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13 Νοε 2021 · A short sale is a home sale in which the owner owes more than what the home is worth. A seller usually must meet several other requirements to qualify for a short sale besides being underwater on their loan. Short sales can have unexpected tax implications and an impact on a seller's credit report.
18 Οκτ 2012 · Even if the lender does agree to consider a short sale, most banks will require significant documentation from you before they will agree to the short sale, such as tax returns, pay stubs and a hardship letter.
In Michigan, recent legislation provides property tax relief for senior citizens who are facing financial hardship. Homeowners who meet federal poverty income standards can apply for an exemption from property taxes.
A short sale requires your Lenders approval. Always ask for a waiver of deficiency from the Lender. Avoid Rescue Scams: Don’t give someone money who says they can prevent a foreclosure or help you get a loan modification.
7 Απρ 2023 · Hardships that usually quality for short sale consideration include: job loss. a spouse's death. reduction in pay or work hours. job transfer. medical expenses from a serious illness for the homeowner or a family member. separation or divorce. an adjustable interest rate reset. military service, or. a natural disaster. What Is a Hardship Letter?
Senior citizens may be eligible for food assistance benefits to help buy proper food for good health. Eligible low-income seniors, other individuals, and families may apply for food assistance at the state’s Michigan Bridges website (newmibridges.michigan.gov). Michigan distributes food assistance benefits through Electronic Benefit
Elder Law of Michigan (ELM) is a nonprofit organization that promotes and protects the rights, health and economic well-being of older adults and people with disabilities by providing information, advocacy, legal advice and professional services.
