News About Properties

​Jennifer Lopez is the latest victim of Florida’s foreclosure crisis. The condo in the Icon Brickell building she was shacking up in with her latest younger lover, Caspar Smart, has now been bought up out of foreclosure by someone else and Lopez will have to move out according to Gossip Extra. Don’t worry about J.Lo’s bank account though. Lopez was only leasing the place, so the foreclosure isn’t related to her personal finances.

via Jennifer Lopez Loses Her Brickell Condo to Foreclosure.

Plans for a beachside RV park have riled up a bunch of condo owners at Boardwalk Beach Resort.

“They caught everybody off guard,” condo owner John Bienkowski said Wednesday. “I think a lot of people felt blindsided by this.”

A rezoning request by Resort Hospitality Enterprises placed on Monday’s agenda of the city Planning Board would allow the development of a park for recreational vehicles on 5.6 acres at 9400 S. Thomas Drive.

via Beachside RV park riles condo owners.

The common myth among refinancing homeowners is that the mortgage industry will count the rental income they are receiving from their homes. In fact, rental income will not count toward the borrower’s qualifying income, even though the homeowner is reporting it on his tax returns, unless the subject property is a legal and conforming multi-unit property.

In some respects the mortgage industry appears reasonable with today’s underwriting guidelines, but on the other hand, some guidelines seem absolutely unreasonable. For example, late last year, one lender set a guideline that stated borrowers with rental properties could only count the rental income that is shown on their federal tax returns.

In other words, if a borrower purchased a rental property in June and the tax returns for that year only reflected six months of rental income, we would have to offset the full monthly principal, interest, taxes, insurance plus any other expenses claimed on the tax returns with just 6 months of rental income. Fortunately, this guideline was not adopted across the board by all lenders. It should also be noted that an underwriter may use the old standby formula of counting 75 percent of the rental income assumes 25 percent will cover expenses if a full year of tax returns are not available.

via Rental income may not help refinancers qualify for mortgage.