Chances are that you or someone you know in the Ann Arbor area is facing the possibility of foreclosure. Please understand that you/they are not alone. Today, 1 out of every 10 homeowners in America is behind on their mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at The Bouma Group, I’ve found that homeowners today have more questions than answers about their circumstances. We have created a website www.avoidannarborforeclosure.com to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners. On the website, I’m offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.

As Ann Arbor Reators with the CDPE® Designation, both Kristal Brown—my listing specialist, and myself have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you. If you would like to know more about your options, please check out our foreclosure website or call us at the office. I am here to help … in any way I can.

Here at the Bouma Group we continue to remain optimistic for 2011. Our powerful Ann Arbor real estate team in conjunction with our cutting edge marketing and national networks, has kept us in the forefront of real estate both on a national level as well as in Ann Arbor for the 9th year in a row.

We continue to be Washtenaw County and Ann Arbor’s #1 home seller, having helped over 200 families move in 2010, and we owe our success to our past clients and friends. If you are thinking of buying or selling this year, feel free to give me a call at 734-761-3060. I’ll gladly sit down with you and share my market knowledge so you can make the right decision for your family. And, please visit our websites, www.bouma.com, www.condohotline.com/annarbor, or www.subdivision.com for current information on the Washtenaw County real estate market.

What is a foreclosure sale?
After a severely delinquent customer goes through the foreclosure proceedings, their home becomes the property of the investor or bank. At that time, the home is sold at public auction. It is only after that time that a customer may be evicted from their home.

What does this mean for customers currently in the foreclosure process?
Bank of America will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time. Foreclosure sales which were scheduled for October 9 or later were stopped and will be rescheduled at a later date.

Why are banks taking this action?
Due to questions raised about the foreclosure affidavit-signing process, steps are being taken as a precaution. Most lenders are reviewing their processes for handling foreclosure documents.

What is a foreclosure affidavit?
A foreclosure affidavit is a legal document filed with the court that provides a summary of information about the foreclosure, the property and the amount that is owed on the note. In 23 states where the courts have jurisdiction over foreclosures, an Affidavit of Indebtedness must be submitted before proceeding with the foreclosure.

Are you a homeowner who wants to avoid foreclosure in Ann Arbor, and needs to know your alternatives? Contact Martin Bouma, a Certified Distressed Property Expert (CPDE), who can help you find an alternative to foreclosure. If you are interested in buying or selling a home, The Bouma Group can help you with your real estate needs in Ann Arbor, as well as keep you up to date about Washtenaw County and Ann Arbor neighborhoods.

The problem of abandoned homes is an interesting dimension of the housing crisis in Detroit, as well as in Ann Arbor and around the country.  With so many homes being foreclosed upon, the “orphaned” properties that remain have created difficult legal disputes as to who should care for the properties while the foreclosure process occurs. In many cases, the homeowners abandon their homes upon receiving their first notice.

The vacant properties bring down the value of the neighboring properties. While they are empty, the houses may be further destroyed by squatters or vandals spray-painting them. As a result, the properties remain abandoned and are not maintained.  They may create hiding places for gangs and crime.   In addition, existing damages and defects are not repaired by the bank holding the titles. They also attract arsonists

Disputes also occur because while the borrower is still the owner, the lender keeps the lien. Many court cases arise as to who will pay the taxes and maintain the houses.  More often than not the local cities lose out on the taxes. There are also numerous cases where the value of the home was so low that the banks just boarded them up and left them.

In several areas of the United States, “Bank Days” are being held in courtrooms. Judges and prosecutors are cutting deals and demanding that the lenders maintain, repair and do basic upkeep. Certain judges even fine the lenders if the house falls into disrepair.  The owners are not getting off completely free though from their responsibilities. For other judges, the taxes, upkeep and maintenance are split between the lender and the owners.

Homeowners, if you are in trouble with your mortgage and have received notice of pending foreclosure, seek help immediately!  There is plenty of foreclosure help available in Michigan, with housing counselors available right here in Washtenaw County.   Do not leave your home until the foreclosure is complete.  Until that time, the home is your responsibility to maintain.

Martin Bouma is a Certified Distressed Property Expert (CPDE) who can help you find an alternative to foreclosure.  If you are interested  in buying or selling a home , The Bouma Group can help you with your real estate needs in Ann Arbor, as well as keep you up to date about  Washtenaw County and Ann Arbor neighborhoods.

