We can help you with your upside down marital property FREE http://www.MIForeclosureHelp.com
She bought the house together with her husband several years ago. They are now separating and her husband is moving out of the house and doesn’t want to pay the mortgage. It was very sad to hear about her current situation. Now she is confused on what to do with the house.
She tried to refinance and has tried to work with her lender to do a loan modification but the bank denied her loan modification due to her high debt to income ratio. She couldn’t get refinanced because her house value had gone down more than the loan amount. She automatically thought foreclosure is the only option at this time.
I explained short sales versus foreclosures and their advantages and disadvantages to her credit. She realized that there are options other than foreclosure and that a successful short sale will avoid foreclosure on their credit history.
The good news is that her soon to be ex-husband is cooperating with the short sale and is ready to sign the documents which are required for the short sale. I have sent all the required documents to her so that we can start working on the short sale. At least, after a successful short sale, they can move forward with their lives without worrying about their mortgage payment and a foreclosure on their credit reports.
Do you know someone in a similar situation that cannot afford the house payment any longer and does not qualify for a loan modification, please refer them to me so that I can help them sell their house and avoid foreclosure on their credit history Contact: Rick Giese, associate broker at RE/MAX Advisors at 1-800-274-5656
Many Macomb County Michigan mortgages now exceed the fair market value of the home. Negative equity has become an increasing problem for the nation, but is excessive in Southeastern Michigan. With the prices of Macomb County Michigan homes decreasing in value, and the interest rates on previous subprime loans increasing, many Michigan home sellers have no choice but to negotiate with the bank to take less (also known as a “Short Sale”) on the sale of the property. The seller in many cases proves a hardship to the bank which could include divorce, loss of income, health issues and other various situations proving the monthly mortgage payments are impossible for the homeowner to pay. The home owner hires a Real Estate agent, such as Rick Giese and his Macomb Short Sale Help team, to sell their home and negotiate the sale with the bank at No Costs to his Sellers.
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.
Learn More about Rick Giese and his Short Sale expertise at http://www.MIForeclosureHelp.com
Follow us on Facebook: Facebook.com/MacombShortSaleHelp updated almost daily.
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Do you know someone who owes more than their house is worth and doesn’t know what to do? Contact Rick Giese, associate broker, RE/MAX Advisors, Macomb County Michigan Leading Short Sale Specialist and Default Advocate to discuss your options and avoid having a foreclosure ruin your credit rating for years!
Sterling Heights MI – The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is an excerpt from the article:
“Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills.
Thousands now face a stark choice: Go deeper into debt, or foreclosure.
Lenders routinely approved short-term “trial” loan modifications that reduced payments for desperate borrowers under the umbrella of the Obama administration’s Home Affordable Modification Program. But lenders continued to count the mortgages as delinquent or in default.
Now instead of granting permanent modifications, lenders often are reinstating the original loan terms and demanding big back payments.
Carl Christensen, a Minneapolis real estate attorney, said he is getting 15 telephone calls a week from shocked borrowers.
“The banks put out their hand and say, ‘We’re going to help you,’ and then stab people right in the back,” Christensen said.
Patti, 51, and Scott Weddle, 57, of Harris, Minn., were ecstatic when J.P. Morgan Chase offered in November 2009 to cut their monthly mortgage payments by about 20 percent under a trial modification. Patti was out of work with a neck and back injury, and the Weddles were having difficulty making ends meet.
Nearly a year later, the Weddles were told that their application for a permanent modification was denied and that they would have to pay $24,228 to bring their mortgage current and avoid foreclosure.
The Weddles insist the demand came as a shock, because they had made all their payments on time under the trial modification. “We did everything that was asked of us, and it only pushed us deeper in the hole,” Patti Weddle said.
A growing number of critics contend the loan modification program, known within the industry as HAMP, may be doing more harm than good. Many homeowners are draining their savings and incurring new loans to make the temporary payments only to end up in foreclosure anyway when they can’t afford the large, lump-sum payments demanded at the end of the process.
When the Weddles got turned down for permanent relief under HAMP, they decided to stop making their monthly payments. They expect to receive foreclosure papers any day and most of their belongings are packed. “If we had $24,000 lying around, then we wouldn’t have sought help to begin with,” Patti Weddle said.
A spokesman for J.P. Morgan Chase said the risks were disclosed to the Weddles. Under the trial modification signed by the couple, J.P. Morgan reserved the right to terminate the plan at any point and begin foreclosure. The bank also reserved the right to determine the final amounts of unpaid interest and any other delinquent amounts.
