Help is Still Available for Many Macomb County Michigan Homeowners Who are Still Underwater

CHESTERFIELD TWP, Mich. - Jan. 25, 2014 - PRLog -- The Southeastern Michigan housing market was one of the hardest hit by the mortgage crisis.  An astounding 28% of Macomb County Michigan homeowners, over 100,000 residences, are currently underwater, also known as having negative equity. These figures place Macomb County Michigan just outside the top 10 areas in the nation for homes with negative equity. This is, however, an improvement from last year’s figures which placed 41% of Macomb County homeowners underwater.  The Macomb County mortgage problems are not uncommon for the state of Michigan. With 28% of homeowners having mortgages underwater, the state of Michigan ranks 11th in the nation for homes with negative equity. Nevada is ranked as #1, faring the worst in the nation.

The good news is the housing market is steadily beginning to improve. The average price per square foot for the Macomb County area of Michigan is up by almost 19% at $89 a sq.ft. And the median sales price for homes in Macomb County Michigan between July and October 2013 was $143,800 which is a 9% increase from this time last year.

These improvements, although much needed, are too little too late for some of the over 10,000 Southeastern Michigan homeowners who are currently in some stage of foreclosure.  Homeowners should be proactive with their mortgage even when facing a financial hardship. There are many government and state programs available to help homeowners who are facing the possibility of losing their home. Macomb County offers a list of helpful resources through “The Hardest Hit” program.

One of the best ways to get out from under a mortgage is by selling your home through a short sale. A short sale happens when a lender is willing to accept a lower pay off on a loan than what is currently owed. The homeowner is then able to walk away from the home debt free and with significantly less damage to their credit than a foreclosure would have.  Even if you are already facing foreclosure you can still sell your home through a short sale. Be sure to contact me, Rick Giese associate broker at RE/MAX Advisors to guide you through the process and ensure a successful short sale. If you are considering a short sale, use the helpful “CMA Site” at www.mymihomevalue.com to get the current market value of your property.

Times are hard for many homeowners but by staying proactive, taking advantage of local and government resources, and contacting an experienced real estate broker like Rick Giese at 586-242-3100 or by email; rick@rickgiese.com you will be back on your feet in no time. Remember, there is help out there you just have to use it!

No matter your situation, visit my FREE Online CMA site at:www.MyMIHomeValue.com for a FREE No-Obligation comparative market analysis of your home or condo. This system can tell you how much your property is worth in today's market.

Rick Giese has more than 27 years of experience selling residential real estate, probate, trust and conservatorship. Rick can help you. Contact Rick Giese, associate broker at RE/MAX Advisors at 1-800-274-5656 or rick@rickigiese.com

Consistently ranked as one of Southeastern Michigan's associate brokers of Equity Sales and Short Sales. Rick Giese has over 27 years of Real Estate experience and is one of the areas Rick has a strong focus on assisting homeowners in need, Rick Giese 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, Rick offers his insight and knowledge of the real estate transaction process and all the options available to you to get the most money the market will pay or to help you avoid foreclosure. Call Rick Giese today at toll free 1-800-274-5656 or your free consultation of your situation and sleep better tonight