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You are currently browsing the Stop Michigan Foreclosure weblog archives for June, 2008.

Don’t Be a Statistic!

Don’t be a statistic!

There are a lot of statistics in the news lately about the increase in number of foreclosures. Michigan is not exempted – click here.

Also, the number of houses banks are taking back (repossessing) is rising – click here.

You don’t need to be a statistic! Do something today to learn your options and take action. Don’t wait for some new government program to bail you out. It may not come, or come too late or be so stringent that few families can qualify (like the ones currently available).

Call our experienced team. We will tell you your options and give you resources. If your best option is to sell the house and get a fresh start, we can help you do that. Despite the statistics, houses are selling. I don’t like to brag, but we have sold 5 houses in the last month and helped those 5 families save their credit and get a fresh start. Testimonials keep coming in. We are on track to get another 5 houses sold this month.

Work with someone who knows the market and how to work with people facing foreclosure. Let us work with you so you are not a statistic.

Ann

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Do people really buy homes that need a Short Sale?

Have you ever wondered if someone will want to buy your house if you were to list it for less than what is owed, and wait for your lender to approve a short sale? After all, it takes longer and is more complex than a typical buy-sell transaction.

The answer is yes! Buyers are willing to wait the extra time if they understand the process, time lines and know what is going on.

That is why we use top notch Selling agents to list your house. They know how to communicate with the buyer’s agent during the process and keep things moving forward.

Here is a recent testimonial that we got from a Buyer’s Agent after we closed on a home sold on a short sale.

“I appreciated the constant communication. They gave expectations of our time line and were easy to work with.” Nancy

Your house can sell and you can get out from under the debt and stress if you put the right team to work for you. Call us, we are here to help.

Ann

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“Lenders promise streamlined workouts”

Sorry, it’s just not enough, and when you read the details of this article, you’ll see it’s really a lame effort on the part of these major lenders to do anything at all to make a dent in the foreclosure statistics.

Here are some of the “promises” they are making:

  • “Inform homeowners within 45 days whether their application for a workout has been accepted or denied.” 45 days?!? By the time most people learn about a pending Michigan foreclosure sale, it’s only 3-4 weeks away!
  • “Attempt to contact homeowners with subprime adjustable-rate mortgages (ARM) and other homeowners with ARMs that have a probable risk of default 120 days in advance of reset.” Attempt?!? They can’t even keep up the homeowners that are calling them on their own – how will they have time to initiate the contact and then do something about it?

Here’s the reality of how bad things are about to get (as discussed in that article): 2.2 million borrowers with subprime loans will face foreclosure proceedings between Oct. 1, 2008 and Sept. 30, 2011.

I hate to be all doom and gloom, but the simple facts show the HOPENOW guidelines fall well short of making an impact to help families keep their houses. It’s best to stay focused on the future and figuring out how to make steps to a brighter future vs. “hoping” your lender will give you a viable workout plan.

What does this all mean? Well, if you’re facing foreclosure on your Michigan house, you’re certainly not alone. Thankfully, at least we’ve got an excellent record with all of these lenders (and more) with getting them to short-cut this whole process and go directly to a short sale solution (let you sell it for less than what you owe).

Joel

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How Can I Sell It?

If my house already sold at the sheriff’s sale, how am I able to still sell it? Great question!

You have certain rights from the time your house is sold at the sheriff sale through the end of your redemption period. Those include the right to occupy the house, the right to purchase the house back by paying cash or getting a new mortgage, and the right to sell the house to pay off the mortgage.

Of course after all of those missed or late payments, unless you have a ton of equity (40% or more), no one will give you a new mortgage because of the damaged credit. Coming up with that giant pile of cash to pay off the old mortgage in full is also unlikely.

This leaves your last likely option which is to sell it during the redemption period. If you owe more than what you owe (including all mortgages, not just the one that foreclosed), we may be able to help with a short sale (never a fee of course).

Emily

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Better Than Sliced Bread

Yesterday, I had the privilege of calling a homeowner to tell her that our “Bank Bully” was able to negotiate a settlement with their mortgage company as part of the short sale.

What does this mean? Well, it means that this family now has the piece of mind that they can move forward with their lives, knowing that their mortgage company won’t come after them for the deficiency on the loan.

How wonderful is that?!

Not all short sales include a settlement, but honestly, I’m getting used to it since most of Joel’s do.

Emily

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Don’t believe the papers!

If you are in the habit of reading the papers daily, you probably think that if you are behind on your house payments, your only option is to get current or mail in your keys.

This is so far from the truth it’s not even funny! You do have options. However, most people don’t know what those options are or how to find out about them.

I was at a seminar last week for Realtors® interested in knowing more about short sales. Realtors® get lots of calls from homeowners facing foreclosure who are trying to learn their options. The problem is the Realtors® don’t know what the options are either! In my opinion, the instructor did a good job of giving the Realtors® some general information about short sales and other pre-foreclosure options but not a lot of depth to really help anyone.

Dealing with people in pre-foreclosure is something we do every day. We know everyone’s situation is different and you want specific answers, not general knowledge. We are here to tell you the options and point you to resources.

Give our team a call. We are on your side, and we are here to help!

Ann

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Just Got Back From Cleveland

Our team is soooo committed to staying “up” on foreclosures and working with lenders & their processes involved that we regularly attend national seminars to stay current. Since I’m newer to the team, I got to attend my first big seminar this past weekend in Cleveland.

All I’ve got to say is WOW! I learned so much more, but most importantly I learned the importance of staying current since things change so quickly! Having access to a room full of other Foreclosures Specialists and their combined experience is a powerful way for me to help more homeowners.

I also watched as Joel (Fix It & “guy in charge of the checkbook”) wrote a check for $4,000 to continue our membership in the most elite circle of Foreclosure Specialists in the country. This is an invitation-only group of only 10 businesses. The best of the very best. We will meet with them 3 more times this year. This is just a huge time and money commitment which will allow us to stay Michigan’s #1 Foreclosure Solution Team.

Emily

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“Why are you guys so good?”

One of the questions we get very frequently is “Why do you guys complete about 70%-80% of your short sales successfully while the national average for Realtors® is only 10%?”

This is a great question, and there are several reasons.

1) All we do are short sales. It’s a specialty which requires a specific set of skills. Try this analogy: When you go to see your family doctor, he’s a “generalist”. He can handle many things that could be wrong with you (broken bones, high blood pressure, the flu, etc.) But if you need brain surgery, you expect him to send you to a specialist.

Most Realtors® are also generalists. They are great at what they do if you fit into a “normal” real estate transaction. Of course short sales are far from “normal”. Obviously, you need a specialist!

Many Realtors® come to my State of Michigan approved course specifically for Realtors® so they can learn from me. The families we work with have decided to have the experienced instructor on their team and not the student.

2) We can’t do what we do without Realtors® though. We team up with the best of the best. They know how to get houses sold in this market, in any condition. Plus we’ve trained them to work within our proven system. Learn more about our team of Realtors® here.

3) We take complete control of the entire transaction! This my make you uncomfortable, which is normal. After you meet our team, I doubt you’ll still feel this way and you’ll likely be very glad we’ve taken control so we can get you out of this nasty position you are in. One of the main reasons shot sales fail is because the unknowledgeable Realtor® or the seller says the wrong thing at the wrong time to the wrong person. We take complete control in an attempt to prevent that from happening.

4) We have inside contacts at most major lenders who put our transactions on the fast track for approval.

5) We’ve invested over $47,000 on training, education, legal & accounting advice over the last 3 years. Let that investment pay off for you by getting us on your team.

Joel

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