“We work with customers to try to keep them in the home whenever possible,” said Thomas Kelly, a bank spokesman. “And the HAMP documents clearly explain the steps along the way.”
Paula Viehman, 60, recalls the day she was approved for a trial modification in June 2009. After a 30-minute conversation, a CitiMortgage representative agreed to cut her monthly payment by half to $929. “It was the answer to my prayers,” said Viehman, a state employee who lives in Minneapolis.
Fifteen months later, CitiMortgage sent two letters claiming she was in default on her mortgage and owed $13,569 in back payments, late fees and other charges. When Viehman called to complain, she learned that CitiMortgage had denied her application for permanent relief under HAMP, though the bank had never notified her.
Viehman refuses to make the lump-sum payment, largely on principle, because that would mean accepting Citi-Mortgage’s claim that she’s in default. Though she continues to make monthly mortgage payments, she suspects the bank will eventually foreclose on the house where she’s lived for 25 years.
“The longer I go through this, the madder I get,” she said. “I did everything they asked and more.”
Citigroup, CitiMortgage’s parent company, declined to comment about Viehman’s complaints because of privacy concerns. However, in a written statement, the bank said the original terms of a mortgage remain in place during a trial modification. Borrowers only receive relief from delinquent payments if they get permanent modifications.
Many borrowers say they never would have signed up for HAMP had they known the risks.
Lynda Devine, 49, of Faribault, said she had not even heard of HAMP until she called her mortgage servicer, Aurora Loan Services of Colorado, about a routine matter. While on hold, she found herself listening to a recorded message that said she might qualify for HAMP. She checked it out and learned it was a program sponsored by the Obama administration. “It all seemed very legit,” she said.
Aurora agreed to cut her monthly payment to $1,400 from $2,000 under a trial modification. But Devine, a children’s mental health social worker and waitress, soon found herself mired in a bureaucratic nightmare. As she sought permanent relief, Aurora kept asking for the same documents — including bank and tax statements. Devine estimates she has faxed documents to Aurora more than 60 times.
Nonetheless, she received notice in July that she was in default. Soon after, she got a letter from Aurora’s law firm saying she would have to come up with $13,496 or face foreclosure. Devine couldn’t stomach the idea of losing her 1920s-era farmhouse and her 35 acres, where she keeps three beloved horses.
Aurora did not return repeated calls seeking comment.
Devine borrowed against her truck and horse trailer to pay the $13,496, but she’s considering suing Aurora to get the money back.”
I think that what these banks are doing is pathetic. In my opinion, half the reason that loan mods aren’t approved is because the lenders are too lazy to process the files.
In fact, the article continues and tells us how the lenders are actually rewarded for not processing loan modifications. Here is what it says:
“Incentives favor foreclosure. It would seem to be in a mortgage company’s interest to modify a mortgage, because lenders often recover only a small fraction of a loan after a foreclosure. But only 12 percent of all delinquent mortgage borrowers are receiving permanent relief under HAMP.
Last month, a congressional panel predicted it would prevent just 700,000 to 800,000 foreclosures — far fewer than the Obama administration’s original goal of 3 million to 4 million.
Some lending experts argue that the root of the problem lies in the complicated way in which mortgages are bought and sold. Most end up with institutions or investment trusts that hire servicers to collect monthly payments.
Servicers, unlike lenders, don’t generally lose money on a foreclosure. In fact, servicers actually can collect more in fees on a foreclosure than from modifying a mortgage, according to a 2009 study by the National Consumer Law Center.”
I think the entire system is flawed. The only people that get relief are people that fight for it. If you feel like you have been turned down for a loan modification, then I would recommend that you protest in front of the lender’s local branch.
Nothing is going to change until people know about what is happening. 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 County Short Sales Realtor:
Phone: 1-800-274-5656. rick@rickgiese.com.
View My homes for sale at http://www.macombforeclosurehelp.com/.
Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour 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, MI – The Stop Foreclosure Institute recently received a question from Tracy. Here is Tracy’s Question.
“I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much live paycheck to paycheck. Tracy.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to Tracy’s Question: A Short Sale doesn’t cost the homeowner any money. All of the costs are paid for by the homeowner’s lender.
Now, I’m sure you are asking, “The bank is losing money on the short sale. They wouldn’t want to have to pay to sell the property.”
