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Short Sale Specialist and Default Advocate Rick Giese discuss Dual Tracking in Michigan

So what is "Dual Tracking" as it relates to a Michigan Short Sale or Loan Modification? Simply put, dual tracking is the process of the foreclosure process moving forward while the servicer simultaneously is negotiating a Short Sale or Loan Mod

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We Can Help You Avoid Foreclosure www.MIForeclosureHelp.com
We Can Help You Avoid Foreclosure www.MIForeclosureHelp.com
PRLog (Press Release) - Dec. 20, 2012 - So what is "Dual Tracking" as it relates to a Macomb County Michigan Short Sale or Loan Modification? Simply put, dual tracking is the process of the foreclosure process moving forward while the servicer simultaneously is negotiating a Short Sale or Loan Modification with a Macomb County Michigan homeowner. Under the global settlement between the 5 largest lenders -- (Bank of America, Chase, Wells Fargo, GMAC / Ally, Citi) and the State's Attorney Generals, effective October 2, 2013 those banks can no longer pursue foreclosure while they are working on a loan modification. So Michigan must put up with for almost another year, while some states this law takes effect January 1, 2013. We all need to get on the phone and email with our state officials. To see if we can bring this law to Michigan before October 2013!

One of the most stressful things in a Short Sale or Loan Modification has to fight a foreclosure sale date while negotiating the file. Previously the banks are under no obligation to postpone the sale date even though it is usually in their best interest to do so. Until to October 2nd, 2013 once that foreclosure train left the station you were fighting a much defined time line to get your Macomb County Michigan Short Sale or Loan Modification approved before the property was foreclosed on. Under this proposed agreement the Macomb County Michigan Short Sale or Loan Modification would have to be declined before the foreclosure process could be initiated.

So, does a Short Sale make sense? Take a look and use the short or stay calculator on my website log in to www.MIShortorStay.com  . Put in your address and data and it will generate a report and offer you and thought of how long it should take for you to break even. It'll aid you determine if a refinance or short sale is likely to be right for you.

If you are a homeowner who has missed payments, possibly facing foreclosure, owe more than your home is worth or are just looking for short sale information, please contact me Rick Giese, the areas Leading Short Sale Specialist and Default Advocate at 1-800-274-5656 or email rick@rickgiese.com for a free no obligation confidential consultation and receive the latest information on your options to avoid foreclosure and the benefits of a short sale.

For more information on Short Sales or Loan Modifications visit my website www.MIForeclosureHelp.com

Photo:
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Contact Email:
***@rickgiese.com Email Verified
Source:Rick Giese www.MIForeclosureHelp.com
Phone:586-725-1900
Zip:48047
City/Town:Chesterfield Twp - Michigan - United States
Industry:Home, Real Estate
Tags:avoid foreclosure, short sale, strategic default, Free
Shortcut:prlog.org/12047203
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