•• Do you owe more than your home is worth?
••Have you received a notice of mortgage default in the mail?
••Do you want, need, or are being forced to move?
••Did you buy an investment property that you need to unload?
••Are you in a divorce situation?
••Have you fallen on medical hardship?
We STOP Southeastern Michigan Foreclosure …We Have Helped Over 150 Families in the Past Year and We Can Help You Too …Best of All There are NO Costs to You!
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What is a Southeastern Michigan Short Sale?
A Short Sale occurs anytime the value of the property is less than the amount owed to the lender and the lender agrees to write off the difference. In other words, the homeowner is "upside down" on his loan. Short sales may be forced by a variety of situations: job loss, loss of income, divorce, medical bills, or changing payments on adjustable rate mortgages (ARMs).
Why would a lender agree to a Short Sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and trying to resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property. Before the mortgage lenders will consider a short sale, they need to know financial information about the seller and why the seller cannot pay the loan. The seller will need to submit information to the lender to assist the lender in deciding whether to accept a short sale. Call Today… Rick Giese, Associate Broker with RE/MAX Advisors Toll Free 1-800-274-5656 and we will email you a Short Sale package so that we can get started on your financial future.
Example A- Short Sale
Mr. Jones owns a home in which he has a mortgage balance of $220,000 and a current market value of $150,000. Mr. Jones has elected to short sell his property. His Realtor successfully obtains a buyer who puts forth an offer price of $120,000 (80% current market value according to Realty Trac Foreclosure Report). After reviewing the buyers offer and the financial hardship information from Mr. Jones, Mr. Jones’s bank agrees to accept the short payoff of $120,000 which would leave a deficiency balance of $100,000.
The transaction closes and is final. Mr. Jones then pulls his credit report 30 days after the transaction takes place. On the report he notices that the mortgage trade line states “Mortgage debt was settled for less than full” and the balance on the mortgage is $0. Mr. Jones is now on the road to financial recovery.
Example B- Foreclosure
For the ease of illustration we will use the same value and mortgage debt amounts as in Example A. However, Mr. Jones has elected to forgo the short sale process and let the bank foreclose on the property. The bank holding his mortgage facilitates the proper legal procedures to foreclose on the property, all of which are costly. Mr. Jones is notified and his property foreclosed upon of which is taken back by the bank to sell as an REO.
Six months later, the bank finally sells Mr. Jones’s home only they sell it for $90,000 (60% of current market value according to Realty Trac Foreclosure report). Remember, as a short sale, the home would have sold for $120,000 keeping the deficiency to $100,000. In addition to the deficiency now being $130,000, the bank has elected to add on legal costs of $15,000 and asset preservation costs of another $5000 for a total deficiency liability of $150,000. Mr. Jones pulls his credit report 30 days after being notified that the bank has sold his property and of his liability.
On the report he notices that the mortgage trade line states “Foreclosure”
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free1-800-274-
Thanks for reading this, Rickie Giese.
Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair County Short Sales Realtor:
Phone: 1-800-274-5656. email@example.com.
View my homes for sale at www.rickgiese.com
Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
More information can be found online at www.miforeclosurehelp.com/
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As one of Southeastern Michigan leading Short Sale experts. Rick Giese wrote this article to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure