When a property is sold for an amount that is less than it is worth or less than the balance owed to the bank (with the approval of the lender), it is referred to as a short sale. The funds acquired during this sale are given to the mortgage holder and applied to the balance… [Continue Reading]
Homeowners’ Associations and Foreclosure for Unpaid Dues
Homeowners who live in a housing development are usually members of a Homeowners’ Association, or an HOA. Being part of an HOA requires the homeowner to abide by certain rules regarding the care of the property and pay dues and fees to the HOA. In return, the homeowner receives communal benefits. In some situations, HOAs… [Continue Reading]
Reverse Mortgages
The television advertisements offering older Americans an opportunity to get a reverse mortgage are well known. They describe offers and terms for homeowners, age 62 years or older, to convert the equity in their homes into money that they can use for their own needs and expenses. Not all reverse mortgages are a bad idea,… [Continue Reading]
Buying a Home After Foreclosure
Although it is sometimes difficult to do so, it is possible for a person who has been through foreclosure to buy a house after the foreclosure is behind him or her. A person who wants to buy a home after foreclosure should consider the reasons that led to the foreclosure before, whether it was from… [Continue Reading]
Foreclosure With More Than One Loan Against Your Property
A foreclosure may not be the end of a homeowner’s financial problems if the homeowner has multiple loans secured by the home. These additional loans are generally known as junior liens, and they can take the form of second mortgages or home improvement loans. The lenders of these loans are usually behind the original mortgage… [Continue Reading]
Filing a Quiet Action Title
When a person acquires real estate under certain conditions, and there may be other people who can possibly lay claim to that property, under Michigan law, he or she may file a quiet title action in order to get the title to the property free and clear. In filing a quiet title action, the plaintiff… [Continue Reading]
Forbearance and Avoiding Foreclosure
There are several steps that homeowners can take in an attempt to avoid foreclosure and keep their homes. Some of these steps or programs can be temporary fixes, while others are more permanent and can work to restructure the terms of the mortgage loan in order to make the payments more affordable for the homeowner.… [Continue Reading]
5 Trends Shaping the U.S. Housing Market in 2017
If the U.S. economy is to hit escape velocity in 2017 with growth hoping to exceed 1.5-2 percent annual rate we’ve seen over the course of the recovery, you can anticipate the real estate sector will serve as rocket fuel. Composing approximately 15 percent of GDP, the housing sector hasn’t done so much heavy lifting… [Continue Reading]
It’s “Quick-7” Check-Up Time: 7 Ways to Protect Your Financial Health
As news broke on Christmas Eve that a giant sinkhole had opened up in the city of Fraser, Michigan, the thinking of many homeowners affected by the disaster was likely that their insurance company would step in. Think again. Natural disasters and other catastrophic events are typically not top-of-mind when it comes to protecting your… [Continue Reading]
Developer’s Privilege, or: How to Not Pay Taxes (Like a Developer)
One of the perks of the real estate business is that it lends itself to many tax-avoidance strategies. Here are some of the accounting tools that have recently been in news headlines because of this unusual presidential election and that property owners often employ to turn losses into tax savings. Net Operating Losses For many… [Continue Reading]
