Among the provisions stipulated in Florida’s newly revised House Bill 319 are enhanced specifications regarding banks’ obligations to homeowner associations (HOAs).

When a bank forecloses on a home, it potentially absorbs liabilities from unpaid homeowner or condo association fees, often compounded by late fees and attorney fees.

Reps. George R. Moraitis (R-Fort Lauderdale) and Fed Costello (R-DeLand) co-sponsored House Bill 319, providing

banks clarification on just how much liability they incur regarding unpaid association fees.

According to the bill, a bank that absorbs a property through foreclosure is responsible for any unpaid homeowner association expenses that accrued during the 12 months prior to the bank’s acquisition of the property or 1 percent of the original mortgage debt – whichever amount is less.

Under the updated bill, banks are not, however, responsible for late fees or attorney fees.

Without laws to protect banks from incurring excessive fees from community associations, some banks may be hesitant to lend to borrowers whose properties have homeowner associations, Anthony DiMarco, spokesman for the Florida Bankers Association, told the local newspaper the Sun Sentinel.

However, one Florida condo association treasurer feels differently. Robert Giacin told the Sun Sentinel, “Associations should be entitled to be reimbursed by banks for the reasonable time and fees that it takes to collect unpaid assessments.  Call Harry Tice at Top Producers Real Estate Center 850-236-1222.  Licensed in the State of Florida

The U.S. Treasury Department is heading to the coastal cities of Miami and Tampa, Florida, this week and setting up shop for a single day in each city in order to offer assistance to homeowners who are struggling to make their mortgage payments.

Treasury will host a “Help for Homeowners” community outreach event in each of the hard-hit Florida cities, giving homeowners there a chance to meet one-on-one with their loan servicers and with housing counselors to work toward resolving their mortgage problems and averting foreclosure.

Realizing that staying in the home is not always an option, Treasury has included several opportunities within each event’s agenda for real estate professionals and housing counselors to discuss short sales as a foreclosure prevention strategy.

The Miami event is Wednesday, February 22. “Help for Homeowners” moves to Tampa on Friday, February 24. Each event is opened up to homeowners from 1:00 – 8:00 p.m. Tim Massad, assistant Treasury secretary for financial stability is scheduled to speak at the Tampa event at 1:00 p.m.

Before those doors open, though, Treasury has set aside two-and-a-half hours for agents and other real estate professionals to participate in short sale workshops that Treasury says will “explore just about everything you need to know about executing short sales in today’s market.”

They’ll have the opportunity to hear directly from Bank of America, CitiMortgage, GMAC, JPMorgan Chase, and Wells Fargo about the most effective ways to get a short sale offer approved. The lenders will also share tips for navigating through the short sale process, provide assistance for working through difficult cases, and discuss ways agents can close the deal faster.

Treasury officials will also be on hand to talk about the Home Affordable Foreclosure Alternatives (HAFA) program. For real estate professionals unable to attend one of the Florida events in person, live footage of the short sale workshops will be streamed via a webinar which can be accessed through Treasury’s HAMP admin site.

The short sale workshops and live webinar are being offered to real estate professionals free of charge. “Get all of your questions answered,” Treasury prompts in the marketing material for the event posted to its admin site. The morning short sale workshop sessions are not open to homeowners.

Treasury is also giving real estate professionals a unique opportunity to meet on their clients’ behalf with one of the participating servicers: Bank of America, CitiMortgage, GMAC, JPMorgan Chase, and Wells Fargo, as well as OneWest/IndyMac and Seterus.

Registration for these servicer meetings has been closed according to the scheduling information available online. Additional details on each of the Florida “Help for Homeowners” events can be found on the MakingHomeAffordable.gov website. Call Harry Tice at Top Producers Real Estate Center at 850-236-1222 for your opportunity to purchase or sell.  Licensed in the State of Florida

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Overall, growth is expected to continue for the year, but at a modest rate, according to the Fannie Mae February 2012 Economic Outlook report.

Economic growth is projected to be at 2.3 percent for 2012, an increase compared to 1.6 percent last year, according to the report.

For the first time in seven years, the housing market is projected to contribute to gross domestic product (GDP), the report also stated, but by a very modest amount.

“Risks to the forecast are more balanced between the upside and downside since our January forecast,” said Fannie Mae chief economist Doug Duncan. “The economy appears to be more resilient than in previous months, and should be less vulnerable to shocks, including any spillover from the European sovereign debt crisis.”

Duncan added that economic growth will remain constrained by various headwinds, including a potential spike in oil prices; an expected decline in net exports; and an expected increase in fiscal drag, including the fading of federal spending from the stimulus and a decline in defense spending for operations in Iraq and Afghanistan.

For 2011, the unemployment rate ended at 8.9 percent, and is projected to average at 8.4 percent in 2012, according to an economic forecast report released by the Mortgage Bankers Association (MBA).

The unemployment rate dropped to 8.3 percent in January, down 0.2 points from the previous month.

Mike Fratantoni, VP of research and economics for the MBA, said the organization has increased its estimate of economic growth, and nudged down expectations for the unemployment rate in 2012 considering the stronger job reports from the last two months.

The MBA report projects the 30-year fixed rate mortgage to average at about 4.3 percent for 2012. According to the February 16 Primary Mortgage Market Survey from Freddic Mac, the 30-year rate stayed at an all-time low of 3.87 percent since the first week of February.

Fratantoni also said purchase applications have come in weaker than anticipated, while refinance applications have come in considerably stronger.

According to an MBA report released February 15, the Market Composite Index, a measure of mortgage loan application volume, decreased 1 percent compared to the previous week. The Refinance Index increased 0.8 percent from the previous week, reaching its highest level since August 8, 2011. The refinance share of mortgage activity inched up to 81.1 percent of total applications, a slight increase from 80.5 percent for the previous week.

Foreclosures activity in 2012 is predicted to increase due to artificially low numbers in 2011 from foreclosure processing delays, according to the 2012 foreclosure market outlook report released by RealtyTrac. Foreclosure activity is not expected to return to the 2009 peak and is projected to decrease in 2013, according to the report.  Now is the time to take advantage of the market.  Call Harry Tice at 850-236-1222.  Licensed in the State of Florida

Assuming that the weather cooperates, the Mardi Gras on Panama City Beach gets into full swing Saturday, after the festivities began Friday night. The two-day festival in Pier Park features live bands, Cajun food, float tours, costume contests and Bourbon Street Village with more than 30 vendors. The liquid libations will be flowing for pirates of all ages, along with 20,000 pounds of pirate beads and krewe doubloons to give away.  There’s always something to do for locals and visitors alike.  What a fabulous place to live.  Call Harry Tice at Top Producers Real Estate Center 850-236-1222