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HAMP Home Affordable Mortgage Program Info

Thursday, November 3, 2011
by Tom Stachler,ABR,CDPE - Group One Realty Team

HAMP or Home Affordable Mortgage Program Information

For several years now we have been waiting for a government assist program that would allow homeowners who are upside down (owe more on home than the market value) on their mortgage to at Lease refinance to lower current rates.  Unfortunately, the banker lobbyists would not allow the administration to mandate this type of relief if the amount of the mortgage exceeded 110% of of the market value.  Frankly, they would make more money getting TARP contributions if they foreclosed, so not much incentive to take a long term rate hit.  

With the Occupy Wall Street movement, the coming elections etc, talk has gotten serious again about creating a program that would allow homeowners who do pay make timely payments to refi their higher rate mortgage.  Keep in touch with this governement web site To Get Information on HAMP or Home Affordable Mortgage Program for the latest developments.  

On a related side note, check out this video about a passive way to protest and support the Occupy Wall Street Movement

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Why Banks prefer to Foreclose than Modify your loan

Monday, February 28, 2011
by Tom Stachler,ABR,CDPE - Group One Realty Team
Video Video

The President says everyone should.... within reason, be given the opportunity to stay in their Home and avoid foreclosure and eviction. Watch this Short video to provide you with some insight on how the cards maybe stacked against the loan modification process and understand how the banks are making more money on real estate Foreclosures.  Its no wonder why it is so difficult to get their lender to lower their mortgage payment or interest rate.  

This short video will provide you with a little insight and perhaps something you should write your Washington representative about.  Please forward this to anyone you know who might be looking for help either with a short sale or interest in the foreclosure process.  

We have many additional resources available on our website here for Ann Arbor Short Sale Information and I am always available to confidential advice.  Also try this short sale web site http://www.annarborhome.info/

Get the latest Ann Arbor Real Estate Listings and Saline real estate listings for sale using this link. 

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Tax Credit Extension Approved

Thursday, July 1, 2010
by Tom Stachler from Group One Realty Team - Real Est

Congress Passes Tax Credit Closing Extension

Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). 

This extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. 

Contact our office for further details and as always you can get new listing update reports at www.shelterquest1.com

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Foreclosure Help - New Government Program

Tuesday, February 23, 2010
by Tom Stachler from Group One Realty Team - Real Est

 Help for the Hardest-Hit Housing Markets 


1. $1.5 Billion to Work with State Housing Agencies to Innovate and Help Address the Problems Facing the Hardest-Hit Housing Markets 

• There will be a formula for allocating funding among eligible states that will be based on Home price declines and unemployment. 

• HFAs must submit a program design to Treasury. 

• Programs may include: Measures for unemployed homeowners; 

Programs to assist borrowers owing more than their home is now worth; 

Programs that help address challenges arising from second mortgages; or 

Other programs encouraging sustainable and affordable homeownership. 

 

2. Accountability and Transparency for these Housing Programs 

• All funded program designs posted online. 

• Accountability for results – program effectiveness measured and results published online. 

• Effective oversight under the Emergency Economic Stabilization Act of 2008.

Click here for more information on this program.


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Displaying blog entries 1-4 of 4

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