Fannie Mae, the largest source of mortgage money in the country, is working to reduce foreclosure inventory or “real estate owned” properties (REOs). Fannie Mae is promoting The Home Path financing program for owner-occupants, second-home owners and investors.

The HomePath financing program offers:

3 percent down payment options for owner-residents

10 percent down payments for second-home buyers

15 percent down payment plans for investors on Fannie Mae REO properties

No declining market restrictions

Rehabbing like 203K

Fixed rate, adjustable, or interest only terms

Earnest money deposits as low as $500.00

Purchasers need to borrow at least $50,000 and usually need to a 660 credit score.

The down payment (at least 3 percent) can come from savings, employer, gift, grant, or a loan from a nonprofit organization, state or local government. The program offers no appraisal requirements and no mortgage insurance.
Many deals fall apart over appraisals, so eliminating this improve certainty and cost reduction. Eliminating mortgage insurance can equate to an approximate 0.75 percent savings on an interest rate (5.5 percent instead of 6.25 percent).
Special financing makes sense, especially now, given the credit-tightening restrictions making the sale of REO and conventional homes increasingly difficult. Check out this HomePath program for Washtenaw homes and condos here. The Michigan FHA limits still apply. Check out Ann Arbor foreclosure deals.

We are here to help with your Ann Arbor Real Estate search and consider us your Ann Arbor Real Estate Experts.

If you know someone who may be unable to make thier mortgage payments, getting professional advice early is important.

Banks do not want to own houses.  Normally, home owners do not want to lose their houses.

So the solution  is in

loan modification

short sale

deed in liu

foreclosure

bankruptcy

If you are looking for free legal advice, contact your attorney or call us so we can direct you to the proper professionals regarding each option.  We are here to serve Washtenaw County: Ann Arbor, Chelsea, Dexter, Saline.

Find Washtenaw County Foreclosures 

National look at foreclosures – 14 percent of mortgages in default per Alex Charfen, CEO of CDPE.

According to Lawrence Kestenbaum, Washtenaw County’s Clerk and Register of Deeds, 120 Sheriff’s Deeds were recorded by Washtenaw County’s Register of Deeds office this June. 

“So far this year we’ve recorded a total of 708 Sheriff Deeds, compared to 755 and 635 in the same months of 2008 and 2009, respectively. This year we’ve recorded 11.5 percent more than in the first six months of 2009.”
 
An updated table showing monthly recording for 2002 through June, 2010 is presented below.

Source:  Washtenaw County Clerk and Register of Deeds

 Contact:  James Dries
 Chief Deputy Clerk/Register of Deeds
Washtenaw County
(734) 222-6780 (Office)
(734) 891-2242 (Mobile)
driesj@ewashtenaw.org
 

Ann Arbor Area Real Estate: SOLD Foreclosure – 754 Taylor, CHELSEA, MI, 48118

FORECLOSURE  754 Taylor Rd., Chelsea, Bank Owned closed and buyer is happy

Tune in to an interactive webcast hosted by the Detroit Free Press featuring Kathy Toth – Monday, March 1st at 10:00 am. Kathy will be joined by a certified mortgage planning specialist, and an attorney specializing in the real estate finance industry. They will be discussing “Underwater Mortgages” and what your options are if you are upside down in your mortgage! You’ll be able to ask questions and get answers from the experts. To participate in this interactive webinar go to http://www.freep.com/ on Monday, March 1st at 10am!

Panelist Include:

Kathy Toth, a REALTOR with Keller Williams Realty in Dexter, has 21 years experience in the local real estate industry. She is an author and a Certified Distressed Property Expert with an MBA.

Drew Sygit, is a certified mortgage planning specialist and holds several mortgage industry designations along with an MBA. He leads the Lending Edge Team at First Michigan Bank in Troy.

Jeffrey D. Weisserman is general counsel for Trott & Trott, a Farmington Hills law firm that specializes in the real estate finance industry.

Ann Arbor  Short Sale seller is happy.    Ann Arbor Gallery Park Condos are a super place to live and Nicole Holmes is happy to be able to work in Chicago and sell her wonderful place in Gallery Park Condos: Ann Arbor, MI 48103.  She was one of the many Michigan sellers with mortgages that are upside down.  48 percent of those folks with mortgages in Michigan owe more than their house is worth.

“I am so thrilled to be able to sell my place after being a landlord.  Working with the Ann Arbor Real Estate Experts Kathy Toth Team made it as easy as possible”.  “They made a great video of Gallery Park if anyone wants to get an idea of how nice the condos are”.

“Kathy also wrote a book called Should I Short Sale My Home? If you are thinking of doing a short sale in Ann Arbor, MI, hire someone like her who knows how to negotiate with the lenders.” 

If you are looking for any condos in Washtneaw County - Ann Arbor, Chelsea, Dexter, Saline, Ypsilanti, look here.

Do you know someone who is facing foreclosure?  Produce the Note may give the foreclosure home owners a delay in the bank’s proceedings as described in this vdeo. Maybe this will help an Ann Arbor home owner this year.

If you are looking at your options, you can call Washtneaw County Treasurer’s office or call an agent who will give your your options – preferably one who is a certified distressed property expert. If you are looking to buy some Ann Arbor foreclosures and get some unheard of deals, let us examine what is available in Washtneaw County.