Released on: January 29, 2008, 6:40 am

Press Release Author: Janak Mehta

Industry: Real Estate

Press Release Summary: Detroit, Michigan -- Seniors in Michigan in foreclosure may
find themselves owning a home with negative net worth one minute, and then owning a
home with no payment and 48 % equity the next.

Press Release Body: Yes, no payment and owner has equity. How can a person with bad
credit in foreclosure end up having a home with equity and a mortgage with 6%
interest, no monthly payment?

There is small group of investors in the Michigan market that are cash buyers. They
do bulk buys from mortgage company asset managers and REO agents. They are buying
homes in bulk for 10-20 cents on the dollar. The Michigan market is so depress they
are now able to buy at all time lows. They are then fixing the home up and reselling
them for 52% of what a HUD appraisal comes in at. The seniors who are 62 or older
can be approved for reverse mortgage are perfect for this program, their investors
are willing to sell the homes to the seniors on a private mortgage or contact for
deed. The sales are on short term financing until the senior is able to obtain a
reverse mortgage.

A reverse mortgage lets an owner convert home equity into cash; unlike a traditional
home equity loan or second mortgage, however, no repayment is required with a
reverse mortgage until the borrower no longer uses the home as a primary residence.
The investor who sold the home to the senior is paid off at the time of refinance
and home owner has no more payments on the home. Credit is not the issue because the
Mortgage Company is not looking to get payments on the home. The whole loan is based
on the equity in the home. Currently HUD does not have seasoning requirement for
time of ownership on HUD reverse mortgage.

What a great program where senior who has hit hard times with job loss or income
reduction can now get into home with no payments. This a great program for a senior
who has the majority of their income going to rent or house payments. Bear in mind
the senior still needs to make tax and insurance payments on the home.

Ralph Marcus Maupin, Jr. (Mark) works with bulk buyers and seniors in Michigan
homeownership. He has been match up seniors in need with the investor program. He is
an instructor of real estate investing at local college.
Maupin said "We currently looking for more seniors who want to work with this new
program."

About National Real Estate Network:

National Real Estate Network (NREN) is a premier Real Estate Investors Club in
Michigan. Also known as Michigan REIA; NREN meets on 3rd Thursdays each month at
Laurel Manor in Livonia, Michigan. NREN brings Investors and Professional in
Michigan market together. NREN invites National and Local speakers each month and
they provide excellent education to their members. NREN has grown to 300 Members
strong and still growing. You can get more information at
(http://www.MegaEveningEvent.com)

Contact:
Urvi Mehta
248-762-0800
nren2005@gmail.com
This Press Release has been submitted by PREasy.com


Web Site: http://www.megaeveningevent.com

Contact Details: National Real Estate Network
17199 N. Laurel Park Drive
Ste 424
Livonia, MI 48152 USA
Phone : 248-762-0800
Email: info@MegaEveningEvent.com