The Michigan state legislature and the federal government have developed programs to help homeowners keep their homes. Under provisions of the HOPE for Homeowners program, the federal government offers financial incentives toward the modification of your home if your bank is willing to write down the principal of the original mortgage. Under the 2007 Mortgage Debt Forgiveness Act, the IRS will not tax up to two million dollars of qualified principal residence indebtedness excused in a short sale.
In addition, Michigan now allows a taxpayer to claim two principal residences, if one of the homes is on the market for sale. This means taking a full tax deduction on interest paid on both mortgages.
We can help you locate the banks and institutions that participate in government assistance programs for homeowners. Our attorneys will handle every detail to help you navigate the program and help you take maximum advantage of the available government assistance.
Learn more about the federal and state programs available to home and property owners at Galloway and Collens, PLLC. We are one of Detroit’s leading real estate law firms. For more than 15 years, our lawyers have been helping homeowners stay in their homes and avoid foreclosure.
Contact our offices in Huntington Woods, Michigan, to arrange a free initial phone consultation to discuss your specific circumstances.
How We Can Help
We know the government assistance programs and the legal strategies you can use to take advantage of them, including:
- Government programs to assist homeowners refinance their home
- Sale after foreclosure and right of redemption
- Mortgage loan modification
- Deed in lieu of foreclosure
- Second home foreclosure and refinance programs
A Note About Government Assistance For Short Sales
Under a state government assistance program, homeowners who negotiate a short sale with their mortgage lender will no longer be taxed on capital gains earned from equity in their home.
You can read more about our firm, our attorneys and our complete range of real estate legal services.
Contact us today.