Michigan Association of Realtors

Foreclosure Prevention Laws Now in Effect: Laws give additional time for homeowners facing foreclosure to work with lenders

Newly-enacted 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 has gone into effect this week. Public Acts 29, 30, and 31 of 2009, allows consumers who are on the brink of foreclosure a 90-day period to work with their lenders on a loan modification plan.

Further provisions of the law 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. These new laws are designed to get both the borrower and the mortgage holder to the table to work out a plan in order to forego the foreclosure process. 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. Additionally, the new law gives homeowners the right to take their case to court if a lender does not cooperate on a loan modification plan. While the MAR fully supports keeping homeowners in their homes, the MAR believes that the judicial aspect of this law may clog up the legal system, thus “dragging” the process out and increasing costs all around. However, given the increasing number of foreclosures in this state, these new Public Acts are a big step in getting struggling homeowners the help they need in order to keep their homes.

Please visit the MAR Web site for additional legislative news.

 

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Social Media, Coaching Buyers, Financing for a New Market & More at MAR’s 2009 Convention & Expo

The knowledge session line up is being finalized for the 2009 MAR Convention & Expo, and is sure to impress those facing challenges in today’s market. The MAR 2009 Convention & Expo is being held October 7-9, 2009 at the Grand Traverse Resort and Spa in Acme, MI. This year’s knowledge sessions include nationally renowned speakers, who are making their only trip to Michigan this year. Don’t miss your opportunity to learn, and benefit from these sessions & more:

5 Social Media Tools for Building a Solid Business Foundation, Daniel Rothamel
Social Media is having a dramatic impact on the way real estate professionals manage their business and communicate with clients and prospects. In this session, you'll learn about 5 tools you can use to take advantage of the opportunity that social media provides to increase your effectiveness and ramp up your business.

Coaching Buyers for Success, Jackie Leavenworth
Are you in real estate or "wheel" estate? Stop driving people around who will never buy! Today's buyers are different, they shop differently, they think differently and they buy differently. Learn fun, new approaches to get the buyers off the fence and ready to buy.at a realistic price.

New Financing Realities for a New Market, Chandra Hall
This course will reflect new guidelines and realities in FHA, VA, HUD, RESPA, and conventional financing, including the impact of credit scores. Other topics being discussed include: current changes in finance and the economy, the current state of affairs with Fannie Mae and Freddie Mac, and statistics and legislative events in the area of foreclosure and short sales. There will also be information on programs and resources (and how to access them) about foreclosure available to those in need.

Keeping Current Matters in Today's Market, Steve Harney
In this course you will learn how to use current trends and the media to your advantage in diminishing buyer uncertainty and educating uniformed sellers on pricing strategy. Learn how the top professionals help their clients understand the information and translate that into ACTION.

Check out the rest of the Convention Schedule of Events on the MAR Convention Web site. Remember, register early and save!

Register Today!

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Michigan REALTORS®, are governed by the law of the Sixth Circuit; not impacted by recent appellate court opinion regarding transaction fee/RESPA

On April 20, 2009, a federal judge in Alabama concluded that a broker’s “administrative brokerage commission” fee of $149 per transaction violated Section 8(b) of RESPA. A brief review of the law demonstrates that the Alabama decision changes nothing in Michigan. For a full analysis of the law from MAR’s general counsel, click here.

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MAR Announces 2010 Leadership Team

At its June 25 board meeting, the MAR Board of Directors elected Treasurer Claire Williams, of Western Wayne Oakland County Association, 2010 president-elect and Beth Foley of the Western Michigan Lakeshore Association Treasurer. Ms. Foley, currently with Summit Properties, Holland, MI, started in the real estate business in 1986. She has served on the MAR finance, grievance, and professional standards committees. This year’s president-elect, Bob Taylor, of the Metropolitan Consolidated Association, will serve as the 2010 president.

Click here to read more about your MAR leadership team

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Take Part in MAR District 14 Special Election!

A vacancy has been created for the position of MAR District 14 Director. Pursuant to the MAR Bylaws, vacancies on the Board of Directors in positions held by the Directors elected by a MAR District are to be filled by a Special Election. Members of the Association who reside in the corresponding MAR District will vote for a MAR Director who resides in the District and satisfies the necessary criteria to serve on the MAR Board of Directors.

The vacancy will be filled for the duration of the term (1 1/4 years) and then District 14 will be open for elections again for a term beginning in 2011. The candidate who is elected to fill the vacancy can run for re-election and would be eligible to be elected to two successive terms following this abridged-term. Questions? Please contact Brian Westrin at 800.454.7842.

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Recently, the Department of Energy, Labor and Economic Growth (DELEG) revised and reformatted the FAQ (frequently asked questions) for the online application system (iCOLA).

View the Revised DELEG Document Here

This document provides helpful information for real estate sales person and broker applicants and provides general information concerning logging into iCOLA and other important tips for using the system.

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QUESTION: I am a REALTOR^® representing a seller of a home that is in foreclosure. We are attempting to arrange a short sale. It is my understanding that a seller disclosure statement must be provided despite it being a short sale. Is this true?

ANSWER: YES. There is no exception in the Seller Disclosure Statement Act for short sales.

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