Sterling Heights Michigan Short Sale Help: How Soon Will I Have To Move Out When I Am Facing Foreclosure?

Sterling Heights  MI – The Stop Foreclosure Institute recently received a question from another Realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that the Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing and when my client will have to move out? Sandy.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: A Common Mistake Being Made On Short Sales

Sterling Heights  MI – I see a lot of agents making mistakes on short sale property valuation. Lenders hire a supposedly impartial third party to value the property.

Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price.

The lender will take as gospel whatever value that person tells the bank the property is worth. If that value is more than the property is selling for, then the lender won’t accept the short sale.

Here are some common mistakes that you need to make sure that your short sale agent avoids.

One common mistake is to use comps outside the neighborhood when the bank is ordering an appraisal instead of an agent. Agents understand that buyers don’t buy only in a specific neighborhood.

Buyers look for the best deal they can find within a specific area. Because of this, an agent is more willing to use comps outside of the neighborhood.

But, when the bank is using an appraiser you must use the closest geographical comps, not the lowest priced comps.

The second mistake is not controlling the access to the property. The person evaluating the property should not be able to get access to the house without the agent knowing about it.

Your agent must have all showings go through their office. A third mistake I see is not treating the people valuing the property with respect.

Short sale agents will be meeting the same people over and over. So, they must be punctual when they meet them.

They shouldn’t be forceful on the value. I recommend that they be convincing but not overbearing. Don’t argue over the value.

Most of the time, the agent or the appraiser is going to determine the value on their own. They will look at the comps, and if it all makes sense, then they will use your agent’s comps.

However, if they think that those comps are inaccurate, then they will get their own. I always show up 15 minutes early to familiarize myself with any potential repairs.

I look around and notice nicked drywall, peeled up flooring, cracked tiles, and other issues. When I go thru the house with the agent I note those items and write them on my clipboard.

Once I’ve prepped your Comparable Market Analysis, then I go ahead and send a copy to the short sale negotiator. I tell them that I put my own property valuation together for them to review.

Following these tips can mean the difference between failure and success of your short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties  Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Short Sale Incentives ~ Why the banks will give you cash to sell the home you can’t afford

If you are a Southeastern Michigan homeowner, there has never been a time quite like today.

Since the beginning of the foreclosure crisis, millions of homeowners have found themselves pinned in by their financial circumstances and chained to a mortgage in which they owe more than their home is worth. In the past, Macomb, Oakland and Southern St Clair Counties homeowners enduring these challenges had very few options, and most of them would either be forced to sell their home or lose it to foreclosure.

Today, however, there are more options. The government and the banks have created a multitude of programs and foreclosure alternatives that can help people in these circumstances find a dignified solution for their problems loan modifications, refinancing, or short sales. But what really makes today a unique time for distressed homeowners is one simple fact: Banks are now willing to give you cash to sell the home that you can’t afford. You may be asking yourself: “Why would the bank be willing to pay me money?” and “How much money will they pay?” Let’s take a closer look.

“Why would the bank be willing to pay me money?”

This one is really simple. For the banks, it’s all about arithmetic. In a foreclosure, banks take the home from the homeowner and then sell it at auction. The banks get to keep the money they make at auction, but they also have to pay money on upkeep of the vacant property and expenses related to the sale. For other options, like a short sale, the bank is not responsible for selling or maintaining the house because it is still owned by the original homeowner and it is the homeowner’s responsibility to find a buyer for the home. In almost every case, the final sale amount in a short sale is greater than the sale amount at a foreclosure auction. Because of this simple fact, short sales have become the preferred foreclosure alternative for the banks. This is why they are willing to offer the homeowner cash to short sale their home: even with a cash incentive, the bank still recovers more money in the long run and the homeowner is able to walk away from their financial situation with some cash in their pocket and the opportunity for a fresh start. Other smaller banks also have incentives, and there are even government programs (like HAFA and HAMP) that allow you to do a short sale and receive an incentive. The amount you receive depends on the value of your home and other determinations made by the bank, but today it is not uncommon for homeowners to receive thousands (or even tens of thousands!) of dollars, all while selling their home and avoiding foreclosure in a way that protects their future.
The bottom line for Southeastern Michigan homeowners in danger of losing their home is that you have options!
Now those of you who know me know we aren’t going to sit still while a nice family is unnecessarily foreclosed on.
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

Sterling Heights Michigan Short Sale Help: How Does A Short Sale Or Loan Modification Affect My Credit Score?