Well, the numbers just came in from the Ann Arbor Area Board of Realtors – Ann Arbor area real estate values are down 15.5%. This is a great figure, however, it’s much like saying the temperature in the USA is 82 degrees. What does that mean? Not a lot, because it doesn’t take into account the fact that the temperature can range from 10 degrees – 102 degrees depending on where you’re located. Well, home prices are just the same. Depending on where you live in Washtenaw County, your rate of decrease can vary dramatically.

Data collected from the Ann Arbor MLS shows that depending on the school district, there are large differences in market stats. Comparing data from the 4th Qtr of 2007 to the 4th Qtr of 2008, using price/Sq Ft as the true indicator of price, the chart below shows that the depreciation has ranged from a low of -7.1 in Chelsea to a high of -38.8% in Willow Run. Ann Arbor saw a drop of -7.6% putting it in the lower range.

Interestingly enough, the Washtenaw County areas with the largest price drops have experienced the largest increases in number of homes sold. Ypsilanti which had a price drop of 35.6% in the 4th Qtr had a 39.6% increase in the numbers of homes sold, and Willow Run which had a price drop of 38.8% saw a 50% increase in the number of homes sold. This points out that there are a lot of good buys in those areas with the largest price drops.

Investors and first time home buyers are taking advantage of the combination of great prices and excellent interest rates.

When looking at the square footage of homes, you also get a very wide range of price changes in Washtenaw County.  By looking at the price/sq ft, the largest price drop – 34.6% – occured in homes that had less than 1,000 SF. Much of this is due to the east side of Washtenaw County forclosure and bank sales. As you get over 2,500 SF, the price drops were in the 1-2% range, however, the number of homes over 2,500 SF that sold dropped dramatically, ranging from -29.7% to -43.5%. 46% of the homes that sold were in the 1,000 – 2,000 SF range, where the price/SF dropped between -11.8 to -24.4%. Home sellers in the 1,500 – 2,000 SF range, faired the best, with an increase in units sold, and a price drop of only -11.8%.

All of this points to a general movement to Ann Arbor Area home buyers purchasing smaller homes as they are shrinking their living standards. As home buyer confidence picks up, I believe that we will see that trend turn around.

Are you considering buying or selling an Ann Arbor Area home? You need up to the minute information to help make that important decision. Contact the Ann Arbor real estate experts at The Bouma Group for the specific statistics in your particular Washtenaw County neighborhood today!

Ann Arbor Foreclosure Danger Signs!

If you see or hear ads, street signs or receive phone solicitations with “promises” that say  “Guaranteed foreclosure Assistance“, or “Safeguard Your Ann Arbor Home from Foreclosure Guaranteed“, it should raise a few red flags. If you are behind on your monthly mortgage payments and you happen to see or hear these “to good to be true” solicitations, the Bouma Group encourages you to resist temptation to contact these types of organizations until you thoroughly check them out.

Read The Fine Print!

The Bouma Group advises you to always read the fine print of any offer to assist you with “creative strategies” to avoid foreclosure of your Ann Arbor home. The obvious cues that these promises may be “to good to true” could include:

1. Instructions that you pay a fee before any assistance is provided
2. Required payment of their services by cashier’s check or wire transfer only
3. Requests that you avoid calling your lender, your attorney, or a non-profit credit or housing counselor for assistance
4. Any offer to make you a “renter of your own home” and then repurchased your home at some later date once you are “back on your feet” financially

Certified Ann Arbor Foreclosure Experts

Offering you consumer-friendly solutions to help you avoid foreclosure, the Bouma Group is made up of expert Ann Arbor Realtors and foreclosure specialists. We will tap into our list of local Ann Arbor resources to determine the best solutions based on your financial situation. Because foreclosures and short sales are such sensitive topics, you will have peace of mind knowing we will never share your personal information. Should you determine that a Ann Arbor property short sale is the best choice, we will never divulge why you are selling your Ann Arbor property helping you avoid any potential embarrassment.

In conclusion, we may not be able to save every home in here Ann Arbor, but we can try to help consumers avoid being taken advantage of and determine which solution can best benefit financially distressed Ann Arbor homeowners.

Martin