Affiliate Updates for February 2020
JOHN ADAMS MORTGAGE
We want to take a moment to thank all of our staff who has adapted to the coronavirus crisis so quickly. Most of our team is set up to work remotely and we have reduced staff on-location where needed to continue serving as an essential business.
People throughout the state of Michigan are needing to be in the real estate market now for a variety of different reasons, and we feel proud to help them through the process safely and efficiently during this time.
Below we’ve touched on a couple pieces of information that will be helpful for you to know about. This material is covered at a high-level, we strongly suggest connecting with a mortgage consultant for more details.
The New Payment Deferral Option
Fannie Mae and Freddie Mac, the two biggest sources of mortgage financing, are giving some leeway to borrowers who've fallen behind.
This option will allow borrowers facing a short-term hardship to defer two months of their mortgage payments until the end of their mortgage or the sale of their house without needing to significantly modify the loan. The borrower must be financially able to restart their mortgage payments in full after resolving the one to two month hardship.
Borrowers should contact their servicer to see if they are eligible. The servicer is who they pay their mortgage to each month. If you want to learn more about this payment deferral option, please contact one of our mortgage consultants.
$500 Lender Credit for First Responders & Health Professionals
John Adams Mortgage is offering a $500 lender credit to first responders and health professionals. This includes police, firefighters, EMS and health care professionals including doctors, nurses, technicians and administrative staff. The lender credit is applied to their closing costs. This program is effective until 12/31/2020.
Please give us a call if you know someone this can support!
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As an essential business, we have continued to service our clients in the safest way possible. Clients can choose from a variety of options to close on their homes safely. We have started offering “curbside signings,” which allows our clients to stay in their own car environment to sign carefully handled closing documents.
Our Closer, Angie Clavet, is showing true dedication to service our clients during this time. She is the epitome of our core value, Teamwork, and is always going above and beyond her responsibilities. In the photo below, she’s leading a curbside closing to keep clients safe and at a distance (she’s wearing a protective mask made by one of our employees, Jessica Johnson from REO Corporate). Knowing Angie, we know there’s a smile under that mask! Thank you for all you do, Angie!
Thank you to our entire staff and all of the agents collaborating with us to help our clients experience a smooth, safe and successful closing!
INSURANCE ONE
Our team has been working remotely and we are continuing to service clients. With the current events, more and more people are going to be searching for ways they can save money. Looking into how much they are spending on their insurance is a great place to start.
Many people believe it would cost additional money to cancel or rewrite a policy. That’s not the case with the carriers we work with at Insurance One (i.e. Progressive, Safeco, AAA, Citizens and more). We haven’t heard that it happens with other carriers either.
Here’s what usually happens:
We have a quick conversation with the client to gather information so we can choose a policy
Once we have the best policy chosen, the client will inform their carrier of their intent to cancel. This allows the current carrier to produce a refund check, which will be sent to the client.
The client then deposits the refund and can use the money to pay for their new (more affordable) policy.
If the client owes premium to the current company then money will be due. In Michigan there’s no “minimum earned premium” for policies, meaning clients will be refunded the remaining premium should they cancel a policy before its expiration date.
It may require a few phone calls, but it’s worth it for your client to consider this process. It can save them a lot of money during a time they need it most. Our team is here to answer any questions!
RENTAL MANAGEMENT ONE
Our team has been focused on updating our landlords with the latest information. If you are a landlord, the information below may be useful to you. If you know a landlord, please point them in our direction if they are needing any time or assistance at all.
Many landlords are currently discussing the inability to pay rent with their tenants. Though open communication is beneficial during these times, we are urging landlords to have agreements or payment arrangements executed in writing. Such agreements minimize the risk that well-intentioned expressions of empathy or vague statements can cause.
As it relates to the Michigan Order on evictions, below are the primary takeaways:
Termination Notices. Generally, limits issuance of a termination notice to situations where a tenant “poses substantial risk to another individual or an imminent and severe risk to property.”
Nonpayment of Rent Notices. A 7-Day Notice can be issued but must be sent via first-class mail rather than personal delivery.
Execution of Writs. A Writ can only be executed to remove people and/or personal property if a tenant “poses substantial risk to another individual or an imminent and severe risk to property.” Thus, a writ cannot be executed for other legal action, such as a nonpayment case.
If you have any questions at this time about your own or a client’s investment properties, please don’t hesitate to reach out.
email: rmo@rentalmanagementone.com
Call: 248 208 3882