Many people also think this. After all, it makes sense logically. But, it’s actually not the case.
Banks have been lending money for centuries. They have learned from past experience that a short sale is a good way to cut their losses.
In fact, a recent study by the Boston Consulting Group actually showed that a short sale reduced a lender’s losses by 20%, compared to a foreclosure.
After a lender forecloses on a property they put it up for sale. They have to hire and pay a real estate agent and all the other related costs.
Why not pay those costs on a short sale and cut their losses by 20%? It’s a good business decision. And that’s why a short sale doesn’t cost the homeowner anything.
Your lender covers all the cost including the real estate agent, title fees, and other closing costs. 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 County 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, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour 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 MI – This is a continuation of a former article about short sales. We often get asked if a short sale is even worth the effort.
“Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Short sales are worth the extra effort. They enable you to buy another home much faster than you would have to wait if you experience a foreclosure.
And they cost you nothing. All the costs are covered by your lender. Now, I’m sure you’re thinking, “I might have to pay my agent to sell the house. .. UNTRUE!
That is a legitimate concern. Here is why the lenders are willing to pay your agent. If they foreclose on the home, they will have to hire an agent to sell it.
So why not just pay the short sale agent. Extensive studies have been done on the advantages of a short sale versus a foreclosure.
The study results showed that a lender will make more on a short sale than a foreclosure. Oftentimes the difference is huge.
I have seen some lenders lose hundreds of thousands of dollars. They turned down a short sale thinking the home would sell for more as a foreclosure.
The home ended up selling for much less. That is why lenders like short sales and are willing to pay all of the costs. 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.
Thanks for reading this, Rick Giese.
Rick is a Real Estate Associate Broker at RE/MAX Advisors. Your Sterling Heights Short Sales Realtor:
Phone: 1-800-274-5656. rick@rickgiese.com.
View My homes for sale at http://www.rickgiese.com/.
We get a lot of questions from sellers as to how a Short Sale will impact their credit. A lot of people know that a Short Sale will impact their credit, just not to the extent that a Foreclosure does.
But don’t you want more information than that? We thought you might, so together with our preferred lender and resident credit expert, Phillip Semlow at Gold Star Mortgage, we have detailed information for you on the credit ramifications of a Short Sale.
We thought it would be best to let you read this “word-for-word”, so read on for more knowledge and information!
“It is very challenging to determine the number of “points” a credit score will drop if a short sale or foreclosure occurs. The reason for this is because the credit score is comprised of a history of credit data (other credit accounts, payment history, debt ratios, etc.) that is unique to each individual. However, having closed hundreds of short sales over the years, we are comfortable stating that, on average, we find credit scores dropping 50 to 125 points when a short sale is performed and over 200 points if foreclosure occurs. We also find that most all of our clients’ credit scores return to their pre-short sale levels within 18 months of completing the short sale provided that they are current on all other debt payments.
Rather than estimate the impact to credit score, we instead tend to focus on the length of time it will take for an individual to buy a home again when a short sale or foreclosure occurs. As it currently stands, there is a minimum 2-year hold period from the time a short sale is completed until the time the short seller is permitted to obtain a conventional loan again. This hold period may even be reduced to 1 year in certain situations (must be discussed on a case by case basis). However, if foreclosure occurs, the waiting period extends to a minimum of 5 years and possibly 7 years if several requirements are not met.
Furthermore, upon completion of a short sale, the sale is reported to the credit bureaus as “settled”, “paid in full for less”, or some variation thereof. Foreclosure is reported as exactly that: “Foreclosure”. A foreclosure will remain on your credit for 10 years, is on public records permanently, and could potentially impact your ability to obtain a new job, obtain security clearance, and/or secure new financing for other types of purchases.”
Our sincere thanks to Phil for this great information, and as always if you have any mortgage questions please do not hesitate to contact Phillip Semlow atGold Star Mortgage (586) 648-6700 or psemlow@goldstarfinancial.com
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, Rick Giese.
Rick Giese is a real estate associate broker at RE/MAX Advisors.
Phone Toll Free: 1-800-274-5656. email: Rick@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
Clinton Township MI – The Stop Foreclosure Institute sometimes receives e-mails from people that short sales are impossible. Well, short sales are not impossible. They just take time. Here is an example.
The Stop Foreclosure Institute was attempting a short sale on a property. The bank turned down an offer for $220,000 on the house.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Today it looks like an offer for 185k will be approved. Why is that? The first offer was submitted 4 months ago.
