Lee Morof's Real Estate Blog

By now, everyone knows that, just like the Dot Com bubble, the real estate market grew its own bubble to a degree that it finally popped.  Not only foreclosures across the nation, but Southeast Michigan Foreclosures went up, sales went down and everyone, from the government to lenders to John Q public, started looking around for someone they could point a finger at and blame.

The hard truth is that placing blame doesn’t do anyone any good, especially those trying to save their home from being a Southeast Michigan foreclosure statistic.  The truth is that it’s time to do what Americans have been doing since the country was founded – picking ourselves up off the ground, dusting off and working with what we still have. Thanks to new acts such as the “Helping Families Save Their Homes Act of 2009,” it’s even more possible to do that.

If you’ve been dealing with the possibility of becoming one of the Southeast Michigan foreclosures, you may have missed the news, so here are a few uplifting highlights that can make all the difference:

1)  If you rent your home and it is being foreclosed upon, you have to receive a 90-day eviction notice. You can’t just be preemptively kicked off the property. As well, if you have a lease you have to be allowed to live on the property until the lease is up unless:

     a) the new owner wants to move in and make it his or her residence or
     b) state law says the lease can be terminated on notice.

Although three months doesn’t seem like a lot of time, that’s three months you wouldn’t have had in most states before the Act was passed.

2)  Lenders and homeowners are now receiving incentives for successful loan modifications and refinancing under the Making Homes Affordable Program. According to the White House government website,  “Servicers covering more than 75 percent of loans in the country have now begun modifications and refinancing under the Administration’s MHA Program.”

3)  One of the biggest challenges to homeowners is finding out who owns the mortgages on their homes.  This can make it incredibly difficult to discuss refinancing or modification with the mortgage owner. Thanks to the Act, you have to be informed whenever your loan is sold or transferred to another party. Now, you always know who has control of your mortgage and who you need to talk to.

Dealing in the current real estate market can be hard. If you’re already struggling financially, it can be even harder. Try to keep abreast of the current laws that can help prevent homeowners and families from becoming one of the Southeast Michigan foreclosures and stay in their homes!

If you can’t qualify for loan modification or refinancing, and are considering a short sale, I can help. Call me now at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640