Sterling Heights  MI – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale.

However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points.

(The number is not hard and fast – it all depends upon what the score was before the foreclosure, and other factors that the credit bureaus don’t like to share.)

The way that they write the algorithm, a foreclosure will keep on pushing your score down for the next 2 years! A foreclosure can also stay on a credit report for 7 years.

Short sales are different from a foreclosure. Short sales and loan modifications by themselves do not hurt a credit score, depending on how they are reported.

It is the missed payments that ding your credit report. How a short sale is coded/reported to the credit reporting bureau does make a difference in the effect it has on your score.

It could be reported as a charge-off, a 120 day late payment, or a settled account.

Any of these are dings on the credit report, averaging 100 points. Here is the good news. The way they do the algorithm, it will damage your score for a shorter length of time than the 2 years a foreclosure does.

How a short sale is reported to the credit bureaus is something that can be negotiated as part of the process of the sales negotiations. Good negotiators can have a positive impact here.

But, in the end, the credit score should not be the first thing to consider when facing the decision to short sale a home.

You need to look at what is best for your family financially. The credit score is secondary to that.

Get advice from a trusted source, and then make an informed decision. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me, Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors.  Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: A Little Known Fact About FHA Short Sales

Sterling Heights MI – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

You see, we’ve spent the last few years figuring out all the guidelines for short sales.

If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.

In this case, the loan being shorted was an FHA loan. Here’s what happened.

FHA puts out a letter called “Mortgagee Letter 2008-43.” It details exactly how the lender handling a short sale on FHA’s behalf is supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc.

(If you’re doing an FHA short sale, then Google “Mortgage Letter 2008-43.”)

Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line, we know a little bit about FHA’s rules for short sales.

The problem was that this short sale negotiator didn’t want to follow the rules! Instead she made up her own rules!

She told me that the buyer and seller had to split the cost of the title insurance.

The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that the buyer wasn’t willing to pay the cost and threatened to back out of the deal.

This short sale negotiator wouldn’t budge. We had to argue back and forth with her for 2-3 days until she finally relented.

It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan.

If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!

Before you hire a short sale agent, make sure they understand the guidelines for your type of loan.

That way, when a short sale negotiator tries to break the rules, they can keep them in line. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties  Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: What are your options if you bought your home at the peak of the market?

Sterling Heights MI – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are now selling for $250,000 (or even less.)

Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.)

Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.

It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?

Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic.

Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.

Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars.

Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?

If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years.

That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything.

I just want to lay out the benefits and leave the decision up to them. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Southeastern Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: Will I Still Have To Pay Past Due Property Taxes If I Short Sale?

Sterling Heights MI – We recently received a question from Paul. Here is Paul’s Question.

“I am thinking about a short sale, but I am behind on my Sterling Heights property taxes. Will I still have to pay them if I short sale my home? Paul.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to Paul’s Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.

That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason.

This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know that the taxes are a big bill that only comes once a year.

Not everyone can afford that big bill. Because your lender knows they will still have to pay the taxes after a foreclosure, they are willing to pay them during a short sale.

A foreclosure is a liquidation of the property to simply get what they can and move on. A short sale has been proven to net them more money than a foreclosure.

So if they are liquidating the property, why net more money from the sale with a short sale and avoid a foreclosure? That’s why they will pay the taxes when you short sale.

Every short sale the Rick Giese has sold resulted in the lender paying the property taxes that were owed. In some cases they paid 2-3 years of property taxes. Thinking about a short sale?

I can help you short sale your Sterling Heights property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Southeastern Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties  Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: What Would Dave Ramsey Think About A Short Sale?

Sterling Heights MI – You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt.

Dave is a zealot for the debt free life. “You don’t need to see the inside of a restaurant unless you are working there”, he will tell people in financial trouble that call his show.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

What does Dave recommend that someone should do in order to get out of debt? Reduce spending, eat at home, pay off high interest debt first, etc.

Here is why I think Dave might love a short sale. A short sale is a great way to reduce debt. Where else can you wipe out $100,000, $200,000, and even more in debt? That will make up for eating a lot of rice and beans.

