Is Your Home an Asset or a Liability?

Amazingly, 34% of Westland homeowners still owe more on their mortgages than their homes are currently worth in today’s market – and Westland actually isn’t doing to bad. In Lincoln Park 48% of homeowners are still in a negative equity situation. In Melvindale it’s 51%, Wayne is 44%, Southgate is 35%, Wyandotte is 37% and Garden City is 44% – anyhow, you can see where we’re going with this. As we’ve discussed in previous posts, the value of a home in the communities we’ve mentioned is only projected to increase about 2.4% on average in 2015. So the idea...
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Michigan Real Estate Market Projections…

On average, home values in south-east Michigan are projected to increase at a rate of about 2.7% in 2015. While this is certainly welcome news, the unfortunate fact is that about 1/3 of south-east Michigan homeowners still owe significantly more than their homes are currently worth. Even with a difference of as little as 15% between what a homeowner might owe on their mortgage, versus what the home’s current value is – it could be years before this homeowner is able to sell their home and simply break even. As we all know, no other state was more effected by the housing collapse than...
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Tax Solutions for Short Sales Completed in 2015…

The Mortgage Forgiveness Debt Relief Act has been formally and retroactivelly extended through December 31st, 2014. This is certainly great news for homeowners who’ve already completed their short sale – but what about homeowners who have active unclosed short sales, or individuals who are perhaps considering a future short sale? For many homeowners who participated in a short sale this past year, the Senate’s final hour extension of the Mortgage Forgiveness Debt Relief Act through December 31st, 2014, will come as a late but welcome Christmas present! The Mortgage Forgiveness Debt...
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How Long Will a Short Sale Take?

The short sale is an incredibly bank specific process.  All mortgage companies have differing short sale processes.  Some banks may only take a few weeks to approve a short sale, while others may take a few months.  While the actual bank(s) involved your transaction will partially dictate some aspects of the timeline and overall outcome, the remainder of the short sale process is fairly standard, and easily broken down into 5 simple steps: Step #1 – Determining the Probable Outcome of Your Short Sale While this first step may seem out of order – determining the most probable outcome of your...
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How to Secure Your Vacant Short Sale Home – Redemption Period Info…

In the State of Michigan, the complete foreclosure process, at it’s absolute fastest, will take about 9 months or so – but there is one variable that could drastically alter that timeline.  Once a homeowner has fallen 90 days delinquent on mortgage payments, the mortgage company can begin foreclosure proceedings by firstly mailing or serving the homeowner with an acceleration notice, after that would be a Sheriff Sale notice and then lastly would be the scheduling and completion of the actual Sheriff Sale itself.  Once the home is sold at Sheriff Sale the homeowner actually has a 6 month...
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Top 5 Michigan Short Sale Laws…

Short Sale Tax Laws – The Mortgage Forgiveness Debt Relief Act For short sale transactions closed on or before December 31st, 2014 – in most cases, the vast majority of the associated homeowners will be exempt from paying taxes on the difference between what they originally owed on their mortgages and what their home’s ultimately sold for during the short sale. The Mortgage Forgiveness Debt Relief Act was formally and retroactively extended through December 31st, 2014.  So, if you participated in a short sale prior to December 31st, 2014, in terms of potential tax liability,...
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