Michigan Short Sale Timelines…

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 short...
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Top 5 Most Qualifying Short Sale Hardships…

Do you think a short sale might be the best option for you – but you’re worried that you might not qualify for a short sale because you don’t have a valid hardship?  Today I’ll share a few of the most effective and qualifying short sale hardships. Unemployment or Anticipated Unemployment If you’ve lost the ability to make your monthly mortgage payment due to unemployment – or you simply anticipate that will be the case in the near future – you likely have a rock solid qualifying hardship for a short sale. Under-Employment or a Reduction in Household Income If your income is...
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The 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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Why Would the Bank Approve my Short Sale?

Many homeowners who find themselves in a negative equity situation will mistakenly disqualify themselves as potential short sale candidates by simply assuming they won’t qualify.  It’s not all uncommon for a homeowner to tell us that they’d assumed a short sale wouldn’t work for their circumstance because the difference between what they owe on their mortgage and what the home is currently worth is just to great.  If they owe $300,000 and the home is only worth $215,000 – why would the bank forgive the $85,000 difference?  The aforementioned assumptions are logical...
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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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