Click this link to read more about Michigan's Hardest-Hit Fund plan. The Michigan State Housing and Development Authority’s (MSHDA) plan to distribute $154.5 million in federal funds that should help more than 17,000 Michigan households avoid foreclosure has been approved. Mortgage loan servicers begin submitting applications on July 12, 2010. Click this link to read more about Michigan’s Hardest-Hit Fund plan, developed in partnership with the Michigan Bankers Association, the Michigan Credit Union League, the Michigan Association of Community Bankers, the Michigan Association of REALTORS, the Michigan Foreclosure Task Force and MSHDA’s statewide homeownership counseling network.
By definition, a short sale is the sale of a property for less than the amount of the mortgage(s) owed. While new legislation, education and training, and online processing are improving the short sale process, it remains clear that short sales should only be tackled by REALTORS who are committed to learning and operating within a detailed and complex process. Click this link for the latest short sales resources from the National Association of REALTORS.
Bank of America now negotiates their short sales online through a system called Equator. As other banks implement this online model, it’s imperative to understand this software as a REALTOR who masters the system may help to expedite the process for a client.
Bank of America has spent millions of dollars to fine tune a customized short sale system, Equator. In addition, Bank of American is participating in the HAFA program. Use this resource to complete a Short Sale under the federal government’s HAFA program.
If your client is unable to make their mortgage payment, they may qualify for a loan workout option. Review alternatives from hud.gov.
Tax Relief for Struggling HomeownersMany people aren't aware that foreclosure and forgiveness of debt can result in taxable income. Legislation that was passed in 2007 does offer relief by excluding from income some debt that was forgiven on a principal residence. This document informs homeowners about this special tax relief.
