Category: Michigan Foreclosures
New Help for Those Who Have Had to Short Sell a House
Last week, I touched upon the new HUD guidelines released which change certain requirements related to people who experienced an economic event during the great recession. These changes allow you to purchase a home much sooner than before, even if you short sold, went into pre-foreclosure, or foreclosed upon a house, so long as you […]
New FHA Guidelines for Financial Hardships (Back To Work)
In a continuing effort to help people rebuild their lives after the great recession, HUD released new guidelines this week which open up the availability for borrowers to qualify for an FHA loan after a “economic event.” Under previous guidelines, to be eligible for an FHA loan, you needed to wait 3 years after a foreclosure, short […]
What is a HomePath Mortgage?
There is some buzz in the mortgage world about Fannie Mae’s HomePath program. It is a program I am often asked about, and have heard some pretty interesting misinformation that my clients have received from friends, family, and the internet. At its core, it is a program to help sell foreclosures currently owned by Fannie […]
Foreclosure Tips – Buying a Home in Northville
If you’re one of the many interested in buying a home in Northville, you may have considered the potential of purchasing a Northville foreclosure in hopes of saving some money. It’s not a bad idea when you consider that foreclosures have stayed on the rise in more than 26 metro markets around the nation for […]
Buying a Foreclosure in Michigan – Top Foreclosure Myths
Myth #1: Foreclosed Homes Are Always In Bad Neighborhoods There really isn’t any point in history where this has been true. While the “bad” neighborhoods, or those in depressed economic areas, may show significant amounts of foreclosures, they do not represent the bulk of the foreclosures around the U.S. In the current economic climate, every […]
Buying a Home – The Benefits of a Short Sale in Michigan
As our economy continues to down-slide, and housing values drop, “short sales” have become ever-more popular, and in many cases are the only way for a homeowner to get out from under a mortgage they can no longer afford without being hit by a full-blown foreclosure. The real estate market in Michigan is flush with […]
Truth in Numbers – Are You Ready to Buy a Home in Michigan?
Just about every individual interested in buying a home in Michigan or the Metro-Detroit area knows the pinch from our current economy. Simply put, people in Michigan are still struggling and that scares a lot of folks away from taking the leap to get a mortgage and buy that first house. It’s important to remember […]
Mortgages in Michigan – Buying into the Endangered Foreclosure
If you’re thinking about obtaining a mortgage in Michigan, now is probably the best time to make a move. The demand for foreclosures in Michigan continues to remain high but the number of available foreclosures – particularly those that are attractive to first time buyers – are steadily dwindling. Bank Repossessions are Down Last Quarter […]