Strategic Default: A Short Sale Better than Foreclosure with a 2nd mortgage or a home equity loan?

Looking for Macomb County Michigan foreclosure avoidance information? You have come to the right place. Rick Giese associate broker, valuation specialist, Short Sale Certified Advisor can be reached at 586-242-3100 for more information.
By: Rick Giese RE/MAX Advisors
 
CHESTERFIELD TWP, Mich. - Oct. 4, 2014 - PRLog -- Looking for Macomb County Michigan foreclosure avoidance information (http://www.miforeclosurehelp.com/)? You have come to the right place. Rick Giese associate broker, valuation specialist, Short Sale Certified Advisor (http://www.miforeclosurehelp.com/)  and Southeast Michigan’s leading Short Sale associate broker here thank you for joining me.

Why is a Short Sale Better than Foreclosure with a second mortgage or a home equity loan? We get this question a lot. The client will say, “I’m going to just let the bank take the property back”. Well that’s all and good however it really comes down to liability.

You see in most cases a second mortgage or a home equity loan is just that, a line of credit, not a true mortgage. A line of credit is just like a credit card. If you lose the house to foreclosure the second mortgage or home equity loan does not go away. You still owe the money and the lender can pursue repayment for up to 15 years per State of Michigan law. In a Macomb County MI Short Sale we ask the lender is required to waive their right to a deficiency judgment and forgive the debt, as being 100% paid off. A big, big difference.

Can you imagine losing your home to foreclosure and still owing on it?  Now here is something else to consider. If you took out a second loan on your Macomb County, MI property, not as the initial purchase but any time after the original close of escrow you could be facing the same issue as the Home Equity loan, especially if you took cash out at the time of closing. If the first mortgage forecloses under this scenario the second still can pursue you for the deficiency for up to 15 years. Not so when doing a Short Sale with Rick Giese (http://www.miforeclosurehelp.com/).

Here’s my best advice. If you have a second mortgage and you are considering letting your home go to foreclosure, call me and let’s take a strong look at your situation. A Short Sale with Rick Giese may be your best option.

Is a Short Sale Right for Me (http://www.miforeclosurehelp.com/shortsalequiz)? Give me Rick Giese a call at 586-242-3100 and let’s find out.

If you have thought about just letting your negative equity home go back to the bank through foreclosure, we need to talk.

If you are considering a short sale on your current home, contact me Rick Giese at 586-242-3100 to help you with the process.

Are you or do you know a neighbor, relative, work associate who is struggling to make their house payment, have them get a FREE copy of my book "The Home Owner's Guide to Real Estate Short Sales" A guide to help you avoid foreclosure. Get your FREE Copy here www.miforeclosurehelp.com

If you are considering a short sale, please contact me Rick Giese, associate broker at RE/MAX Advisors at 586-242-3100 so that we can discuss your unique situation.

Owe more than your property is worth? Missed a payment or your bank is threatening foreclosure, I can help. A short sale of the property might be the answer. Call me, Rick Giese at 586-242-3100 or email rick@rickgiese.com My FREE book explains how you can avoid Foreclosure and walk away paying and owing Nothing!

I never charge a fee to our sellers. All fees are paid by your lender, when we succeed in the short sale of your property.

The right representation will make the difference in your transaction. Rick Giese is an experienced Short Sale REALTOR, having closed over 250 Short Sales in the past 5 years! Rick's Negotiators will fight to accomplish your goals and get you out of that upside down property.

Contact
Rick Giese RE/MAX Advisors
***@rickgiese.com
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Source:Rick Giese RE/MAX Advisors
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Tags:Strategic Default, Short Sale, Bankruptcy, Rick Giese, Second Mortgage
Industry:Family, Real Estate
Location:Chesterfield Twp - Michigan - United States
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