Sheriff’s Deeds in Washtenaw County is Down

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The number of recorded Sheriff’s Deed is slowing down.  Only 36 Sheriff’s Deeds were recorded in March.  This was the lowest number of recorded Sheriff’s deeds scored since the 30 recorded back in July of 2006 representing a significant downward trend.  Comparing last March 2012 to March 2013 the recordings have dropped 28% and compared to last month they have dropped 23.4%.

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Buyers have been purchasing homes quickly as inventory is reported “low”.  Buyers want to take advantage of low interest rates being offered by banks and mortgage lenders.

Sellers, this is an excellent time to place your home on the market.  Have you been thinking about selling your home?  Call the Listing Experts at Kathy Toth and Team to get expert advice about pricing your home in this Spring market.

An updated table showing monthly recording for January 2002 through March, 2013 is presented below.  This press release was prepared according to Lawrence Kestenbaum, Washtenaw County’s Clerk and Register of Deeds.

March 2013 Sheriff Recordings

Find out more from the Ann Arbor Experts!  Search for homes in the Ann Arbor Area.

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The Mortgage Forgiveness Debt Relief Act Did Not Go Over The Cliff, Here to Stay Through 2013

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Fiscal Cliff1Was there any good news for Distressed Homeowners as we waited for politicians to avoid taking us over the Fiscal Cliff?  Yes!  The Mortgage Forgiveness Debt Relief Act  was extended through December 2013.  All of our Clients can breathe a sigh of relief.  What does this mean to homeowners who are under water on their Principal Residence and thinking about listing their homes; and for those already under contract? Well, it means continue as planned and move forward.

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007.  The Act was designed to help distressed homeowners find relief from cancelled debt.  According to the www.IRS.gov website:

“If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

 The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.”

Get answers to some of the most frequently asked questions regarding the Mortgage Forgiveness Debt Relief Act and Debt Consolidation such as:

What is Cancellation of Debt?  |   Is Cancellation of Debt income always taxable?  |  What is the Mortgage Forgiveness Debt Relief Act of 2007?  |  What does exclusion of income mean?  |  Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?  |  Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home?  |  If the forgiven debt is excluded from income, do I have to report it on my tax return? 

There are many more questions and answers regarding the Debt Relief Act that apply to individuals each with their own circumstances so when it comes to the Debt Relief Act and Debt Cancellation individuals should consult a tax consultant and an attorney.

Call the Kathy Toth Team your Ann Arbor Distressed Property Experts!

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Foreclosure Trends in Ann Arbor Area – Harder to Find Foreclosure Deals

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TO find allForeclosure / Bank-owned, MI Real Estate:

120 Foreclosure / Bank-owned Listings »

Imagine finding your perfect Foreclosure / Bank-owned home – we can help and are hired by the banks to market these homes.  Would you lik to find out about these before they hit the Ann Arbor Real Estate market?

Foreclosure / Bank-owned MI Real Estate

Foreclosure / Bank-owned Real Estate/ Bank-Owned Listings for this Guide (120)

About Foreclosure / Bank-owned homes.  The number of sheriff deeds has been decreasing so the number of homes available are shrinking.

Washtenaw County Sheriff’s Deeds Still Lower for Ann Arbor and all Washtenaw County

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Washtenaw County Sheriff’s Deeds November 2012 Report.

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According to Lawrence Kestenbaum, Washtenaw County’s Clerk and Register of Deeds office, “Only 784 Sheriff’s Deeds were recorded in 2012 through November, compared to 1,045 in 2011 and 1,337 in 2010.  This year’s year-to-date total continues as the lowest since 2006.”  If you are looking for foreclosures in Ann Arbor, there are still some bargains to be found.

The 2012 year-to-date Sheriff’s Deeds recorded were 24.9% less than last year.  We are running close in totals to the year’s 2006 & 2007 showing good signs of stability in the real estate market.  🙂

Do not wait to list your home?  This is the perfect real estate market to show off your property.  The number of homes listed is low and there are fewer and fewer distressed properties for home buyers to choose from.  We are not looking back.  All the market signs are leaning toward a great selling market.  Buyers want to take advantage of the all-time low interest rates.  Many homes are receiving multiple offers.  The weather is mild for this time of year and Buyers are looking, qualified, and eager to make their new home purchase.

