4 home owners are suing Aurora Loan Services because they refused to participate in the government sponsored mortgage assistance program (HAMP).The outcome of this lawsuit has far reaching implications.If the plaintiffs are successful, the courts are saying that a party can be forced to alter the terms of a contract, in this case a mortgage.If this should happen, banks will be extremely reluctant to lend money because at a nay time they could be forced to renegotiate the terms of the mortgage.This will mean fewer loans and higher interest rates.
It is one thing for a lender to come to the conclusion that it is in their best interest to agree to a loan modification or a short sale. Even if it is obvious that a lender should agree to a loan modification or a short sale, it is wrong and short sighted to force them to do so.In the end this kind of thinking will make matters worse, not better.There are government programs that give lenders incentives to agree to a loan modification or a short sale.However, in the end, it is still the lender’s decision.
The only regulations I would put in place is that if the lender chooses to modify a loan or agree to a short sale, there should be time limits and standards in place.It is wrong for a lender to string a borrower along.The lender have the option to participate or not, but if the decision is made to modify or allow a short sale, get it done quickly or reject it quickly.This lawsuit will take that decision away.It would interfere with the sanctity of the contract.I hope the plaintiffs are not successful.
We have 2 Fully furnished 4 bedroom 3 bath homes that are less than 5 years old. The first property the Light house rents for 1200 per month or 300 per student. Included utilities including satellite and wireless Internet.you pay about 38.00 per month each for gas electric and water. The 2nd Property Lake-view is 1100 per month or 275 each plus utilities of 35.00 per month. Please call David Medendorp at ALT property management today to find out more and tour the properties.
House Features
Private bedrooms
seprate bathrooms
Unique floor plans
Walk-in closets
Full-sized washer and dryer
Full-sized kitchen
Private deck and Patio
Covered deck
Furnished Homes
Utilities Included
Cable TV
Internet
Trash
Located 1 mile and 2 miles from The Culinary Institute of Michigan (CIM). , The Sweet Spot and New restaurant located at the south corner of Third Street and Clay Avenue
I think banks need to continue to have flexabilty as far as the value of there assetts and that they should look at the long and short term.
FASB to give banks more flexibility in applying mark-to-market accounting to their toxic assets.
The action by FASB, an independent accounting standards-setter, came after Congressional pressure to help banks that have been forced to record billions of dollars in lower values for distressed assets because of frozen markets.
Investor groups opposed the change, saying it would let big banks conceal the real value of their toxic assets.
KEY POINTS:
* FASB allows banks to apply new mark-to-market guidance in the first quarter of 2009.
* FASB says the objective of mark-to-market accounting is to set a price that would be received by a bank in an "orderly" transaction in the current, inactive market. It says an "orderly" transaction for accounting purposes does not include the forced liquidation or a distressed sale of an asset.
* FASB agrees to drop the presumption in mark-to-market accounting that all transactions in an inactive market are distressed unless proven otherwise.
* FASB clarifies when banks are required to take write downs on impaired assets, letting them record smaller losses on their income statements
This is scary lllllllllllllllllllllllllllllllllllllllllllllllllll
FASB should continue to give banks more flexibility in applying mark-to-market accounting to their posible toxic assets.
The action by FASB, an independent accounting standards-setter, came after Congressional pressure to help banks that have been forced to record billions of dollars in lower values for distressed assets because of frozen markets.
Investor groups opposed the change, saying it would let big banks conceal the real value of their bad assetts but they could provide comentaries on values
KEY POINTS:
* FASB allows banks to apply new mark-to-market guidance in the first quarter of 2009.
* FASB says the objective of mark-to-market accounting is to set a price that would be received by a bank in an "orderly" transaction in the current, inactive market. It says an "orderly" transaction for accounting purposes does not include the forced liquidation or a distressed sale of an asset.
* FASB agrees to drop the presumption in mark-to-market accounting that all transactions in an inactive market are distressed unless proven otherwise.
* FASB clarifies when banks are required to take write downs on impaired assets, letting them record smaller losses on their income statements
Who would have ever Thought that ALT A borrowers would defalt on loans made tA strategic default occurs when a homeowner stops paying their mortgage even though they are still financially able to do so. o them even when they could afford to make the payments. Today some say that 25 % of loan defaults are simple because the buyer is underwater on there loan and dose not see a way out And have just decided not to.A strategic default occurs when a homeowner stops paying their mortgage even though they are still financially able to do so.
"Strategic defaulters often go straight from perfect payment histories to no mortgage payments at all. This is in stark contrast with most financially distressed borrowers, who try to keep paying on their mortgage even after they've fallen behind on other accounts."
