Bank of America Short Sale - Why Do Loan Modifications Fail? Macomb County MI Short Sale Information

CHESTERFIELD TWP, Mich. - Dec. 8, 2013 - PRLog -- Looking for Macomb County Michigan short sale information? You have come to the right place. Rick Giese Certified Default Advocate, Distressed Property Expert and your Southeastern Michigan short sale specialist here thank you for stopping by today.　

Why Do Loan Modifications Fail? It's a proven fact that only 21% of those who apply for a loan modification actually get a true modification. Most Loan Modifications are extensions of the current loan with new terms with the missed payments tacked on to a new 40 year loan.　

In most cases once a homeowner figures out that their new loan mod leaves them still owing more than the property is worth the vast majority end up defaulting on the new loan mod and opting for either Short Sale or foreclosure.

Even with the current appreciation in many of the real estate markets across the country, if your home is more than 25% upside down the chances of your home appreciating to the point where you owe what it is worth is remote. Where you are 20% or more upside down it should then become a business decision for you. If you were buying your house today, you wouldn't pay 20% or more for it would you? Of course not. But isn't that exactly what you are doing with a loan mod? The answer is Yes, that's exactly what you are doing. Without a principle reduction a loan mod is nothing more than a new loan that still leaves you underwater and that just doesn't make good business sense.

Is a Southeastern Michigan Short Sale Right for you?

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　

Consistently ranked as one of Southeastern Michigan's Leading Short Sale Specialist, Rick is one of the areas premiere Certified Default Advocates. With his strong focus on assisting homeowners in need, Rick offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family.

As every situation is different and Rick offers his insight and knowledge of the default process and all the options available to you to avoid foreclosure. Rick Giese experience of representing both homeowners in distress avoids foreclosure and his insider knowledge of the default process makes Rick Giese's experience unique. Trained and personally coached by the former Chief Loss Mitigator of IndyMac bank Lee Honish, Rick understands what the banks are looking for and how best to assist you in your time of need. Call Rick Giese today at toll free at 1-800-274-5656 for your free consultation and sleep better tonight