The bank did an appraisal. The appraiser thought the house was worth $265,000. The lender rejected the offer because it didn’t meet their guidelines.
We put the home back on the market and waited for another offer. The property values continued to decline. The next offer came in for $185,000 several months later.
The bank re-opened the short sale process and ordered a new appraisal. This appraiser thought the house was worth $197,000.
The bank approved the short sale offer. As you can see, short sales can get approved with a little luck, time, and persistence. With some luck, the bank will see that the short sale makes financial sense and approve it.
We’ve seen over 50% of our short sales sell, get approved, and close in 3-4 months. And that’s the first attempt at negotiations.
The majority of the remainder will get approved, but we will have to submit more offers. 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 County, Oakland County and Southern St Clair Counties Short Sale Specialist :
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, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour 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 MI – Here is another common loan modification mistake that many homeowners make. They accept a very short term payment agreement that is not a loan modification.
They could have gotten a real modification, but settled for whatever the lender recommended to them. They settled for what is called forbearance. Here’s how it works.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
A forbearance does not reduce your payments. It doesn’t reduce your back payments, or reduces them very little. The lender just allows you to catch up on all the debt over a set time period.
You start paying your normal payments again. In addition, you also have to pay extra every month to catch up the back payments.
Many homeowners are so desperate to keep their home that they agree to this. It is the first thing recommended by their lender and they just accept it.
In most cases, the homeowner could have received a real loan modification with genuine relief. In some cases this is good for the homeowner.
They didn’t experience a big drop in income and can afford the payment. But, if their income was reduced, then they are setting themselves up for failure. Why?
Many lenders have a policy that they won’t negotiate a loan modification with someone who has already defaulted on a forbearance or loan modification.
No, they won’t admit this in public. And it usually isn’t a written policy. They just simply put people asking for a new modification on the back burner.
The bottom line: Don’t accept a forbearance unless you can afford the payments. If you do accept it and later default, then you are putting yourself at a much higher risk of losing your home.
We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute’s Loan Modification Insider Secrets Guide.
* An easy to understand, Step By Step Guidebook.
* How to write a Hardship Letter that gets your loan modification approved.
* Three big loan modification mistakes and how to avoid them.
* Loan Modification from the lenders point of view.
* How the Making Home Affordable Program can help you.
* What not to do so you don’t risk being carted off to jail.
* How to calculate your budget properly to increase your chance of success.
To request this kit, please click here to request a copy.
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.
Thanks for reading this, Rick Giese.
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
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, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour 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 MI – A lot of people in today’s lending market are stuck. They locked in their interest rate when rates were higher. Now, they are barred from refinancing because they are upside down on their house.
Whenever they apply for a new loan, the first thing the lender says is, “The current property value is less than what you owe. We can’t lend you enough money to pay off your old lender.”
See How This Program Helped Jessica
http://www.miforeclosurehelp.com/harp2
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Do they have any options? Yes, they do. Their best option is probably a loan modification. Their lender is more than likely to work with them since their home dropped in value.
They may have to stop making payments before their lender will approve a loan modification. But, some lenders are even modifying loans that are current.
I’ve heard of homeowners stuck with a loan where the payments are going to gradually increase over time. Their current interest rate is 6%. But, it is going to increase by 1% a year until it hits 9.5%.
They can afford the home at the current interest rate. But once it goes higher, they will have to do something. Why not do it now?
Take the onetime credit hit and lock in a reasonable interest rate. Some people have been able to get their interest rates on jumbo loans reduced to between 4% and 5%.
Many loan modifications will even reduce your interest rate as low as 2% for 5 years. But, stick to your guns and lock in a reasonable rate for the remainder of the loan.
You don’t want to have to apply for another loan mod in 5 years. (Most people don’t see how interest rates could possibly go any lower.)
We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute’s Loan Modification Insider Secrets Guide.
* An easy to understand, Step By Step Guidebook.
* How to write a Hardship Letter that gets your loan modification approved.
* Three big loan modification mistakes and how to avoid them.
* Loan Modification from the lenders point of view.
* How the Making Home Affordable Program can help you.
* What not to do so you don’t risk being carted off to jail.
* How to calculate your budget properly to increase your chance of success.
To request this kit, please click here to request a copy.
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, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour 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
sterlingheightsmishortsalehelp 