For those who have recently been involved in a bankruptcy, foreclosure or a short sale, know that purchasing a home subsequent to any of these proceedings will take some additional time, patience and more than likely, extra funds! This article is intended to provide insight on what to expect for those homeowners who have lost their homes and are now seeking financing after the fact. Many lenders tightened their general home loan qualification standards partly in response to the steep decline suffered by the mortgage lending markets in late 2008. Below is a brief summary and timeline for obtaining financing after coming out of Bankruptcy, Foreclosure or a Short Sale.

FORECLOSURE TIMELINE

If one has previously experienced foreclosure in the recent

When selling anything, owners can only hope there is a strong demand for that which they are selling. The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time.

The  spring housing market of 2013 is projected to be one of the best in years.

Home Sales

The National Association of Realtors(NAR) reports monthly on both pending sales (houses going into contract) andexisting home sales (actual closed sales).

In the first quarter of 2013, pending sales have consistently outperformed the numbers reported in 2012. Contract activity has been above year-ago levels for the past 22 months. Before this year, the last time the index showed a higher reading was in April 2010,

As of today Sunday March 17, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com

1. http://www.markzproperties.com/listing/213020340-42900-ledgeview-dr-novi-mi-48377/

2. http://www.markzproperties.com/listing/213020819-48113-andover-dr-novi-mi-48374/

3. http://www.markzproperties.com/listing/213023242-50665-billenca-dr-novi-mi-48374/

4. http://www.markzproperties.com/listing/213016725-44330-deep-hollow-cir-northville-twp-mi-48168/

As of today Friday February 8th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com

1. http://www.markzproperties.com/listing/213015111-8888-orrick-st-commerce-twp-mi-48382/

2. http://www.markzproperties.com/listing/212125734-49450-deer-run-northville-mi-48167/

3. http://www.markzproperties.com/listing/213002132-3000-quarton-rd-bloomfield-hills-mi-48304/

4. http://www.markzproperties.com/listing/213016725-44330-deep-hollow-cir-northville-twp-mi-48168/

5.

Effective March 1, 2013, Fannie Mae and Freddie Mac have rolled out new rules for a Deed-in-Lieu of Foreclosure.

Here’s what you need to know…

·  The new rules for a Deed-in-Lieu of Foreclosure will allow qualifying homeowners who are currently underwater to walk away from their property and cancel their debt without any future responsibility for the deficiency. 

 To be eligible, homeowners must meet the following requirements…

 · Need to be current or less than 90 days late on their mortgage payments.

·  Must be making payments of at least 55% of their monthly income.

·  Prove a hardship, job relocation, no longer employed, death or illness, etc…

·  Home must be clean and in good repair.

Plus depending on the homeowner’s financial

As of today Friday February 8th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com

1. http://www.markzproperties.com/listing/212105489-2690-elizabeth-ln-west-bloomfield-twp-mi-48324/

2. http://www.markzproperties.com/listing/212125734-49450-deer-run-northville-mi-48167/

3. http://www.markzproperties.com/listing/213007344-1884-magnolia-dr-commerce-twp-mi-48390/

4. http://www.markzproperties.com/listing/213009244-4925-lockhart-st-west-bloomfield-twp-mi-48323/

5.

$3,000 Grant Available For First Time Home Buyer Credit

MSHDA (Michigan State Housing Development Authority) has just released a 15 million dollar grant program for individuals who have not owned a home in the last 3 years, and are looking to purchase of a single-family, owner occupied, principal residence. This program supports non-military and military homebuyers.  Non-military homebuyers are eligible to receive grants up to $3,000. Active military and veterans are eligible to receive grants up to $5,000. Neither grant can exceed 25% of the sales price. The grants can be allocated towards the purchasers down payment and/or costs. There are no income or asset limitations for this product and the grant is not required to be repaid. 

Additional

As of today Monday February 4th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you would like me to post this every day, just leave a comment below. If this seems to be something that everyone would like then I'll continue to post them. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com 

1. http://www.markzproperties.com/idx/search.html?search_mls=213002889

2. http://www.markzproperties.com/idx/search.html?search_mls=212105489

3. http://www.markzproperties.com/idx/search.html?search_mls=213007344

5 Reasons You Should Buy A Home Now!

Many potential buyers are waiting until they can be 100% sure the real estate market has fully recovered before making the move to purchase a home. Here are five reasons why waiting might not make sense any longer:

1.) Prices Are on the Rise

The latest Case Shiller Home Price Index revealed that home prices have appreciated 5.5% over the last year. This is occurring across the nation as increases were reported in 19 of 20 metros. The Home Price Expectation Survey, which polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts, calls for continued appreciation over the next five years.

2.) Mortgage Interest Rates Are Expected to Increase

The Mortgage Bankers