short sales: Michigan Short Sales - Important Update: Offers Denied During Redemption Period
- 04/03/12 12:40 AM
Freddie Mac has new servicing rules that should not start until June 1, 2012. Why are they being implemented now? Referencing Bulletin - Freddie Mac Bulletin-1207. So what is really going on? Here, in short, are the answers. Another Mortgage Industry Issue. The National Association of REALTORS (NAR) is getting involved once again along with the Michigan Association of REALTORS (MAR) to get a clear understanding on the new policy brought forth by Freddie Mac. A policy that should not get underway until June 1, 2012. At this point NAR is trying to get their arms around the immediate decision of lenders … (0 comments)
short sales: Deficiency Negotiation Attorneys for Short Sales NEEDED
- 12/14/10 12:22 AM
My short sale seller has asked for 3 attorneys who may be on hand to negotiate a deficiency if one should arise when we receive the short sale approval letter. SO I am reaching out to the community nationally to see if any one will share a suggestion or two or three. Thanks in advance from Ann Arbor.
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short sales: Fannie Mae offers REO financing No appraisal fees, mortgage insurance for buyers with 660 FICO
- 07/13/10 02:23 PM
Fannie Mae, the largest source of mortgage money in the country, is working to reduce foreclosure inventory or "real estate owned" properties (REOs). Fannie Mae is promoting The Home Path financing program for owner-occupants, second-home owners and investors. The HomePath financing program offers: 3 percent down payment options for owner-residents 10 percent down payments for second-home buyers 15 percent down payment plans for investors on Fannie Mae REO properties No declining market restrictions Rehabbing like 203K Fixed rate, adjustable, or interest only terms Earnest money deposits as low as $500.00 Purchasers need to borrow at least $50,000 and usually need … (4 comments)
short sales: Real Estate Mortgage Defaults, the IRS, and Real Estate Short Sales
- 03/30/09 12:03 PM
The bank holding your mortgage is required to file with the IRS Form 1099–C, Cancellation of Debt (COD), reporting the amount of COD to be included on the individual’s tax return. The COD amount may include unpaid principal, accrued interest, penalties, and attorney fees. If you are insolvent under state law when you default, the amount of COD is not considered income. If you are working on a SHORT SALE, negotiate with the lender to waive the filing altogether. I am not a CPA, so please check with your advisors.
In the Ann Arbor Real Estate Market, many great people … (0 comments)
short sales: Freddie Mac Training For Short Sales and Distressed Homeowners in Ann Arbor
- 03/18/09 05:19 AM
I want to share an invaluable resource for any US Homeowner, REALTOR® and loan servicer in the US. This is a training presentation to National Association of REALTORS® from Freddie Mac by Wayne Ferguson, National Trainer, for REALTORS® dealing with options for distressed homeowners with specifics on SHORT SALES. This is well worth the 35 minutes. If you are an agent, you may want to share with homeowners directly. There is a quick auto download to make the web-ex work. Additionally, view the Freddie Mac Pre Foreclosure/Short Sale training slides without audio. This covers key best practices for short sales and hurdles/barriers for … (0 comments)
Washtenaw County has resources to help home owners get settlements or work outs. Pick up the phone and call Catherine McClary, CPFO Washtenaw County Treasurer. 200 N. Main St., Suite 200 Ann Arbor, MI 48107 Phone: 734-222-6600 Fax: 734-222-6632 If a work out is not available, and if short sales are the best option for you, then we can help you move in that direction. Short sales are where the borrower shorts the bank the full … (1 comments)
short sales: Ann Arbor Real Estate professionals create Michigan Foreclosure/Short Sale Division
- 12/18/08 07:39 AM
Ups and downs in the economy are causing more people to go into foreclosure. In fact, the home foreclosure rate in Michigan is up 7.96 percent from September but down 15.07 percent from October 2007. All told, there were 11,393 filings in the state in October, or one for every 396 homes, according to RealtyTrac.com. Michigan now ranks No. 7 in the country for percentage of homes facing foreclosure filings, behind Nevada, Arizona, Florida, California, Colorado and Georgia. That's why we are teaming up to help folks avoid personal and financial ruin. Seven out of ten home owners have not taken … (2 comments)
Freddie Mac has new servicing rules that should not start until June 1, 2012. Why are they being implemented now? Referencing Bulletin - Freddie Mac Bulletin-1207. So what is really going on? Here, in short, are the answers.
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