Writing your hardship letter can be a very daunting task. This can be very overwhelming for you to sit down and actually write down from the beginning where things went wrong in your life and home. Whether it’s because of underemployment, reduction of pay or hours, unemployment, decline in business, divorce, high medical or health [...]
Thinking about doing a short sale? Already have your property listed with an agent for a short sale? I cannot stress enough how important it is for you to start gathering your paperwork. All mortgage companies require paperwork from you when submitting an offer for a short sale. Though mortgage companies differ on exactly what [...]
October has been a crazy month for approvals! While we have grown accustomed to having multiple successful transactions each month, we have recently had closings that had the potential to be really tough had we not handled them as a team here at MH Solutions from the very beginning. These challenging files had a variety [...]
Recent data from RealtyTrac and other housing analysts suggest that REO sales are up. REO or “Real Estate Owned” homes are properties that have been taken back by the bank. It is estimated that in 2011 nearly $825,000 REO properties will be sold by banks nationally. It is also predicted that with the rates of [...]
As industry experts suspected, banks are starting to process foreclosures again. After slamming down the breaks on the foreclosure process due to uncertainty and lawsuits surrounding the robo-signing incidents, several of the nation’s largest lenders are starting to touch on the accelerator (albeit gingerly) once again. “For the better part of a year, we haven’t [...]
Hope may be coming for those current on their mortgage. If you have a Fannie Mae or Freddie Mac mortgage don’t give up hope on keeping your home. There is rumor in the White House of a new program that will allow homeowners who have a mortgage with one of the two quasi-government agencies to [...]
Recent national data indicates that there has been a dramatic decrease in foreclosure filings this year. What at first appears to be a glimmer of hope that the housing market may be on the rebound, upon further inspection, is in fact a harbinger of a long road to recovery. Banks have pulled back on filing [...]
By using MH Solutions Inc you can rest assured that you will not fall out of compliance with the FTC’s MARS ruling.
Foreclosures are at an all-time high and that has resulted in more debt relief companies appearing almost overnight.
Although the real estate market is still struggling, some good news was released in the December 2010 report by the Maine Real Estate Information System (MREIS).
NPR has been reporting on the housing crisis since the beginning, and here they offer a detailed look at what has happened in the real estate industry in the last few years. People all over the country, can relate to the story of Lot 354 in Los Angeles, CA. [audio http://marketplace.publicradio.org/www_publicradio/tools/media_player/popup.php?name=marketplace/pm/2011/01/13/marketplace_cast2_20110113_64&starttime=00:10:47.0&endtime=00:27:52.0] Before foreclosures, short sales, [...]
Tax season is upon us once again and if you have faced a foreclosure, or gone through a short sale you may have questions about how it will affect your taxes this year. Typically there are tax implications for anyone who has been foreclosed on, been through a short sale, or been issued a deed [...]
When you are facing foreclosure of your home, it can be confusing to know what to do. The most important thing is to be well informed of your options and act quickly. You do have options other than letting the bank foreclose on your home. The process starts when the lender decides to move forward [...]
Many homeowners throughout Maine and the US are facing foreclosure, it seems to be an unfortunate circumstance of these tough economic times. Many owe more on their mortgage than their home is worth making it impossible to sell their home using a conventional method. Until recently people who fell behind on their mortgage payments or [...]
When you’re not able to keep up with your mortgage payments, and you are exploring your options, one obvious concern is how your credit will be affected, and how hard it will be to get a new loan down the road. Since government and institutional loan modification programs, have been, for the most part, ineffective [...]
Maine Foreclosure Time Line View video explanation of time line here. All too many times we have seen people struggle unnecessarily because of a lack of understanding about the foreclosure process here in Maine. We have seen homeowners move out of their homes after receiving the initial Complaint for Foreclosure only to struggle to pay [...]
Title Companies can be a joy or a terror to work with when it comes to short sales. And anyone who’s been in the business any amount of time will tell you that not all title companies are the same. Over the past few months we’ve had a couple of instances where title companies really [...]
Look out! When Bank of America is servicing a Fannie Mae or Freddie Mac loan it may take upwards of 6 months to get short sale approval.
There are two ways the tax consequences of a short sale can be reduced or removed. For a primary residence the Mortgage Forgiveness Debt Relief Act of ’07 comes into play. For other property, insolvency is grounds for tax relief.
Today I read in the Portland Press Herald that Maine could experience a 5-10% decrease in housing prices in ’09. According to the article, last year the median home price in Maine fell about 7% to $180,000 with a 21% decrease in sales volume. Last I heard, Maine ranked 38th in States for foreclosure rates, [...]
In light of lack luster real estate sales and declining home values, there have recently been some changes regarding the FHA pre-foreclosure program. These changes will allow for more FHA backed loans to be approved to participate in HUD’s program, so take note! Here are the major changes: Elimination of the clause calling [...]
Good Morning Mainers! I hope everyone is having a great day. Today I’d like to discuss forbearance plans. Lenders offer this as one of the few options to clients who are in default, but beware, it is not usually in the clients best interest to enter into a forbearance plan! When home owners go into default, [...]
The Fed Funds rate hit an all time low this past Tuesday ranging from 0% to about 0.25%. This could mean good news for Mainers facing foreclosure or looking for a new loan. When the Fed Funds Rate drops it becomes cheaper for banks to borrow money. Since they’re borrowing for less, they can then [...]
If you are currently in the middle of a short sale you may be in luck. Lenders are eager to try and unload their non performing assets (aka defaulting mortgages) before the beginning of the new year. We see this at the end of all the quarters, and to a lesser extent at the end [...]
Lenders will try and force you into paying more than you really should through scare tactics and threats. Forbearance agreements where the lender tacks on some of your past due amount to your monthly mortgage payment sets you up for failure. The only true solution to keeping your home and avoiding foreclosure is a loan [...]
