When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago. […]
If you’re currently feeling the stress of affording your mortgage payment, or if you know someone who is, there’s still time to get help. For homeowners experiencing financial hardship this year, the CARES Act provides mortgage payment deferral options, creating much-needed relief in these challenging times. It’s important, however, to understand how forbearance works. It’s not automatic. […]
Last Friday, the Bureau of Labor Statistics released the November Jobs Report. It revealed that, though headed in the right direction, the nation’s job recovery has slowed. The consensus reaction is best exemplified by a quote from Glassdoor Senior Economist, Daniel Zhao: “We saw positive job gains, but I think the sentiment is largely negative because we know that we’re heading into […]
When the sun sets on the Mortgage Forgiveness Debt Relief Act on December 31, 2012, many people are going to be sad that they missed the huge tax breaks. Don’t let it happen to you! What is this? If you owe more on your home than you think it is worth or are behind in […]
Canton, MI homeowners involved in short sales have a common concern … the length of time required to successfully complete a short sale. There are many factors that affect the timing of the process.
Many clients ask me if they will owe income taxes on a forgiven mortgage, either from a foreclosure or a short sale. Generally the answer is yes. The truth is, if a lender forgives any portion of your mortgage, the IRS generally calls that taxable income.
Canton and Plymouth homeowners consistently call with questions about short sales that lead us to believe there are lots of misconceptions about short sales and the differences between them and foreclosures.
Distressed home sellers are concerned about how the Nationwide Foreclosure Moratorium affects the home sales market in Canton, Michigan?
Canton, Michigan home sellers have been facing foreclosure for several years. The onslaught does not seem like it will let up for years to come as projected by many experts. Home sellers need better alternatives.
More and more people are considering purchasing houses that are being sold due to foreclosure or at auction. Many of these homes may have had lapses in maintenance or other issues that home buyers must be wary of. Never purchase a home without hiring an inspector to look it over first. Here are some of the problems […]
