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Loss Mitigation News Updates

What does the Housing Stimulus Plan mean to you?  There are essentially two (2) components: 

• If you are current and have missed no payments, you may refinance up to 105% of the current value.

• For those who have missed payments, may qualify for a loan modification if there expenses are in excess of a certain percentage of their gross monthly income.

Call us to learn more or see if you might qualify at

248.505.2509!  The key is to take some kind of

action as soon as possible.  

 Or, visit:  http://www.financialstability.gov/makinghomeaffordable/refinance_eligibility.html  to check your eligibility.

For anyone considering a short sale, short pay or deed in lieu of foreclosure, you will want to consult with a CPA.  There could be tax consequences associated with any debt forgiveness.  The Debt Relief Act of 2007 only covers certain instances. 

I recommend:

Dan Lis, CPA

Lis, McEvilly & Associates, P.C.

32410 Five Mile Ste. 104

Livonia, MI 48154

Phone:  734-266-8120  Fax 734-266-8129

email:  Dan@liscpa.com