mortgage: Something No One Ever Want's To Read. - 04/23/13 11:33 AM
Something No One Ever Want's To Read.
"Dear borrower(s):
Our records indicate that your loan is in default for failure to make payments due. Unless the payments on your loan can be brought current by xxxxxx, it will become necessary to require immediate payment in full (also called acceleration) of your Mortgage Note and pursue the remedies provided for you in your Mortgage or Deed of Trust, which include foreclosure."
Scary words to read.
If you have received anything like this recently, contact a real estate attorney. A CPA and real estate agent might be next.
 
(9 comments)

mortgage: Why Can't We Look At Houses Yet?!? - 04/21/13 09:16 AM
Why Can't We Look At Houses Yet?!?
I get calls all the time wanting to look at homes, from current clients all the way down to random people.
First things first, we need to find out the price range you should be looking in and if you can even QUALIFY for a mortgage right now!
A few reasons you might not be able to qualify for a mortgage:
Credit score needs to be brought up You have a past debt that you "forgot" about, that needs to be brought up to date Your debt to income ratio is too high … (7 comments)

mortgage: To Be (A Buyer) or Not To Be (A Buyer), That's The Question. - 03/14/13 11:13 AM
To Be (A Buyer) or Not To Be (A Buyer), That's The Question.
Picked up a new buyer today.
He's totally rational.
Wants twice the house for half the money.
And he hasn't been pre-approved, but wants to look at homes this weekend.
He's counting on his income tax refund to be enough for a down payment, but doesn't know how much it's gonna be yet.
Last mortgage person he talked to  said he'd qualify for half of what he thinks he can get now.
Needs to go FHA, but "can do any work that needs to be done."
*stop*
Before … (6 comments)

mortgage: Would You Trust An Out-of-State Loan Officer? - 09/14/12 09:20 AM
Would You Trust An Out-of-State Loan Officer?
I've been in contact with an out-of-state lender for a few months now.
He's very professional and experienced and we've been brainstorming a little bit about how to bring in business for both of us.
I think we're on to something, and if we are, obviously he's going to be the go-to lender.
I know other agents that use this lender and can get a boat load of testimonials if I need to.
Here's my question:
What are buyers, particularly first-time and re-entry buyers, going to think about using someone that's out-of-state.
If you're … (14 comments)

mortgage: If You Want to Purchase a Home, It's Not as Hard as You Think! - 07/16/12 09:16 AM
If You Want to Purchase a Home, It's Not as Hard as You Think!
All we've been hearing lately is that mortgages are so hard to come by.
I don't think that's necessarily true.
Sure, you have to have a decent credit score, been on your job for a certain amount of time and have some money for a down payment and closing costs, but there are a few good options out there.
Conventional loans are typically 20% down, but I've been told that you can get in for as little as 5%, depending on the loan program.
FHA loans require … (2 comments)

mortgage: Where Can I Get a FREE Copy of my Credit Report? - 06/09/12 07:29 AM
Here's a question I get a lot. "Where Can I Get a FREE Copy of my Credit Report?"
If you do an online search, there are a lot of websites out there that say they'll give you a FREE credit report. Remember the commercials with the silly songs sung by a "band" in pirate outfits or whatever?
Yeah, they're not "free." You have to give them your credit card information up front, then you get your "free" credit report, but if you don't cancel it within 30 days, they start billing you for some kind of credit monitoring. And they'll keep … (40 comments)

mortgage: Can the House I'm Renting Be Foreclosed On? - 03/17/12 08:24 AM
Can the House I'm Renting Be Foreclosed On?
Question: "I currently reside in a home and all kinds of letters from the city have been coming saying the taxes are delinquent and are now in forfeiture status as well as letters from attorneys saying it's scheduled for sheriff's sale next month."
Answer: Yes, it can be foreclosed on.

These days, I would suggest that you make sure the mortgage is being paid by the owner or the home, along with the taxes. There are some "landlords" who are collecting the rent money but not paying on the mortgage and/or … (10 comments)

mortgage: It's a Loan Officer, Not a Serial Killer! - 03/09/12 09:04 AM
It's a Loan Officer, Not a Serial Killer!
Scenario #1. You call a real estate agent because you saw a house online and would like more info. Agent describes the house and you get excited, it sounds exactly like what you're looking for. You say, "I gotta see this house! When can we go?" Agent's response, "Have you been in contact with a Loan Officer?"
Scenario #2. You and your spouse have been driving around the city, looking for "for sale" signs in front of houses that you're interested in. This is one of the areas you've always wished you could … (186 comments)

 
Eric Michael, Metro Detroit Real Estate Professional  734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) Rainmaker large

Eric Michael

Metro Detroit Real Estate Professional 734.564.1519

Livonia, MI

More about me…

Remerica Integrity, Realtors®, Northville, MI

Address: 41000 W. 7 Mile, Suite 105, Northville, MI, 48167

Office: (248) 912-9990

Mobile: (734) 564-1519

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