Legislation to give homeowners who are on the brink of losing their home a 90-day period to work out a payment plan with their lending institution passed the Senate Banking and Financial Institutions Committee last week.
House Bills 4453-4455 would allow consumers who are on the brink of foreclosure a 90-day period to attempt a loan modification plan.
Further provisions of the legislation would require the lending institution to provide the borrower with written notice of the reason for default, information on the mortgage holder including the name, address, phone number, and an assigned contact with the mortgage holder. If an agreement is reached with the mortgage holder, the loan will not be foreclosed upon if the borrower is able to abide by the terms of the agreement. This legislation further stipulates that a borrower would not qualify for this program if they qualify for the
Federal Loan Modification Program. Given the increasing number of foreclosures in this state, these bills are a big step in keeping Michigan citizens in their homes.
The MAR staff continues to monitor this legislation and will keep you apprised of any action on this package of bills as it moves through the legislative process.
News From NAR: Homebuyer Tax Credit not only for First Time Homebuyers: Provisions include credit available for those who haven’t owned a home in 36 months
H.R. 1, the “American Recovery and Reinvestment Act of 2009,” is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. Elements of NAR’s housing agenda were included in the final passage of the bill.
The bill includes many REALTOR®-friendly provisions, including the First-Time Homebuyer Tax Credit. The $8,000 tax credit is available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. Also important to note is that the tax credit is available to homebuyers who have not owned a principal residence in 3 years. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
For more information on the Stimulus package and the provisions,
please click here.
Ellyn Davidson, of Ignite Social Media, has been added to the Broker Summit lineup with her session “Making Sense of Social Media”. The session will help brokers make sense of the confusing array of social media, from blogs to podcasts, from wikis to Facebook and YouTube. Her session will close the summit, which takes place April 22-23, at the Inn at St. Johns in Plymouth.
Also providing additional value is continuing education opportunities for brokers at the Summit. Sessions approved for CE include “Building Profitable and Sustainable Brokerages in the New Market” with Jeremy Conaway, “Broker Legal Issues” with Gail Anderson & Greg McClelland and “90 Day Recruiting Interview” with Debra Asher. For all session and speaker information visit the MAR Broker Summit Web site.
In a market that is ever-changing it is important to come together as an industry and discover real solutions and real challenges, as one.
Register today for MAR’s Broker Summit, and connect, learn, and prosper to improve your business and increase success.
Register Today!
With the use of social media growing in the real estate industry, the MAR Facebook Group is a useful tool for all MAR members. With over 450 members, the group serves as a forum to network, connect, and discuss issues related to the industry with your peers and colleagues. When visiting the MAR Facebook Group, you can find the Discussion Board feature below the member listings, and above the wall feature. Click on each topic to add your point of view, or start a new topic, to generate conversation. In today’s market it is important to come together as an industry and share tips, techniques and pointers for increased business and success.
NAR has unveiled their 50 candidates for the
30 under 30 feature for the REALTOR® magazine. The feature runs in the June issue, and your vote can count! Candidates include up-and-coming real estate professionals who are already making their mark with smart business practices, community leadership, and industry innovation.
Christian Grothe, of Max Broock Inc. in Birmingham and Alex Milshteyn of Edward Surovell REALTORS® in Ann Arbor, are representing Michigan on the list of candidates. You can browse each finalists brief profiles on the 30 under 30 Web site, and vote for your favorite. The candidate with the most votes will earn the “Web Choice Award” and will be honored at the Young Professionals Network event during the 2009 REALTORS® Conference & Expo in San Diego this November.
MAR would like to congratulate Grothe and Milshteyn, and encourage members to vote for their Michigan colleagues today. Voting ends April 30th.
Vote for NAR's 30 under 30 Today!
With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in e-news. We will be featuring a different question each issue.
QUESTION: I am a REALTOR® representing sellers on the sale of their house. They entered into a purchase agreement with a buyer yesterday. Today the buyer’s agent called me and said that the buyer wishes to exercise his three day right of rescission. Does such a right exist?
ANSWER: NO. There is no three day right of rescission on a contract for the sale of real estate.
Throughout the United States there is a growing concern about the high costs of long term care and the impact those costs have on financial security, retirement planning and quality of family life.
In response to this concern, the MAR has endorsed a long term care insurance program for the benefit of our members. All MAR members, and their eligible relatives, can now receive a premium discount on Great American Life long term care insurance products through the MAR Edge member benefit program.
For more information on the long term care insurance discounts please contact Great American Life's long term care help line at 800.557.5721.