This is probably one of those shocking statistics. How can someone with a perfect credit history go from on time borrower to a strategic default? The answer is simple. For many americans their housing payment, either rent or mortgage, is the biggest line item on their budget. Increase that payment by 50, 60, or even 70 percent and you have a default waiting to happen. Housing makes up 34 percent of consumer expenditures.
Another professional Paul silver said it like Professionals, Inc."I see no way to rationalize this so as to get to a point where I can discount the moral issues in favor of the personal financial well being of the borrower, who as I said, entered into the mortgage with the understanding that the house was worth what they were paying, and that they would then have an obligation to pay that cost. The lenders made available loans that were at best shaky, to borrowers who perhaps lied about their ability to pay. But it is not all the lenders fault, as no one forced the buyers to buy homes. They agreed to the terms of the loan and purchased the house. Now to decide it was a bad idea, and to decide that they will simply default, intentionally, and live in the house for free as long as possible, Is a bad financial decision over the long haul, and in the big picture, and is morally bankrupt, period. We cannot discount the moral and ethical issues in favor of our small minded financial considerations.If you can pay, pay. If not, default, declare bankruptcy, pay the piper, and make a better decision next time. But let's not remove moral issues from the question, as these would be paramount in most other decisions we make.
We are adults who buy houses, and we have learned to take responsibility for our actions, and we teach our children to do the same. How then do we see fit to evade responsibilty here?
, So if you can pay you should remember what your grandma used to say " a wrong dose not make a right"
Start at Hamilton Apartments Downtown Muskegon ang your already minutes from everything. Hamilton rates a 78 out of 100 on walk score . You can live at the new Hamilton apartments and not have a car.
This Historic building has 22 apartments with freshly finished wood floors, some new kitchens, ew landscaping and more.
81 Hamilton Ave Muskegon, MI 49441 (231) 798-6430 Get directions - Is this accurate?This address, phone number, map or business info is not accurate. ConfirmCancelThank you for the feedback.
Address: 81 Hamilton - Map Muskegon, MI 49440. School District: Muskegon City School District. Property Type: Apartments, Garden Style (1-4 stories) (22 ... www.michiganhousinglocator.rentlinx.com/Property.aspx?... - Cached - Similar -
Hamilton Apartments (81 Hamilton) Muskegon, MI 49440, Apartments 22 Units (2 available), Studio - 1, 10/30/2009, $495 - $565, ALT Property Management, LLC ... www.michiganhousinglocator.rentlinx.com/MI/Muskegon - Cached - Similar -
Hamilton Apartments is a 23 units. Brick 3 story building. When built it was the finest apartment building in Muskegon. The building is 18228 Square feet ... www.loopnet.com/property/15750506/81-Hamalton/ - Similar -
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Nov 1, 2009 ... $565 / 1br - Hamilton Apartments, newly restored to yesterday's charm ... Located super close to downtown Muskegon, shopping and schools. ... muskegon.craigslist.org/apa/1446895585.html - Similar -
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Banks have learned that it is far cheaper to do a short sale than to go through a foreclosure action.
so banks are sending letters to borrowers on how to do a short sale encouraging there borrowers to list
there home with a Realtor and that it could be complete in 37 days.
A borrower received a this letter.
The letter started:
If you are experiencing affordability issues with your mortgage payments, you may be eligible for a workout program, known as a "Short Sale".
What is a Short Sale? A short sale is a workout program that allows a borrower to sell the property, even if the proceeds are less than the loan payoff, due to low property value. If approved, a Short Sale option can help you avoid further collection activity or foreclosure action.
The bank, one of the three giants, gave a detailed explanation of the process, a checklist of items they needed from the seller, a ‘Realtor Short Sale Guide' with instructions on how the realtor should handle the transaction (including special phone numbers to call) and a timetable on exactly how long the approval process would take.
Some of the exact sentences from the three page letter:
A short sale is designed to help people avoid foreclosure.
A short sale can save some of the embarrassment and stress of a foreclosure action.
Upon final approval, a short sale can help homeowners avoid furtner collection activity or foreclosure action, which can result in adverse credit reporting and possible tax liabilities.
Realtors are generally allowed to charge a commission.
Please do not delay, we are eager to assist you.
They claim that the entire process should take no longer than 37 days from notice of offer to full written approval.
This is absolute proof of the changing dynamic in 'short sales'. If you want to sell your home and feel you can not afford it call me and we discuss the a short sale of your home. If you are a buyer this maybe a oppurtunity to buy a home at a fair price
This is the place to find foreclosure homes in Muskegon County. Most homes are selling for 25 - 90% below the previous value! This is a great time to invest in a growing beach town. Some investors are earning 100% return in their 1st year of investment.