Do you have a house that is underwater to the tune of $50,000 or more? Try a short sale. It’s a great way to erase all that upside down debt.

You can rent another home for 2-3 years and buy your next house at the bottom of the market and save on a lower house price.

You will also save on the interest over the life of the loan. Did you know that on the average 30 year mortgage, you pay as much in interest as you pay for the house?

If you wiped out $100,000 in upside down debt, then that means you actually wiped out another $100,000 in interest. I think Dave might be proud. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: How To Avoid Paying On A Short Sale Deficiency If All Else Fails

Sterling Heights MI – I like to call this the “Nuclear Option.” It is what you do when your lender demands a promissory note or they will not approve the short sale.

A promissory note is not the end of the world. It will take a lot of work on their end to collect from you.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

If the lender forces you to sign a promissory note, then sign it and never make a payment. Here is what we recommend that you do to avoid paying the promissory note.

It takes time for the lender to move your file out of the collections system. This will last for anywhere from 1 month to 6 months.

The rest of this post is simply my opinion. It is not legal advice. I am just telling you what I would do if I was in this situation.

Simply tell the debt collectors that you are trying to avoid bankruptcy. Do not give them any more information! Don’t dispute that you owe them money.

And definitely don’t agree to pay them anything, or tell them that you might be able to pay them. In my opinion, you are better off just hanging up on any collector that calls you.

Anything you say can and will be used against you. This is why you are better off not saying anything. After a while the phone calls and mail will stop. Hopefully you will never hear from your lender again.

In order for the lender to get you to pay, they will have to garnish your wages or your bank account.

That isn’t easy to do. There are many legal defenses you can use to stop them from garnishing your wages. One of our short sale customers had an unpaid credit card that was trying to garnish her wages.

Here is what she told me that she did to stop the garnishment. She was in Florida and Florida law stipulates that if someone has children living in their home, then a creditor cannot garnish their wages.

She had a daughter that lived with her, found the rule, and stopped the garnishment. There are many other strategies you can use to stop garnishments. Talk to a lawyer as they will know the different ways you can stop a garnishment under your state’s laws.

Now for one last strategy to stop a garnishment: Protesting. Yes, that’s right. Stand out in front of the local bank branch. Hold up a sign telling your story. Just make sure your sign appeals to most people driving past.

In most cases, the lender will stop the garnishment. They don’t want the bad publicity. I know someone who threatened a large national bank with protests.

A Vice President of the bank called them a few days later and resolved the situation. This is all based on one simple thing. A bully always picks on the weaker victims.

Sure they will beat up on little kids. But, there is always one little kid who fights like crazy. They use whatever they can to defend themselves against the bully.

In the fight the bully gets hurt. Maybe not bad, but they get hurt nonetheless. Next time they are looking for a victim are they going to beat up on that little kid?

No. They’ll find another victim who won’t put up a fight. Very few people fight. They just pay the lender. That’s why the few people that do fight get preferential treatment. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese  at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, rick giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

Sterling Heights Michigan Short Sale Help: How To Get A Short Sale Lender To Waive the Deficiency Balance

Sterling Heights MI – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.

“I just received a full price offer on my house. My main concern is that I don’t get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer’s loan is also with Chase.

How can I work this out so that I can walk away from this without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? John.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to John’s Question: John, you need to read thru the short sale approval letter. See if is contains any language like “Payoff”, “Forgiven”, or “agrees to release the debt.”

Have an attorney read it over to make sure that it says the debt will be released. If it doesn’t say the debt will be released, then here is how you can re-negotiate for them to issue a complete release.

1. Request that the deficiency be waived. Tell the lender you will not short sale the property unless they give you a complete release.

2. Show proof that you cannot afford the deficiency payment. A debt from an absolutely broke person is worthless. The lenders know this and will be willing to waive a deficiency if that is the case.

3. Show proof that the lender will net more money from the short sale compared to a foreclosure. This is your agent’s job to do. They will put together a calculation showing how much the lender is netting from the short sale, and project what they would net from a foreclosure.

If you cannot prove that you income doesn’t cover your bills, then you may need to look into other avenues. You can look into getting a forensic loan audit to see if the lender broke any lending laws on the loan. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sterling Heights Michigan loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Follow us on Facebook: Click Here
Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAX Advisors. Macomb, Oakland and Southern St Clair Counties  Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County