Metropolitan Detroit Real Estate Blog 
Renters Rights Whose Landlords Face Foreclosure
Wednesday, June 30th, 2010 at 8:29am. 220 Views, 0 Comments.
When The Home You Rent Goes Into Foreclosure
Before May 20, 2009, most renters lost their leases upon foreclosure. These rules changed dramatically on May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009. This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).
Does It Make Sense to Evict Tenants?
New owners may want to terminate existing tenants because they believe that vacant properties are easier to sell. Common sense suggests otherwise.…
Senate Approves First Time Homebuyer Tax Credit Closing Deadline Extended
Thursday, June 17th, 2010 at 10:40am. 335 Views, 0 Comments.
The first time home buyers tax credit was about to expire June 30th and at the eleventh hour, the Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.
Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.
The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat…
10 Tips To Avoid/Delay Foreclosure Proceedings
Wednesday, June 2nd, 2010 at 9:35pm. 405 Views, 0 Comments.
Legal Avenues for Homeowners to Avoid/Delay Foreclosure Proceedings
Whether your home is in foreclosure or worried about foreclosure in the near future, below are ten techniques and legal strategies homeowners should contemplate during this stressful time period.
Technique number 1-Chapter 7 Bankruptcy
The first and probably one of the more well known ways of delaying a foreclosure is chapter 7 bankruptcy. Any kind of bankruptcy will immediately stop your foreclosure where ever it is. A chapter 7 bankruptcy will actually dissolve all debt and absolve you of the responsibility to pay your debt. It will temporarily delay foreclosure with the US bankruptcy court. Usually it will buy up to 45 to 75 days, sometimes more sometimes less depending on your…
Deficiency Judgements Waived On Short Sales
Thursday, May 6th, 2010 at 10:25am. 211 Views, 1 Comments.
Home Affordable Foreclosure Alternatives Program
In the past, anyone who has been involved in the process of seeking approval and finalizing a short sale will more than likely tell you first hand that it has been a tall order. Since the housing meltdown began, short-sale offers have often taken months to get a response from overwhelmed lenders. Even then, there have been no clear guidelines about what kinds of offers are acceptable or about how to handle second mortgages that can easily derail the process.
Industry experts estimate that less than half of short-sale offers have been accepted, and many real-estate agents have avoided showing these properties altogether.
Under the new Home Affordable Foreclosure Alternatives program, which has taken…
Monday Morning Coffee | April 26, 2010
Monday, April 26th, 2010 at 10:39am. 139 Views, 0 Comments.
INSPIRATION FOR TODAY:
"Until one is committed there is hesitancy,
a chance to draw back, always ineffectiveness.
Concerning all acts of initiative and creation,
there is one elementary truth,
the ignorance of which kills
countless dreams and splendid plans.
That the moment one definitely commits oneself,
then Providence moves too." - Johann Wolfgang Von Goethe
The Rich Get Richer
In "Rich Dad's Guide to Investing," the author talks about taking risks. As an example, "Rich Dad" says, "There is risk driving a car. But driving the car with your hands off the steering wheel is really risky." With regard to driving a car, his point is easily understood.
His real message, however, goes a little deeper. He's really speaking of the risks people…
Monday Morning Coffee | April 12, 2010
Monday, April 12th, 2010 at 2:53pm. 114 Views, 2 Comments.
INSPIRATION FOR TODAY:
"A candle loses nothing by lighting another candle."
- Father James Keller (1900-1977)Got A Light?
We all love a compliment. Your manager says to you, "I noticed that your last sale was handled very smoothly. Thanks for offering your customer such excellent service!" Your wife or husband tells you, "I'm so proud of the way you encourage our children!" Your grown child returns home for a visit and says, "Thanks for making it possible for me to get my degree!" Those are "feel good" times, aren't they?
If you live a more or less normal day-to-day sort of life, compliments are always welcome, but aren't absolutely critical to your sense of well-being. You don't have to get them to make it through the day. If you are…
Monday Morning Coffee | April 5, 2010
Monday, April 5th, 2010 at 10:25am. 191 Views, 2 Comments.
INSPIRATION FOR TODAY:
"The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true."-James B. Cabell
THE SKY IS FALLING . . . NOT!
"The glass is half-full." "The glass is half-empty." "Looks like a beautiful day!" "I think it's going to rain." "I'm happy." "I'm depressed." "I'm an optimist!" "How can you be an optimist with things the way they are?"
OK, we all know the difference between an optimist and a pessimist - right? In some of Steven Covey's material, he states that "no one knows enough to be a pessimist." Pessimism, more often than not, is generated by inner fears, most likely fears "of the unknown." Hence, "No one knows enough to be a pessimist."
Consider the child about to learn the art…
Monday Morning Coffee | March 29, 2010
Monday, March 29th, 2010 at 12:00pm. 158 Views, 2 Comments.
INSPIRATION FOR TODAY:
"Whoever gossips to you will gossip of you."- Spanish Proverb
JUDGE NOT . . .
You know the type - there's a gossip in everyone's life. It may be a friend, an acquaintance, or a total stranger. Regardless, it is the person who shares with you any amount of information about another, either about what they have accomplished, or more often, what they have not.
Why does a gossip perform his or her service so readily? Self-aggrandizement is often the culprit. Knowing such valuable information about another as to be able to share it, reasons the gossip, reflects favorably on the provider of such knowledge. In fact, however, gossiping is nothing more than the act of judging others.
When a friend passes judgment on another, might it…
Monday Morning Coffee | March 22, 2010
Monday, March 22nd, 2010 at 11:39am. 176 Views, 0 Comments.
INSPIRATION FOR TODAY:
"We don't receive wisdom; we must discover it for ourselves after a journey that no one can take for us or spare us."- Marcel Proust"
ON MY HONOR . . . !
The Boy Scouts have long espoused the same set of principles. It goes like this: "A scout is trustworthy, loyal, helpful, friendly, courteous, kind, obedient, cheerful, thrifty, brave, clean and reverent." How simple life could be if we all practiced just that short list. Each in itself denotes a wonderful trait. When put into action, all can make the world a better place.So, what happens between the age of scouting and age 30, 50, or 75? How is it that we turn from being a friendly 12-year-old to a suspicious, stand-offish adult? How do we turn the corner from being…
Monday Morning Coffee | March 15, 2010
Monday, March 15th, 2010 at 10:32am. 120 Views, 0 Comments.
INSPIRATION FOR TODAY:
"I keep waitin' for my ship to come in, but all that comes in is the tide."- Lyrics from "Hard Time Losin' Man" by Jim Croce
THE WAITING GAME!
The well-known Nike commercials have hammered into our heads the phrase "Just do it!" Regardless of how you view their advertising, there is magic in the words "just do it." The real key to the message is "doing it," a.k.a. taking action. Anything you have ever desired is available to you if you will it.Now, consider those who are constantly washed over by the "tide." Note that the lyrics in Jim Croce's song say, "I'm WAITING for my ship to come in . . ." and then, "but all that comes in is the tide." That sounds like a victim's lament, as in, "Oh poor me, here I am ready and excited,…
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