Search for Foreclosed Properties / Bank Owned properties.

Below is the updated table showing the monthly recordings for January 2002 through November 2012 for you to review.

Want to keep track of homes that are coming on the market.  Search for homes at HomeSearchAnnArbor.com

When looking for expert real estate advice contact Kathy Toth and Team (734) 426.6669.

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October Monthly Sheriff’s Deeds Report for Ann Arbor and All Washtenaw County

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Monthly Sheriff Deeds Recorded Drops Again in All Washtenaw County, Michigan

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The future is bright with the news release from Washtenaw County’s Clerk and Register of Deeds Office.  There were only 74 Sheriff’s Deeds recorded by Washtenaw County in October.

With year-to-date totals, comparing 2011 to 2012 there was a 24.6% drop in the total number of recorded sheriff’s deeds.  All signs heading in the right direction. DOWN!!  The numbers are indicating a strong finish as we head into the last 2 months of the year.  Totals have not looked this good since 2006.

Have you been sitting back waiting for the market to improve?  All signs show – It’s a Go! Time to list your home.  With Forclosures down in Washtenaw County, and less inventory on the market, and interest rates still at all-time lows, sellers have been receiving multiple offers on their homes.  Buyers are pre-approved with their low interest rate loans and eager to take advantage of favorable market conditions.

Call Kathy Toth and Team at 734.426.6669 and list your home today.

Take a moment and review the data from as far back as 2002 – 2012 which has been provided for you by Lawrence Kestenbaum, Washtenaw County’s Clerk and Register of Deeds.

Find out more from the Ann Arbor Experts!  Search for homes in the Ann Arbor Area.

Search for Foreclosed Properties / Bank Owned properties.

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Kathy Toth and Team – Keller Williams Ann Arbor Market Center, Ann Arbor, Michigan – KathyToth.com

 

 

Are you facing foreclosure? You may have a better way in Ann Arbor Area.

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Are you facing foreclosure?  Look no further, you may have a better way out.  

 

What are some of the differences between a short sale and a foreclosure? Kathy Toth, REALTOR and Certified Distressed Property Expert, is here to help you with some of the questions you may have regarding this very important topic.

Click here for Assistance

If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please complete the on-line form to the left.  With just one click you will be on your way to getting many of your questions answered.  A qualified short sale agent will be in touch with helpful information.  Click here for Assistance.

For even more detailed information regarding a Short Sale Vs. a Foreclosure, please print out and read our 3-page brochure entitled Foreclosure Vs. Short Sale – Homeowner Consequences  Or, if you know of anyone that could use this valuable information feel free to pass it along – give them a copy of this brochure and have them contact The Kathy Toth Team soon at 734.426.6669.

 1.  Do you have a security clearance you need to maintain?

2.  Did you know that your employer may check your credit report?

3.  What is a Deficiency Judgement?

4.  How much will your credit score be lowered if you go through a foreclosure?

All these questions and more will be reviewed to further help you understand the ramification of a Short Sale Vs. a Foreclosure.  Make sure you print your copy today.

We ant to help you avoid foreclosure in Washtenaw County and find out more from the Ann Arbor Experts, Certified Distressed Property Expert!  To Search for homes in Ann Arbor and the entire surrounding Washtenaw County area go to www.HomeSearchAnnArbor.com.

 

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Michigan Foreclosures Are Down|734-669-0337|Ann Arbor Area Real Estate Experts

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Foreclosure Activity in Michigan Mapped Below


What Counties Have the Highest Foreclosures?

Wayne County clearly has more foreclosures and Washtenaw Foreclosures continue to delcine as reported.

There are currently 82 foreclosures listed now in Washtenaw County. We have had many short sale sellers contact us about proceeding before their redemption period ends. Homes listed as short sales are here.

