Lenders Stall Foreclosures & 888-995-HOPE discussed at Family Law meeting Feb 22, 2008
Help for Ann Arbor Area Pre-Foreclosure Home Owners
This Friday at noon at 200 N Main St
Ann Arbor, Michigan, I am speaking at The Family Law Section to discuss when The
Marital Asset Becomes a Liability. Part of the discussion will be offering options available like the option
below, imputed rental value, unique marketing, and short sales. One quarter of the sellers who call us, it
seems, are candidates for lender workouts, short sales, or foreclosures. Our goal is to assist and educate in the
process so Ann Arbor
homes sellers adopt the best option for them, based on their attorney
suggestion. We will discuss tax implications
including the Mortgage Foregiveness Debt Relief Act of 2007.
Six major lenders have agreed to allow
seriously overdue (90 days or more days past due) home owners to suspend
foreclosures for 30 days, giving them time to work out affordable loans. The lenders are: Bank of
America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase
& Co., Washington Mutual Inc., and Wells Fargo & Co.
The plan called Project Lifeline was introduced
by the Department of Housing and Urban Development. These six lenders participate in
the Hope Now plan that President Bush organized to freeze rates on some
high-cost subprime mortgages for five years to help borrowers whose rates
adjusted.
Because of the increased need for this option,
we have created a site called www.AnnArborShortSale.com
for Ann Arbor Michigan Home Sellers. We
have aligned ourselves with Short Sale experts to expedite the process for our
clients.
Click here to search all listings in Michigan with pictures and tours - FREE!
Kathy Toth and Team
Real Estate One
Related Links
The Art Of Refinancing...Are You A Good Candidate?
Many homeowners are exploring the option of refinancing their current home mortgage loan. Learn what the big secret is attracting homeowners to refinancing.
Are You Thinking About Foreclosure? You May Have a Better Way Out!
A short sale does far less damage to the homeowner?s credit than a foreclosure does.
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