• August 27th, 2010 Holiday Notice

In observance of Labor Day, the offices of Michaelson, Connor & Boul, Inc. will be closed on Monday, September 6, 2010. As a result, those properties that would have had a bid deadline of 11:59:59 PM on Sunday 9/5/10 will have a bid deadline of 11:59:59 PM on Monday 9/6/10.

• August 26th, 2010 Mortgagee Memo

The Mortgagee Memo is one way MCB intends to reach out and provide news, information, and tips on how Mortgagees can avoid the issues that can cause delays in processing property conveyance to HUD.  Our communication goal is to help Mortgagees improve the way requests are submitted, not only increasing the opportunity for approvals, but receiving the decision more quickly.  This bulletin is the first in a series of communications to Mortgagees and Servicers toward this goal.

For suggestions on topics you would find useful, or general questions related to mortgagee compliance requests, please e-mail mcm-info@mcbreo.com

• August 2010
• July 2010
• June 2010

• August 4th, 2010 Funding Recieved for All States

MCB has just been informed that funding is now in effect for all states. MCB will  resume all services with these states immediately. Thank you for your understanding and patience.

• August 2nd, 2010 Lack of HUD Funding

According to the HUD M&M Contracting Officials, the funding for the HUD/MCB M&M Contract covering the States of Colorado, Montana, Utah and Wyoming has temporarily been depleted.  Until such time as HUD is provided with additional appropriated funds for this contract, no further work will be performed.  MCB fully expects to be performing all tasks associated with the M&M contract on or before August 10, 2010, but that expectation is dependent on HUD receiving the necessary federal funding. 

For more information please check www.mcbreo.com for updates.

• July 19th, 2010 Incentive Expiration for Arizona and Nevada

HUD's $100 Down payment initiative will expire on July 31, 2010. The $100 down payment was for owner occupants (Any individual who purchases a HUD home as their primary residence for at least 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a HUD Home with FHA financing. This incentive will continue to be eligible for all contracts signed by seller by July 31, 2010.  Contracts signed after the July 31,2010 deadline will not be eligible for the $100 Down payment incentive.

• June 25th, 2010 Holiday Notice

In observance of Independence Day, the offices of Michaelson, Connor & Boul, Inc. will be closed on Monday, July 5th, 2010. As a result, those properties that would have had a bid deadline of 11:59:59 PM on Sunday 7/4/10 will have a bid deadline of 11:59:59 PM on Monday 7/5/10.

• April 8th, 2010 Announcement

MCB is proud to announce that it has been awarded the nationwide Mortgagee Compliance Manager (MCM) contract from the U.S. Department of Housing and Urban Development.  MCB will be responsible for pre-and-post conveyance activities including, but not limited to, review of overallowable requests, extensions of time requests, claims reviews, title package reviews and approvals, and ensuring properties are conveyed to HUD in accordance with FHA standards.  For additional information please select the following link: http://www.hud.gov/offices/hsg/sfh/nsc/mcm.cfm.

• November 3rd, 2009 Change to Allowable Closing Costs for 203(k) Rehabilitation Loans

Please click here, to see Notice H2009-17 which revises certain provisions related to allowable closing costs for 203(K) rehabilitation loans.  For 203(k) loans, HUD will reimburse loan origination fees up to:  one percent (1%) of the total 203(k) mortgage amount, plus the Supplemental Origination Fee calculated on line B11 of form HUD-92700 (line B11 is the greater of $350 or 1.5% of the total of rehabilitation costs and allowable fees.)

• March 27th, 2009, Neighborhood Stabilization Program Bulk Sales Initiative: Currently, the bulk sale initiative applies only to Michigan

HUD's new Neighborhood Stabilization Program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. For more information see HUD’s NSP website:   http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/

As part of this important program, HUD has introduced its Bulk Property Sales Initiative, for eligible NSP grantees to purchase HUD homes with their NSP funds. Properties that have been marketed by MCB for more than 60 days are eligible for this program. While these properties will simultaneously be offered to the general public, NSP participants may locate them on our website under Special Programs- NSP Bulk Sales Listings. Please click here for all specific program information. Please click here for the Michigan NSP Listings.

• December 5th, 2008 ATTENTION ALL REALTORS AND PURCHASERS IN ARIZONA, MICHIGAN AND NEVADA

HUD’S BEST OFFER APPROACH ON OFFERS SUBMITTED     

We are offering a new BEST OFFER approach for selected properties.   This special offering will be on all those properties that have been tagged with the notation “All offers will be considered on this property”. The bidding period for this offer will be a five-day closed bidding period, (from Friday until Tuesday), with all offers reviewed on the sixth day (Wednesday). During this closed bidding period, in addition to offering a reduction in price on the designated properties, we will be considering all reasonable offers from both owner/occupants and investor purchasers. Please submit your best offer to us for consideration.