If you have questions about selling your home short, click here. I have co-authered the Book Should I Short Sale My Home?
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Washtenaw County Sheriff’s Deeds Down Again in 2012

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Kathy Toth & Team, Keller Williams Realty Ann Arbor Market Center, Ann Arbor, MI 734.426.6669

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Washtenaw County Recorded Sheriff’s Deeds are down 27.8 percent compared to the same time last year.  The monthly foreclosure  totals are very reflective of the year 2006.  This is excellent news with only 4 more months yet to be revealed in 2012.  There were a total of 571 Sheriff’s Deeds recorded of the 8 months in 2012 compared to 791 for the same time frame in 2011 and we have not had a lower total comparing the same time frames since 2006 which had a total of 411 Sheriff’s Deeds recorded.   Comparing only August  of 2011 to August of 2012 we are down 39.6% from last year.

An updated table showing monthly recording for January 2002 through August, 2012 is presented below.

Market inventory is still low in Ann Arbor, Michigan  and throughout the entire Washtenaw County area.  Now, makes for a great  time to list your home because buyers are eager to purchase the inventory. Never a better time for Buyers – So Why Rent When You Can Own especially with interest rates at an all-time low.

 

August 2012 Sheriff's Deeds Report

If you would like to know what your home is worth now, click here.

Look at where the forclosures are located.

Search for homes in Ann Arbor, Michigan at Home Search Ann Arbor.

Need to know the steps to purchasing a home First-Time-Buyer information.

Do Short Sale Changes Impact Your Ann Arbor Area home?

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Are you considering doing a short sale in Ann Arbor? Short sale changes are coming again.

There is always something new and your Washtenaw County Real Estate Experts Team, Certified Distressed Property Experts know how to implement the short sale changes.

If you are considering a short sale, here is updated information that you might consider it. The Federal Housing Finance Agency has new rules concerning short sales that will go into effect Nov. 1. So if you are a Michigan homeowner who has an underwater mortgage, your short sale experience will be a lot easier.

On Tuesday, the FHFA announced new rules that do not require homeowners with an eligible hardship to be delinquent on mortgage payments to qualify. But homeowners must have loans backed up by Freddie Mac and Fannie Mae.

The new FHFA rules include:

  • An offer from Fannie Mae and Freddie Mac of up to $6,000 to second lien holders in order to expedite a short sale.
  • Homeowners with a specific hardship, such as divorce, long-term disability, unemployment or a death in the family can be approved by a loan servicer, without having to go through Fannie Mae or Freddie Mac.

Although RealtyTrac reports that short sales are on the rise, some sales are still blocked by issues.

Still confused about what a short sale is?  Look at our blog post with video or tune into 102.9 FM in the mornings; we are your Washtenaw County Short Sales Experts.  Do you want to see if you qualify?

Are you wondering how underwater your home is? Visit our free calculator to see how your Washtenaw County home stacks up. You deserve the short sale team that can get you to the closing table. Listen to what others say about your Washtenaw County Short sale experts; call us at 734-426-6669.

Should Ann Arbor Area home owners do “Strategic Default” ?

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3 Reasons the Term “Strategic Default” Is Misleading

In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from your mortgage—if they were underwater (owed more on their home than what it was worth).

Now that more than one in four American homeowners is “underwater,” I feel that it’s important for the community to know the truth about strategic default.

The truth is the foreclosure process carries with it credit issues, current and future employment challenges, issues with security clearance and possible debt collections.

That’s why it is vital to explain the 3 reasons why the term “strategic default” is misleading:

  1. There’s nothing strategic about defaulting on purpose, especially when you have options like short sales, mortgage modifications, and refinance (just to name a few) that may keep you from foreclosure.
  2. The waiting periods to apply for a new mortgage loan are at least five years less in a short sale vs. a foreclosure.
  3. A foreclosure will show up on your credit report every time you apply for a home loan, car loan, new job, etc., and will affect your financial situation for many years to come.

Luckily, we are experiencing less foreclosures in Washtenaw County in 2012.  There are 177 homes in our Ann Arbor Area Board that are foreclousres and or short sales today.

If you are under water and can no longer afford your mortgage payments, you need to create a genuine strategy to avoid foreclosure, helping to provide stability for you and our community.  You may be eligible for a Short Sale.

If you have any questions about what steps you or someone you care about should take next, contact us today! 734-426-6669

Kathy Toth, CDPE