Join us on Wednesday, August 15 from 9:30-11am in the Crystal Ballroom of the Charleston Marriott for the 2012 Midyear Market Update!
Dr. Lawrence Yun, chief economist and senior vice president of research with the National Association of REALTORS® (NAR) will be our keynote speaker and share his analysis of the national and local real estate markets as well as share a forecast for the remainder of 2012 and beyond.
Come early for coffee and pastries and browse our Affiliate Expo!
Join us from 8:30-9:30am in the Crystal Ballroom lobby for a cup (or two!) of coffee, a breakfast snack and to meet more than 30 of CTAR’s affiliate member companies.
Our affiliate members are lenders, home inspectors, title companies, attorneys, advertising outlets and companies who offer homeowner support services.
The Reading with Realtors® program has continued to enrich the lives and improve the literacy of underserved children in the Lowcountry for over ten years. To reach even more students, we’ve joined with Reading Partners®.
Our volunteers work with elementary students throughout the area by reading with a student one hour most weeks during the school year and we would love for you to join us! To learn more, check out this brief 3 minute video.
Make a forever difference in a child’s life and they ‘ll make a forever difference in yours!
You can do it! Simply go to the Reading Partners South Carolina website, select “register now,” then be sure to click “Reading With Realtors®” and complete the application.
You’ll hear from Christine Messick with Reading Partners® to schedule a 45 minute Orientation and when you’re ready you’ll be assigned a student.
The Charleston Trident Association of REALTORS® (CTAR) has a long-standing commitment to fostering a culture of philanthropy among its staff and membership.
With more than 2,500 members, staff and leadership actively supporting one or more of its charitable causes, CTAR is making a significant impact on the betterment of the Charleston and Lowcountry communities.
REALTORS® Housing Opportunities Fund So far this year, RHOF has granted out more than $30,000 to local affordable housing organizations including: Dorchester, East Cooper, Berkeley, Sea Island, and Charleston Habitats for Humanity, Operation Home, United Methodist Relief Center, Human Needs Network, Humanities Foundation, Charleston Area CDC, Home Works of America and the Rural Mission.
The funds distributed by RHOF can ease the cost of repair or reconstruction for those living in substandard housing. The Fund is administered by the Coastal Community Foundation and since its inception over a decade ago, RHOF has provided nearly $730,000 in funding to Lowcountry nonprofits. Learn more about RHOF, here.
Reading with REALTORS® The Reading with REALTORS® program has enriched the lives and improve the literacy of more than 350 underserved children in the Lowcountry.
Volunteer REALTORS® spend one hour a week throughout the school year reading with a child at James Simons Elementary and accompany them on special field trips. The trips are designed to introduce the students to new experiences and opportunities they may not otherwise have without the Reading with REALTORS® program. Learn more about the program, here.
Certainty will never be achieved when talking about the Lowcountry and flooding, but at least now – thanks to the actions of Congress – home buyers can have certainty in knowing there will be available, affordable flood insurance for purchase.
On June 29, both the Senate and House passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure this week. The bill includes a 5-year reauthorization and reform of the National Flood Insurance program.
This is the culmination of a successful multi-year REALTOR® Party campaign, with many Calls for Action and a final push at NAR’s Midyear Legislative Conference and Rally in May. Congress had been extending the National Flood Insurance Program a few months at a time since 2008. Twice this led to program shut downs, including one that stalled more than 40,000 home sales in June 2010.
Check out our presentation on how the recent changes can affect you, your clients and your business:
While the passage of the Biggert-Waters Flood Insurance Reform Act of 2012 brought certainty to the flood insurance marketplace, it also brought change. And that change is what REALTORS® need to be aware of to answer many of their clients potential questions.
For more information about the reauthorization of the National Flood Insurance program, click here.
Approximately 295 million dollars in Hardest Hit Funds has been awarded to the State of South Carolina to help struggling homeowners avoid foreclosure. When retaining the property is no longer an option, SC HELP offers a program that will give the homeowner monetary assistance if they can avoid foreclosure by means of a Short-sale option or Deed-in-Lieu.
Watch the SCR Webinar (archived here; login required) with Mandie Mills from the SC State Housing Finance and Development Authority, who shares details about the SC HELP Property Disposition Assistance and how it can help your clients, friends, or family.
Key components for SC HELP include:
• Monthly Payment Assistance-assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self sustainability.
• Direct Loan Assistance-for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance-in cases where the mortgage cannot be salvaged, funds may be provided to incentivize short sales, deeds-in-lieu of foreclosure and to help transition families from homeownership to rental housing.
Homeowner applicant criteria:
Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:
1. Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)
2. Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences
3. The property securing the mortgage must be owner-occupied as a full-time residence
4. Borrower must provide a financial hardship affidavit
5. Mortgage can be no more than 120 days delinquent
6. Loan servicer/investor must be willing to accept payments and provide required data and reporting
Assistance from SC HELP will be provided in the form of a nonrecourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced
prior to the loan termination date, funds will be recovered should sufficient equity be available
from the transaction. The Property Disposition Assistance Program will provide a one time,
lump sum grant to the recipient.