• November 17th, 2008

Michaelson, Connor & Boul, Inc. is seeking qualified residential appraisers for these counties only. Each appraiser must be a certified residential appraiser and must be on the FHA roster.

To apply, please select “Contractors” on the left side of this webpage. Then select Forms. Complete all forms and forward the application including all license and insurance verifications, including workers comp, as instructed.

• April 28th, 2008: ATTENTION: MICHIGAN PURCHASERS, BROKERS AND SALES AGENTS:

  MCB is pleased to announce the marketing of HUD homes in the state of Michigan.  As we continue through the process of transitioning the HUD inventory, additional properties will be added to the listings every Friday.  We sincerely appreciate your patience during this process and look forward to working with you in the near future.

• April 14th 2008: ATTENTION ALL REALTORS AND PURCHASERS IN MICHIGAN

MCB is currently transitioning the HUD home inventory for the state of Michigan which includes inspecting each property, correcting property condition, and completing full reviews of all the relevant property documents in order to market these homes as accurately and quickly as possible.  We sincerely appreciate your patience and understanding through this process and we anticipate having properties available for bid shortly.  Please check our website every Friday for updated announcements and new property listings.

• ATTENTION ALL REALTORS AND PURCHASERS IN MICHIGAN

MCB is currently in the processes of transitioning the HUD inventory from the previous contractor.  During this transition we are reviewing all properties and preparing them for marketing.  We apologize for any inconvenience this delay may cause and assure you that we will be listing HUD homes as soon as possible.  Please check this website frequently for updates on the status of Michigan Properties. 

We appreciate your patience through this transition.

• ATTENTION ALL REALTORS AND PURCHASERS IN MICHIGAN

  Effective Monday, March 31, 2008, Michaelson, Connor & Boul will assume responsibility for the marketing and management of all Michigan properties that are not under contract with Chapman Law Firm. During this transition period all properties will be reanalyzed and listed in the near future.  Please check our website on a regular basis for announcements.

  If you currently have a signed contract to purchase a Michigan HUD home with Chapman Law Firm and need assistance please direct all questions to (216) 485-0700. Chapman Law Firm will continue to address property preservation and closing issues for properties under contract it has executed until May 14, 2008, after which they will be addressed by Michaelson, Connor and Boul. 

• ATTENTION ALL MORTGAGEES AND LOAN SERVICERS IN MICHIGAN
  Please be aware Michaelson, Connor & Boul (MCB) will assume the Marketing & Management responsibilities for the Department of Housing and Urban Development (HUD) starting March, 31, 2008 in the state of Michigan. All mortgagee requests should be directed to our attention beginning March 31st to the following address:

  Michaelson, Connor and Boul
  Attn: Pre-Conveyance
  5312 Bolsa Avenue, Suite 200
  Huntington Beach, CA. 92649
  (888) 622-7361
  (714) 230-3868 fax

  Email: mc@mcbreo.com

  Please continue to visit our website for further updates on this transition

• ***FHA Special Sales Incentives *** NEW***  Please see information on these special programs under the “Announcements” of each state page.

• Your HUD Home can be Your Dream Home

  If you are thinking about buying a REO property that needs repair, FHA’s 203(K) rehabilitation loan or it’s simplified alternative, the Streamlined(k) may be a good option for you.  FHA’s simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales.  For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option.  

  HUD Homes, like the majority of property re-sales, require some level of repair.  FHA’s Streamlined (k) program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage.  While there is no cap on repairs for the Standard 203(K), the Streamlined (k) allows for repairs from $1 up to $35,000. 

  For the Streamlined(k) option, homebuyers identify their repair needs, which may include: new carpet; interior and exterior paint; new appliances; kitchen or bathroom remodel; exterior landscaping and other minor improvements.

  A realtor or FHA approved lender will be able to answer specific questions about the Standard and Streamlined 203(K) loan program.  To find out more, visit HUD’s website at www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm or call 1-800-CALLFHA.

• Good Neighbor Next Door Program - HUD has revised regulations governing the Officer Next Door / Teacher Next Door / Firefighter/EMT Next Door Special Sales Programs. These Programs are now known collectively as the Good Neighbor Next Door Program. Please click here for an overview and refer to our Special Programs section of the website for more details.

• Sub-contracting opportunities in Colorado, Montana, Utah, and Wyoming. Details - RFPs
  
  All MCB Announcements