A Senior Moment...not quite a RE story - 02/19/10 08:43 AM
I was a little distracted over the very difficult listing appointment I had just come from. How did they get me to cut my commission. $5.37. That's what the kid behind the counter at Taco Bell said to me. I dug into my pocket and pulled out some lint and two dimes and something that used to be a Jolly Rancher. Having already handed the kid a five-spot, I started to head back out to the truck to grab some change when the kid with the Emo hairdo said the harshest thing anyone has ever said to me. He said, "It's … (5 comments)

Indiana House Bill 1359 - 02/15/10 06:16 AM
"Requires a creditor, a mortgage servicer, or an agent of a creditor to acknowledge a written offer made in connection with a proposed short sale of property that is subject to a mortgage transaction that is at least 60 days delinquent. Provides that the acknowledgment must be provided not later than 10 business days after the date of the offer. Requires the creditor, servicer, or agent to accept or reject the short sale offer not later than 30 business days after receipt of the offer." Sounds great for all us Short Sale Realtors in Indiana. What will it mean, will it … (2 comments)

Mortgage Forgiveness Act: What it Means - 02/15/10 06:07 AM
An Act To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled , SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Mortgage Forgiveness Debt Relief Act of 2007’’.SEC. 2. DISCHARGES OF INDEBTEDNESS ON PRINCIPAL RESIDENCE EXCLUDED FROM GROSS INCOME. (a) I Revenue Code of 1986 is amended by striking ‘‘or’’ at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and … (0 comments)

Born Again: When will you be eligible for a mortgage after a foreclosure or short sale? - 02/15/10 06:00 AM
Did you miss the fact that foreclosure filings were up 71% in the third quarter? Which makes it a good time to remind everyone of the rules that govern when and how you'll be eligible for a mortgage after you've been foreclosed, surrendered a deed, or negotiated a short sale. For borrowers with a foreclosure, short sale, or deed in lieu of foreclosure on their credit history, the following timelines apply before they'll be eligible for a conforming, conventional mortgage (Fannie Mae/Freddie Mac): •Foreclosure: 5 years from completion date, minimum 680 FICO and 10% down for 7 years, investment property, second … (2 comments)

Indiana Foreclosure Law Summary - 02/15/10 05:57 AM
A Quick Look - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instruments: Mortgage - Timeline: Typically 150 days - Right of Redemption: Yes - Deficiency Judgments Allowed: Yes In Indiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. … (0 comments)

What is a CDPE - 02/14/10 09:40 AM
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales. The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the … (3 comments)

How To Short Sale - 02/14/10 09:36 AM
A short sale in real estate is not always a pleasant transaction. There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." More than half of my sales in Sacramento over the past few years are short sales. That's how prominent short sales have become. When lenders agree to do … (0 comments)

Short Sale Defined - 02/14/10 09:35 AM
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the … (0 comments)

Dealing with Short Sale Rejection. - 02/14/10 09:32 AM
Buying houses by means of a short sale can be a great way to make significant amounts of money, but they're not for everyone. You have to find a seller who will work with you to persuade the lender to sell the home rather than allowing the foreclosure process to continue. Then you have to submit an offer that's low enough to make a profit, yet not so low as to be rejected altogether. If a lender does reject your offer, all isn't lost. The first thing to do is to try to determine why your offer was rejected. There are … (0 comments)

It's only business... don't take it personally. - 02/04/10 08:46 AM
Now's the time to gear up and get your ducks in a row. Make those big changes, get on course, hold your course and make the best of 2010.
 
It's gonna be a great year.
… (2 comments)

 
Mmhead

Michael Mergell

Fishers, IN

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Michael Mergell, RE/MAX Legends Group

Address: 5645 Castle Creek Parkway North, Indianapolis, IN, 46250

Office Phone: (317) 863-4094

Cell Phone: (317) 645-8717

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