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Short Sale Specialist in Michigan

 

If you are reading this page, you are not alone!  If you are facing foreclosure in Michigan, or having a hard time making your mortgage payments,  we have information YOU NEED NOW!    If you qualify, we will be able to discuss your situation with your lender and possibly negotiate an alternative to foreclosure on your behalf through a loan modification or 'SHORT SALE' (see below)  A Short Sale is your best option if you have to move, or cannot afford to live in your home any longer.  And, a Short Sale is usually the preferred option of lenders compared to a foreclosure.  If you have a legitimate hardship preventing you from paying your mortgage, you may qualify for a Short Sale, and you may be able to become fully released from future liability of your mortgage debt.  Call us now to get help!

        Understand your options - FREE CONSULTATION - Understand your rights        

CLICK HERE FOR LINK to Supplemental Directive 09-09

HAFA Foreclosure Alternatives

 

This Supplemental Directive provides guidance to servicers for adoption and implementation of the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of HAMP and provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP. Both of these foreclosure alternatives reduce the need for potentially lengthy and expensive foreclosure proceedings. The options help preserve the condition and value of the property by minimizing the time a property is vacant and subject to vandalism and deterioration. In addition, these options generally provide a substantially better outcome than a foreclosure sale for borrowers, investors and communities.

 

CLICK HERE to see if your mortgage company is a participating HAMP service provider - once on this government website, click the link that says "show all servicers", or you may do an individual search for your mortgage service company.

If your mortgage company is listed here, they participate in the HAFA Foreclosure Alternatives program and this is good news for you.  Please call us for more information - 734.629.7222.

 

Please note that all servicers for Fannie Mae or Freddie Mac mortgages are required to participate in the Home Affordable Modification program (HAMP) and the HAFA Foreclosure Alternatives program.

 

More helpful information can be

found on these government websites:

 CLICK HERE for Making Home Affordable home page.

CLICK HERE for Hope Now Alliance Website (*)

(*) Click the Hope Now link to get the HOPE hotline for free government help and assistance.

 

 

A Short Sale will do less damage to your credit than a foreclosure when you have a cooperating lender.  This will enable you to recover from your current problems faster and get a second chance sooner.  Call 734.629.7222 to explore Short Sale options.  Of course our discussion will be confidential, and there will be no obligation.  You may be able to avoid foreclosure and walk away from your mortgage with no costs (*) to you, because in a Short Sale the lender pays real estate commissions and other closing costs.

(*) You may have to pay a $100 Title Search Fee to a Title Company

at the time you receive a purchase offer for your Short Sale Listing. 

Some vacant and co-listed properties may require a non-refundable $500.00 short sale service fee.

 

Click Here to see where you are on the Michigan Foreclosure Timeline, then contact me today to start on a positive path of recovery and a second chance.  It only takes a few minutes to see if you are a potential candidate for a Short Sale.

 

Delay is the deadliest form of denial.

C. Northcote Parkinson (English Historian and Writer 1909-1993)

 

 - See Sample Short Sale Listings

 - Get a Market Snapshot of your Home

 

 

Foreclosure is a legal process by which a bank, mortgage company or other creditor takes a homeowner’s property in order to satisfy a debt. The foreclosure is the result of non-payment of the mortgage (including second mortgages and home equity loans); however, people also lose their homes due to unpaid property taxes. As a result of the foreclosure (at the end of the redemption period), the homeowner loses the rights he or she had to the property. 

You can stop a foreclosure with a Short Sale.  Call to see how - 734.629.7222

 

Alternatives to Foreclosure

Your lender may be willing to work out an alternative to foreclosure that may help you save your home, or at least to prevent a foreclosure from ruining your credit.

 

SOME ALTERNATIVES INCLUDE:

1. Repayment Plan: Your lender may give you a fixed amount of time to repay the amount you are behind, plus any late fees, by adding a portion to your regular monthly payment. This is a good option if you only missed a few payments.

 

2. Forbearance: Your lender may agree to suspend your payments for a period of time. At the end of this time, you will resume your regular monthly payments, and you may be required to either make one lump sum payment or additional partial payments. This may be a good option if you have a temporary reduction in income.

 

3. Loan Modification: Your lender may agree to reduce your interest rate, extend the term of the loan, or add missed payments to the loan balance.

 

4. Selling Your Home: Depending on the strength of the housing market in your area, selling may provide funds needed to pay the mortgage debt in full.  In a “Short Sale,” the lender allows you to sell and agrees to forgive any shortfall between the sale price and the mortgage balance.  A Short Sale will be less damaging to your credit than a foreclosure.

 

5. Deed in Lieu of Foreclosure: You voluntarily transfer title to the lender in exchange for cancellation of the remainder of your debt, but you will lose any equity in the home and may have to pay taxes on the debt forgiven. A sale or a deed in lieu of foreclosure may be a better alternative than a foreclosure adversely affecting your credit.

Roy Wysack - Realtor, ABR, e-PRO, SFR
Keller Williams Realty,
Plymouth Market Center
40600 Ann Arbor Rd., Suite 100
Plymouth, MI 48170

phone: 734.629.7222
FAX: 888.807.7832
E-mail: roy@ask4roy.com

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