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http://www.ProsperaRealty.com

Office 813 434 0290







Monday, June 28, 2010

Avg 30 year rates 4.75 yo 4.875 for conforming loan amounts and avg 15 year 4.125 to 4.25%

June 25, 2010
Mortgage rates dropped to the lowest level in decades this week, and home affordability is very favorable. Uncertainty about the extent of global economic growth and continued low inflation levels have helped mortgage rates reach these levels.
Existing Home Sales fell 2% from April, and were up 19% from one year ago. May New Home Sales dropped 33% from April, which was about 13% lower than one year ago, and a record low level. There's an important difference between the two reports, though. Existing Home Sales measure transaction closings, while New Home Sales are based on contract signings. The April 30 contract signing deadline to receive the home buyer tax credit pulled many contract signings forward into April, and some of these deals closed in May. As a result, Existing Home Sales were still boosted by the tax credit in May, while New Home Sales were not.

Wednesday, June 23, 2010

FLORIDA STATUTES CHANGES EFFECTIVE JULY 1, 2010

SB1196 was signed by Governor Crist and becomes law on July 1, 2010. The Association should not have to have any more receiverships through the court but can directly collect the rent from the tenant and apply them to the balance of the owner's account
FLORIDA STATUTES CHANGES EFFECTIVE JULY 1, 2010

CODING: Words stricken are deletions; words underlined are additions,

718.116 Assessments; liability; lien and priority;
interest; collection.—

(b) The liability of a first mortgage or its successor or
assignees who acquire title to a unit by foreclosure or by deed
in lieu of foreclosure for the unpaid assessments that became
due before prior to the mortgagee’s acquisition of title is
limited to the lesser of:

1. The unit’s unpaid common expenses and regular periodic
assessments which accrued or came due during the 12 6 months
immediately preceding the acquisition of title and for which
payment in full has not been received by the association; or

2. One percent of the original mortgage debt. The
provisions of this paragraph apply only if the first mortgagee
joined the association as a defendant in the foreclosure action.
Joiner of the association is not required if, on the date the
complaint is filed; the association was dissolved or did not
maintain an office or agent for service of process at a location
Which was known to or reasonably discoverable by the mortgagee?

(3) Assessments and installments on assessments them which
are not paid when due bear interest at the rate provided in the
declaration, from the due date until paid. This rate may not
exceed the rate allowed by law, and, if no rate is provided in
the declaration, interest accrues shall accrue at the rate of 18
percent per year. Also, if provided by the declaration or bylaws
so provide, the association may, in addition to such interest,
charge an administrative late fee of up to in addition to such
interest, in an amount not to exceed the greater of $25 or 5
percent of each installment of the assessment for each
delinquent installment for which that the payment is late. Any
payment received by an association must shall be applied first to any interest accrued by the association, then to any

administrative late fee, then to any costs and reasonable
attorney’s fees incurred in collection, and then to the
delinquent assessment. The foregoing is shall be applicable
notwithstanding any restrictive endorsement, designation, or
instruction placed on or accompanying a payment. A late fee is
shall not be subject to the provisions in chapter 687 or s.718.303 (3).

(11) If the unit is occupied by a tenant and the unit owner is delinquent in paying any monetary obligations due to the association, the association may make a written demand that the tenant must pay the monetary obligation to the association until the association releases the tenant or the tenant discontinues tenancy in the unit. The association must mail written notice to the unit owner of the association’s demand that the tenant make payment to the association. The association shall, upon request, provide the tenant with written receipts for payments made. A tenant who acts in good faith in response to a written demand from an association is immune from any claim from the unit owner.

If the tenant prepaid rent to the unit owner before receiving the
demand from the association and provides written evidence of paying the rent to the association within 14 days after receiving the demand, the tenant shall receive credit for the prepaid rent for the applicable period and must make any subsequent rental payments to the association to be credited against the monetary obligations of the unit owner to the association.

The tenant is not liable for increases in the amount of the monetary obligations due unless the tenant was notified in writing of the increase at least 10 days before the date the rent is due. The liability of the tenant may not exceed the amount due from the tenant to the tenant’s landlord. The tenant’s landlord shall provide the tenant a credit against rents due to the unit owner in the amount of monies paid to the association under this section.

The association may issue notices under s. 83.56 and may sue
for eviction under ss. 83.59-83.625 as if the tenant fails to pay a required payment to the association. However, the association is not otherwise considered a landlord under chapter 83 and specifically has no duties under s. 83.51.
The tenant does not, by virtue of payment of monetary obligations
To the association, have any of the rights of a unit owner to vote in any election or to examine the books and records of the association.