The property, located on Highgate in Clinton Township Michigan, had two Liens (Mortgage Loan and Home Equity Line of Credit); the first mortgage was with GMAC Mortgage for almost $175,000.00 The Equity line which was with Bank of America for almost $80,000.00. The Original List price was $125,000 but it eventually closed at $133,000 based on bank requirements to settle the mortgage. The buyer bought the home using a VA loan and they did not ask for any contributions. This property was on the market for a total of 24 days but closed 28 days after approval. The deficiency was waived on the first loan and the seller had to $4,000 to Bank of America for a 100% payoff of the $80,000.00 Equity Line of Credit.
You can see the Cowles tell their story here - http://youtu.be/
"There are no promises or guarantees in a Southeastern Michigan short sale whether the lender(s) will approve the short sale or forgive the debt, but Short Sales offer an alternative to the damaging effects of a Michigan foreclosure and the life long credit damage that a foreclosure can do.” says Rick Giese, Associate Broker at RE/MAX Advisors. "A short sale is a complicated process for all parties involved. There are so many details involved (more than what the average homeowner and realtor are aware of). Make sure to consult a Southeastern Michigan Short Sale Specialist with a proven history of success with short sales like Rick Giese www.MIForeclosureHelp.com ".
“It takes more than an agent to properly work short sales. It takes a Team”, says Mary Alice Hazen, Lead Negotiator for Rick Giese. “We have surrounded ourselves with talent from our administrative staff. Our goal is to try and get everyone of Rick Giese and his clients to a closing. Our short sale team is skilled, experienced, determined, and driven. Teamed with Rick Giese we are the best Short Sale team in Michigan!”
SHORT SALES are an alternative to a foreclosure. When the homeowner can no longer make the mortgage payments as agreed, and is faced with many tough decisions. One is to allow the lender to foreclose. Another is to get the lender to agree to accept a payoff of less than the balance owing on the loan to learn more about Short Sales in Southeastern Michigan, CALL Rick Giese at 586-242-3100FOR SHORT SALE HELP NOW!