Properties that were Recently Reduced in Price: $144,500 5712 Copper Sands Run 100 Fruitport 49415 was $ 164,000 $119,900 2301 Monica Lane Muskegon 49442 was $122,900 $ 89,900 1858 Crowley Muskegon 49441 was $119,900 *MULTI FAMILY* $ 89,900 996 W Grand Ave Muskegon 49441 was $119,900 *MULTI FAMILY* $ 74,900 1481 Horton Rd Muskegon 49445 was $79,900 $ 74,500 1721 Franklin St Muskegon 49441 was $79,900 $ 70,000 11560 US 31 Hwy Montague 49437 was $75,000 $ 61,300 2147 Riegler Rd Muskegon 49445 was $66,300 $ 42,900 3051 Lenore Ave Muskegon 49442 was $45,900 $ 34,900 2693 Dalson Rd Twin Lake 49457 was 47,900 $ 34,900 845 W Dale Muskegon 49441 was $34,900 *MULTI FAMILY* $ 29,900 766 W Grand Ave Muskegon 49441 was $44,900 *MULTI FAMILY* $ 29,900 2092 Sampson Ave Muskegon 49441 was $39,900 $ 29,600 1035 Giles Rd Muskegon 49445 was $34,600 $ 24,900 190 W Byron Rd Muskegon 49441 was $27,900 $ 24,300 2349 Ducey Ave Muskegon 49442 was $27,000
Properties new to the market: $129,900 3295 W Duck Lake Whitehall 49461 on 20 acres! $109,900 9098 Pinebrook Dr Montague 49437 $ 89,900 3983 Conklin St Ravenna 49451 $ 79,900 2028 Castle Ct Muskegon 49441 $ 74,500 1721 Franklin St Muskegon 49441 $ 70,000 1977 Furhman Rd Muskegon 49441 $ 69,900 2271 Moon St Muskegon 49441 $ 69,300 2048 W Norton Ave Muskegon 49441 $ 65,000 3791 Molly Blvd. Muskegon 49444 $ 57,000 333 Roberts St Muskegon 49442 $ 50,000 4755 S Quarterline Rd Muskegon 49444 $ 39,900 152 W Forest Ave Muskegon 49441 $ 38,000 108 Kregel Ave Muskegon 49442 $ 30,000 505 Colleen Ave Muskegon 49442 $ 28,000 100 E Norton Ave #7 Muskegon 49444 $ 5,700 3301 7th St Muskegon 49444 $ 3,900 2521 Maffett St Muskegon 49444
Investment Properties/Multi Family Homes (12):
$89,900 1858 Crowley St Muskegon 49441 - The apartment building offers 6 units. (1) two bedroom unit which rents for $575 including utilities. (5) one bedroom units rent for $435 per month including utilities. An additional two bedroom home that rents for $575 per month is included in the sale, and tenant is responsible for utilities. Nearly $3000.00 total income per month. Ample parking. Subject to short sale.
$89,900 996 W Grand Ave Muskegon 49441 - Fully occupied 6 unit complex with nice updated, including new floor coverings, vinyl siding and nice enclosed porch. Home is close to Heritage Landing and Muskegon Lake. New boiler system. Four units have one bedroom and rents out for $450 per month. Two units have two bedrooms, 1100 sq ft and rent out for $650 per month. Owner pays for utilities. *Home is subject to short sale.
$64,900 218 Baldwin St Whitehall 49461 - 4 units - 3 1-bed, 1- 3 bedroom, 1978 sq. ft
$59,900 1043 Washington Ave Muskegon 49441 - 5 unit. Great location with Muskegon Lake Views. Needs some HVAC work but owner has been working with city inspections and only has a few outdoor weather related projects to complete. Besides the 5 income producing units there is an old store front that has been used as storage that could be converted into a sixth income producing unit!
$39,900 ***PENDING*** 500 W. Clay Ave Muskegon 49440 4 unit apartment house (one 2 bedroom and three 1 bedroom units) 1872 total sq. ft
$34,900 845 W. Dale Muskegon 49441 - Great rental property with guaranteed cash flow. Two story apartment with 3 bedrooms, 2nd apartment sits on main level which is not completely finished. Rents for $1100 total per month. Utilities are paid by tenant. Separate meters. Home is subject to short sale. Agent Remarks: Subject to short sale.Commission rate may change upon approval of third party lender.
