While 20 – 25% of the home owners still have upside down mortgages, a recent bill has been proposed that would extend the Mortgage Relief Act until 2015. The original bill was introduced in 2007 and is slated for expiration at the end of the year.
Senator Stabenow championed the original Mortgage Relief Act of 2007 designed to fix this problem. However, that fix expires at the end of 2012, while the problems in the housing market have not been resolved and widespread short sales and foreclosures continue. Senator Stabenow’s new bill will extend this tax protection for underwater homeowners through 2015.
Filed under: Helping Hardest Hit Homeowners, Real Estate News, Short sale and foreclosure, Short Sales | Tags: Avoid Foreclosure in Michigan, Helping Hardest Hit Homeowners, Helping Hardest Hit Homeowners in Michigan, Helping Hardest Hit Homeowners in Oakland County
Michigan is the First of Five states to start the process of administering 154.5 Million dollars to Homeowners who quality for relief under the new program, “ Hardest Hit Fund”. The program plans to help 17,000 households in Michigan. Many homeowners ended their day with much frustration as the phone system in Lansing was reported “crashed” due to the high call volume after the announcement that MSHDA would implement the plan. It was announced later in the day that Homeowner’s should contact their service provider to inquire and see if and when they may participate in the program. Note that we have included a disclaimer posted below. “Not all service providers will be participating in the program”
“Over the next several weeks mortgage loan servicers will begin signing participation agreements. Servicer participation is not mandatory, so if your servicer is participating, contact your servicer directly to see if you are eligible.
“The Pearson Group” with Real Estate One and Max Broock in Clarkston MI, help homeowners avoid foreclosure in Michigan. Although they have handled several short sale transactions for sellers, they have high hopes that this program will help more homeowners stay in their homes….. that the program is sound enough to keep people in their homes for many years to come.
Read the Announcement at the MSHDA site
Robin Cutler and Kay Pearson
Real Estate One ~ Max Broock
31 S. Main Street
Clarkston, MI 48346
Real the Information posted
Filed under: Certified Distressed Property Expert, Clarkston Realtor, Foreclosure, Short sale and foreclosure, Short Sales | Tags: CDPE in Clarkston MI, CDPE in Michigan
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 tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
Filed under: Foreclosure, Short sale and foreclosure, Short Sales | Tags: short sale realtor in Clarkston, short sale realtor in Waterford, Short Sale Realtors in Michigan
Robin Cutler and Kay Pearson of ”The Pearson Group” in Clarkston, Michigan….Short Sale and Foreclosure Resource Certified
Working diligently to help sellers resolve their real estate housing challenges and long term housing objectives. They have been successfully managing and closing short sale real estate transactions since 2005, saving several sellers from the dreaded foreclosure process. They are always open to discussion and welcome sellers to contact them for consultation about their options of selling a home that may be underwater, particularly when there has been a change in their financial ability to make their house payments.
Read this article about a Michigan woman who is faced with some tough decisions of how to handle her underwater home in Michigan while she is working in another state. Many people are concerned about the possible deficiency judgement they could be responsible for in the event they walk away from their property.
In addition to working with an experienced realtor, sellers should also consult with an attorney and tax advisors to make fully informed decisions.
View more articles related to the “Short Sale and Foreclosure”
Should you Choose a Short Sale Over Foreclosure?
Short Sale and Foreclosure Affects on Credit
What is Wrong with Buy and Bail?
Should we Walk Away from our Home?
Can a Bank file a Deficiency Judgement After a Short Sale or Foreclosure?
Foreclosure and Short Sales – Home Sellers May Owe the IRS
“The Pearson Group” – Real Estate Services
Robin Cutler, Real Estate One
Clarkston, Michigan
248-240-5570
Kay Pearson, Max Broock The Keyes Company
Clarkston, Michigan Jensen Beach, Florida
248-860-0366 772-225-2222 Ext. 23255
