Shortsale Basics

Due to current economic conditions, the number of short sale properties on the market is rising. The increasing number of short sales on the market presents challenges for REALTORS. Click the link to find more information on: short sales and their challenges, the government's efforts to address these challenges, and tools to help you navigate the short sale process. Resources from NAR.

Download the "Primer on Short Sales"from MAR & McClelland & Anderson
 
Loan Solutions 
 
When facing the possibility of foreclosure, there are a variety of different options to discuss with your lender. Whether your problem is temporary, or long-term be sure to know your possibilities before making the call.

Foreclosure Facts

Learn about the rise of Foreclosures in Michigan and compare to national markets.

Preforeclosure Sale FAQ's

A Preforeclosure Sale can allow someone in default, use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed.

Working With Your Lender
 
Before making the call to your lender, know what questions to ask, and what documents to have in hand for a more productive conversation.

Tax Relief for Struggling Homeowners

Many people aren't aware that foreclosure and forgiveness of debt can result in taxable income. Legislation that was passed in 2007 does offer relief by excluding from income some debt that was forgiven on a principal residence. This document  informs homeowners about this special tax relief.

Useful Links
 
Save the Dream Brochure from MSHDA
How to Keep Your Home from MSHDA
Stages of Foreclosure from MSHDA
Find a Homeownership Counselor