Thousands of Florida Residents Affected by Unrepaired Sinkhole Properties May Now Have Relief with the GSF Mortgage Corp.
GSF Mortgage Corporation is now allowing sinkhole repair in the FHA Full 203K loan.
New Port Richey, Florida (PRWEB) February13,2017– Across many counties in Florida, including: Pasco, Hernando, Pinellas & Hillsborough, there are thousands of unrepaired sinkhole properties. For these homeowners, obtaining a mortgage or selling to someone needing a mortgage is nearly impossible when a home is classified and stigmatized with a“ sinkhole. ”Property value suffers, insurance is affected and homeowners are stuck in the land of what to do and catch 22.
For Ruth Watkins, Regional Manager with GSF Mortgage Corporation, it was obvious that this population of buyers and sellers were unintentionally neglected. She stated, “We regularly provide financing for “repaired” sinkhole properties so why not find a solution for unrepaired properties? ”With that began a journey to implement the Smart 203K program, a platform intended to simplify rehab and repai rprojects by bringing borrowers, realtors ,contractors and GSF together. As of January 2017 GSF has announced that it can now include sinkhole repair in the Full 203K loan on both refinance and purchase owne roccupied properties. To find out more please visit www.smart203k.com or call 727-856-0500.
Ruth Watkins NMLS#307039 |
This is not an offer to make a loan on any particular terms .All loan applicants must qualify under the underwriting requirements and satisfy all contingencies of loan approval. GSF Mortgage Corporation NMLS#1018. 6328 US HWY 19 Ste D, New Port Richey, Fl 34652
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GSF Mortgage Corporation
A motorcycle, carrying a male driver and a female passanger, crashed into a car, right in front of my building today. The impact was so great, that the passenger, was thrown aproximately ten to fifteen feet. The good news, is that the driver was wearing a helmet and other protective riding geer and though he most definitely suffered injuries, he should come out of this OK. The bad new is that the passager, was weariing flip flops, no protective clothing and no helmet. Please keep this girl in prayer. She was lying on the road in a puddle of blood, skin torn from her body, leg obviously broken, not able to move. Why do we required to wear seatbelts while driviing inside the protective walls of a car, but people are not required to wear helmets while riding on a motorcycle?
As the owner of an Independent Insurance Agency, I would like to see a more competitive market. My business as well as my residence is located in Pasco County and have been relegated to being insured by Citizens as well as writing insurance through Citizens. I have seen the premiums, for sinkhole coverage, skyrocket over the past few years, making sinkhole coverage unaffordable for most homeowners. Most of my customers have elected to drop important sinkhole coverage to save on their premium. I understand the need for reform.
I understand the concerns of the Insurance Companies over frivolous claims, however I have also had clients with very legitimate claims and am concerned, as Senator Fasano is concerned, that these customers will not be protected with the pending legislation, or that they will not be able to afford to contribute, by paying for testing, in the case that the insurance company fails to find a sinkhole. Also, wouldn’t insurance companies be inclined to use experts that would be inclined to err on the side of the insurance company. It seems that this already goes on with insurance company expert’s findings, being far different from the consumer’s representation’s expert’s findings.
As Senator Fasano so aptly retorted, to your Senator Richter’s comment about homeowners putting “some skin in the game”; “Isn’t a homeowner already putting their sink in the game by paying premiums?”
Another issue, is that Lenders require full coverage on a home. They all require sinkhole coverage, though most are not aware of the difference between, catastrophic sinkhole coverage and the sinkhole coverage that some lawmakers want to make almost impossible for homeowners to afford, or collect on. What will happen to those, that have lenders that are more savvy to what is going on in Florida? Will the lenders “force place” sinkhole coverage on those individuals that cannot afford, or not given the option, to buy sinkhole coverage