Another change to the home purchase process

May 10th, 2009 · No Comments · Appraisals in Macomb County MI, macomb county MI

One of the new changes to the process that occurs during home buying has been implemented: HVCC - the Home Valuation Code of Conduct - went into effect on May 1st of this year.

If a home buyer is using a conventional mortgage (not FHA or VA) the appraisal that is ordered will now be subjected to much stricter rules in order to ensure that it isn’t tainted by pressure from mortgage lenders, real estate professionals and home buyers.

Please read the link above for the full explanation from Freddie Macs website.

What will I be watching for as this new change is implemented?

* The time it takes an appraisal to come back to the mortgage lender.

* The cost of appraisals.

Currently I have a buyer that is purchasing a home right now that is the *first* for me going through this new appraisal process. I’ll keep you updated if there appear to be any delays or glitches as it goes through processing on the appraisal end of things.

Kris Wales - A partner for your real estate needs in Macomb County MI
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Latest on Thu, 16:39

Kris Wales: Hi Karen, You have several different issues with this one: Making the payments but not being on the note for the home, and your husband being on the deed of the home. I am not sure if there is any difference in the way a foreclosure would be treated in this instance (with the passing away of the relative who signed the note) or not. You could be considered a tenant, and yet your husband is on the deed, so the interpretation may be different. What you need is good legal advice. Most first consultations are free. If you want me to send you contact information for an attorney in Macomb County please feel free to email me and I will do that for you. Good luck to you, Kris Wales Kris@Chataboutmacomb.com

Karen Lowe: Hi, I have been living in a home for 15 years the **mortgage** only is in someones name who passed away I have been making the payments and went to the bank to try to assume mortgage i was told by the broker to get a loan of my own and let the house go, at this time i am still making payments but cant get caught up as deceasaed was 2 months behind I been trying to catch up since last july when the mortgagee passed, will this property go though the normal foreclosure process of redemption periods and sherrif sale if she is deaceased, my husband in on the deed only!

Kris Wales: Hi Deborah, It sounds like you have 2 distinct issues that need to be answered by a mortgage professional, one that is familiar with the MSHDA down payment program. Please call Michelle Cyplik at 248-601-1349 ext. 206. She's my "go to" gal when it comes to MSHDA. I'm sure she would be happy to answer your questions about what is applicable in your case - no pressure. Good luck, Kris Wales

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