This Friday at noon at 200 N Main St Ann Arbor, Michigan, I am speaking at The Family Law Section to discuss when The Marital Asset Becomes a Liability. Part of the discussion will be offering options available like the option below, imputed rental value, unique marketing, and short sales. One quarter of the sellers who call us, it seems, are candidates for lender workouts, short sales, or foreclosures. Our goal is to assist and educate in the process so Ann Arbor homes sellers adopt the best option for them, based on their attorney suggestion. We will discuss tax implications including the Mortgage Foregiveness Debt Relief Act of 2007.

Six major lenders have agreed to allow seriously overdue (90 days or more days past due) home owners to suspend foreclosures for 30 days, giving them time to work out affordable loans. The lenders are: Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc., and Wells Fargo & Co.

The plan called Project Lifeline was introduced by the Department of Housing and Urban Development. These six lenders participate in the Hope Now plan that President Bush organized to freeze rates on some high-cost subprime mortgages for five years to help borrowers whose rates adjusted.

Because of the increased need for this option, we have created a site called www.AnnArborShortSale.com for Ann Arbor Michigan Home Sellers.  We have aligned ourselves with Short Sale experts to expedite the process for our clients.Search all listings in Michigan with pictures and tours...Free!

Search all listings in Michigan with pictures and tours...Free! Kathy Toth & Team: Ann Arbor Area Real Estate Experts www.KathyToth.com Keller Williams Realty