163 New Listings – Kent County Land Bank

Feel like you just can’t find the right house for sale in this market?
163 new rehabs could be hitting the market later this year.


FULL ARTICLE: “[Kent County] Land Bank Has a Decision to Make

EXCERPT from the Grand Rapids Business Journal:

“Grand Rapids City Commissioner James White voted with the majority last week to transfer and sell 163 tax-foreclosed properties in the city to the Kent County Land Bank Authority because the action would provide plenty of work for small construction companies and remodelers.

“Now it’s up to the KLCBA board members to put those firms to work.

“The land bank board will meet Wednesday to decide whether to enter into a purchase and development agreement with the city. If board members agree to buy all the properties — of which the vast majority are residential — the organization will have to pay the city $1.182 million for the parcels by July 19 and redevelop or sell all 163 within 18 months.

“KCLBA Executive Director Dave Allen told commissioners last week that could be done and he felt most would be sold by the end of the year.”

More info on Kent County Land Bank:

Vice President of 5 Banks Paid 10 Dollars Per Hour.

Jaw drop lately? 60 Minutes explains one reason for delays behind economic recovery.

Homebuyer Tax Credit Extended for Those With Accepted Offers in Place

On the evening of June 30, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed; the new closing deadline for eligible transactions is now September 30, 2010.

Fannie Mae makes Short Sales Easier

Fannie Mae Introduces HAFA Program

On Tuesday, June 1, Fannie Mae issued Servicing Guide Announcement SVC-2010-07, introducing Fannie Mae’s Home Affordable Foreclosure Alternatives (HAFA) Program. It, like Treasury’s Home Affordable Foreclosure Alternatives Program (as described in Supplemental Directive 09-09 Revised), is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP) but ultimately are unsuccessful in obtaining one.

Program Features
The Fannie Mae Home Affordable Foreclosure Alternatives Program, which becomes effective August 1, 2010, simplifies and streamlines the use of short or “preforeclosure” sale and deed-in-lieu of foreclosure (DIL) options on HAMP-eligible loans by incorporating the following unique features:

  • Complements HAMP by providing alternatives for borrowers who are HAMP eligible (including borrowers facing imminent default);
  • Allows the borrower to receive pre-approved short sale terms prior to the property listing;
  • Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement;
  • Releases the successful HAFA borrower from future liability for the debt;
  • Uses standard processes, documents, and timeframes;
  • Provides financial incentives to borrowers, servicers and subordinate lienholders; and
  • Utilizes verified borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

For More Information
For complete program information, read the Announcement. Other related materials are available on the new HAFA page on

Paragon under federal scrutiny.

Holland, MI —

Federal and state regulators have slapped Paragon Bank & Trust in Holland with a cease-and-desist order seeking improvements in banking operations mostly related to lending and collection issues.

The order was issued by the Federal Deposit Insurance Corp. and the state Office of Financial and Insurance Regulation.

It demands that the bank “cease and desist from the following unsafe or unsound banking practices” including “engaging in hazardous lending and lax collection practices” and “operating with an inadequate level of capital protection,” as well as operating with excessive level of bad assets and loans, inadequate liquidity, inadequate earnings and “inadequate allowance for loan and lease losses.”