information about the tax and about our political messages. To watch a short video with accurate information on the matter, click here. For more information, visit Realtor.org.

Are You A Seller Considering A Short Sale? Do Research Before Taking Action
If you're a seller considering a short sale, don't sell yourself short! Short sales can pose a number of legal and financial risks, including your credit score being negatively impacted. To learn about the issues and risks associated with short sales, as well as resources and considerations to help you make the right decision for you, check out our FREE Short Sale Seller Advisory - click here.

Get To Know NEFAR

Education, community service, and serving as the voice for real estate in northeast Florida are just a few of the areas in which NEFAR members are involved. Realtors do much more than help you buy or sell a home! We welcome you to watch our video and get to know us better.

NEFAR is the voice for real estate in northeast Florida, providing a facility for professional development, political advocacy, professional standards administration and exchange of information among its members and serves the public through efforts to protect private property rights. NEFAR is Northeast Florida's largest professional association, comprising more than 5,300+ members working in all facets of the real estate profession. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka and World Golf Village.