$29,900 766 W Grand Ave - Great investment property located on the west side of Muskegon. Two units total: one offers 3 bedrooms/1 bath and the other offers 2 bedrooms/1 bath. Both furnished with appliances. Tenants responsible for utilities. Separate Meters. Home is subject to short sale. Agent Remarks: Commission rate may change upon approval of third party lender
$20,900 2809 Jefferson St Muskegon 49444 - 3 Units, 2622 total sq. ft
$19,900 1480 Hudson St Muskegon 49441 - 2 Unit in Nims Nieghborhood, both units 2 bedrooms, 1 bath, 1536 Total Sq. Footage
$19,900 1640 McIlwraith Muskegon 49442 - Check out this one and one half story in Muskegon. Separate entrance could be rental unit and let it help pay for home. Hardwood floors, 2 bedrooms down and 1 up. 2 full baths and detached garage. Buyer to confirm all room dimensions. Property is currently not being used as rental. Year built reflects year unknown. Commission subject to short sale status
$12,000 ***PENDING*** 218 Catherine Ave Muskegon 49442 - HUD Case#263-266445.FHA financing is not available on this property. Property is being sold 'as is'-HUD makes no repairs. Electronic bids via phone or Internet only-go to www.mcbreo.com for forms & info. Taxes estimated only. MCB & Town & Country Realty makes no warranty as to the existence of mold in this property & is not liable for the potentially harmful effects thereof
$9,900 ***PENDING*** 1534 8th St Muskegon 49441 - Two unit with newer roofing, siding, and windows. Upper unit is updated. Lower unit has the majority of the drywall and insulation removed and will need work. Lower unit bathroom does not have toilet or sink. Upper unit bathroom is intact. Please see pictures. MANDATORY-Mold or possible mold, agents,buyers and all persons entering this property MUST sign Hold Harmless form and has been received in listing office. In documents section of MLS.
Vacant Land (8):
$199,900 Duck Lake Rd Muskegon 49461 - 40 acres Here is your opportunity to own some of the nicest property in Fruitland Township. It is heavily wooded, very private,and has Duck Creek flowing through it. It is located minutes from Lake Michigan, Duck Lake,Golf Courses, and Michigan Adventure
$44,900 3225 W Duck Lake Rd. Whitehall 49461 - 4.75 acres with foundation for future home.
$44,900 68 W. Farr Rd Muskegon 49444 - 0.330 Acres Beautiful building site in Aspen development located on a private pond.
$44,900 55 Meadows Dr Muskegon 49444 - 0.290 acres Info # 4242. Beautiful building site in Aspen development located on private pond.
$39,900 3000 Jamestown Lane Fruitport 49415 - Great opportunity to own a fantastic site in Jamestown Reserve. This 4.430 acre lot is the perfect site to build your dream home with only 9 parcels in this 40 acre reserve. Adjacent to 250 acres of township recreation property makes this site perfect for the buyer looking for country living but still close to schools and shopping.
$24,900 1481 Colonial Rd Muskegon 49441 - .430 acres of vacant land. One of the only lots available in Roosevelt Park to build on. Join a small community surrounded by growth. Buyer to verify all information.
$1,600 1970 Crowley Muskegon 49441 - Lot Sq Ft (approx) 4792 Lot Acres (approx) 0.110
Muskegon County Residential Foreclosure and Short Sale Listings (375):
Rent a Apartment Downtown Muskegon in the Historic Hamilton Apartments. Call ALT for a tour at 2317986430.
DOWNTOWN LANDMARK GETS A BREATH OF FRESH AIR!
A long time downtown landmark, the Hamilton Apartments Down town Muskegon was purchased by investment partners, David R. Gregersen and Blake P. Hotz in April of this year.
The 17,000 square foot building at 81 Hamilton was showing signs of its age. The partners have invested in renovations of the front steps and terrace, landscaping it and installing period wrought iron fence. Inside, the original marble and hardwood floors have been restored to their original brilliance.The new owner's have kept the original beauty of the building in tact as a gift to the community.
The historical Hamilton Building was built just before the stock market crash of 1929, by captain of industry Thomas Bennett, the founder of Bennett Pump. It was to be and remained upon completion the pre-eminent living accommodations for the who's who of Muskegon.Remodeled and renovated to fit today's modern life style, Hamilton Place Apartments again take its place amongst discerning apartment seekers wishing to live in high-society style.It's just walking distance from the Muskegon Lake waterfront, where you will find the cross-lake ferry, parks, beaches, concerts, festivals, and trails!The surrounding area couldn't be better! Within a few blocks of home, you can visit museums, restaurants, nightclubs, a historic library, Hackley Park, and Walker Sports Arena.In the last 10 year there has been $80 million dollars of development in the area. including Baker Culinary Art School, the Muskegon Smart Zone and Heritage Landing, and Hot Rod Harley.
You're also within a mile of the hospital, your local government and post office. It's a great area to work and to live!So, whether you walk, bike, drive, take a taxi or ride the bus you are always closer to where "it's at" when you start from the door of the Hamilton. Art Deco meets twenty first century life style.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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