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You are currently browsing the Stop Michigan Foreclosure weblog archives for July, 2009.

Avoiding Foreclosure a Piece of Cake?

I just read this article about a woman who “baked” her way out of foreclosure. I can’t speak for anyone else’s baking, but I can tell you that if stopping a Michigan foreclosure on my house was up to my baking skills, I’d be in trouble. There are a few things to keep in mind when you’re looking for a solution to your problem, aside from learning how to bake.

First you need to decide if your financial problems are temporary or permanent. If you are behind on your mortgage payments because a one time bill surprisingly showed up at your door, then baking your way to collect the funds would work. If your problems arose because you lost your job, your family status changed (divorce, death), or some other type of permanent change has occurred, than you need to figure out a long term plan.

If you find yourself trying to figure out your options, give me a call. That’s why I’m here – to help you figure out the option that is best for you..

Emily

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Michigan “Lifeline Law”

You may have been hearing a lot about the new Michigan foreclosure “lifeline law”, and you may be wondering, what does it really mean?

Currently, Michigan is sixth in the nation for foreclosures; clearly something needed to change. But is this new legislation really the answer?

If you’ve missed a few mortgage payments recently, your lender may have started the foreclosure process. What this now means is that you should receive two letters notifying you of your right to delay the foreclosure 90 days by working with a housing counselor. However, you must contact a counseling agency within 14 days or your rights will be waived.

Should you choose to meet with a counselor, you will need to have income information, including your 2008 tax return and year-to-date proof of your income. Each lender or investor will have their own guidelines which will apply to your mortgage. However, even if you qualify for a loan modification (less than 5% of applicants do, so don’t hold your breath), your lender may choose not to agree to the proposed modification. This means that they may continue the foreclosure proceedings.

If this situation applies to you, it is imperative for you to know your options and to act immediately. To find a lender-approved counselor, you may contact the Michigan State Housing Development Authority at 866-946-7432, or the “Hope Hotline” at 888-995-HOPE.

If you have been turned down for a loan modification and feel you have no other options, a short sale may be right for you. Of course short sales are our specialty and are certainly much better than a Michigan foreclosure. The catch of course is that if we don’t start soon enough, it may be too late, so call as as soon as you are out of options.

Melissa

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Loan Modifications – A Word From A Fellow Mastermind Member

If you are facing a Michigan Foreclosure, one of the ways we are able to help you resolve your situation is by staying on top of changes in laws, policies and the housing industry in general. One way we do this is by being part of a national mastermind group where we get cutting edge information and techniques. Here is what one of our fellow members had to say lately about loan modifications.

“Loan Modifications seem promising until one examines how ineffective they have been. The goal of the Obama Administration was to incentivize banks to do loan mods in the expectation that 3 to 4 million homeowners would receive the assistance they needed to stay in their homes. Thus far, and it’s early, some 55,000 distressed homeowners have been helped. A major block has been the reluctance by the banks to commit to loan modifications out of concern for the downward spiral of housing values.”

“No one can argue that the goal of keeping homeowners in their houses is worthwhile. The trouble is that those that promote them often make up what they lack in foresight with sincerity, which isn’t exactly good for … the homeowner…”

“Here’s the point: Unless banks do something to reduce principle balances well below current (house) value, most loan modifications will keep homeowners trapped in debt with a house that is over-leveraged and therefore one that they will not be able to sell when needed (job issues, divorce, medical, etc). The lost home equity isn’t coming back anytime soon. Guess where many of those homeowners who complete loan mods may end up? Back in Foreclosure.”

Excerpt from The SREC Monthly Mentor Newsletter, Volume 1-3, June 2009

Well said Ted! Give Emily a call and ask her what options we can offer that will provide a permanent solution and help you get back to better times.

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Receive $1000s of Help and Service at No Cost To You

Yes, you read the headline right. If you are a homeowner facing a Michigan Foreclosure, our team is standing by to provide help and service at no cost to you. You can easily pay attorneys, loan modification companies and less savvy people thousands of dollars to try to resolve your situation.

“Try” is the key because no one can offer you a guarantee to resolve your housing situation except your lender because your lender has the ultimate say in what they are willing to do to help you. And you shouldn’t trust your lender until you get their offer of help in writing and in terms you fully understand.

We don’t make promises we can’t keep. That is why we only promise 4 things, but families that work with us feel these are the most important promises anyone could make:

  • We will never ask you for money.
  • We will never put you in a situation that is worse than you are currently in.
  • We will always keep all of your information 100% confidential.
  • We will always work harder than anybody, doing whatever we can, to permanently stop your foreclosure situation

Give Emily a call and find out how we can provide top notch service and help to you at no cost.

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Homeowners Facing Michigan Foreclosure Agree

We talk to dozens of homeowners every week and most agree that they don’t want to face foreclosure alone. They want someone to answer questions, explain the process, discuss options and ideas. And when they realize the hardship is not going to end anytime soon, they want help to get out from under the bad situation and start fresh.

This is where we excel! We are intimately familiar with the Michigan foreclosure process, we know how most major lenders work, we never charge you any money and we keep all your information confidential.

Most Homeowners agree that they were glad they called us. Check out our testimonials (here and here) for more proof. We are waiting to help you so you don’t have to face a Michigan foreclosure alone. Join the hundreds of homeowners who have called us for help.

Ann

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Two Quick Tips

Workouts

I have many people ask me why their lender won’t work out a payment arrangement with them. Most of the time it’s because whatever hardship that caused you to get behind on your payments,isn’t over. If you feel like a Michigan foreclosure is your only option, give us a call. You do have options, but you need to act fast!

Redemption Period

Did you know that in Michigan you do not need to move out of your house on the date of your foreclosure sale? If your lender tells you differently, their are either lying or misinformed. Depending on several factors, you will have between 6 and 12 months to “redeem” your mortgage. You can redeem it by purchasing the house back with either a new mortgage (this won’t happen after a foreclosure) or cash for the full balance, or by selling the property (even via a short sale if needed). By doing any of these, it will STOP your foreclosure. For more information, give me a call, but make it fast.  Why?  That 6-12 month redemption period can very will be reduced to 30 days and we can help make sure that does not happen to you.

Emily

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The Simpson’s Lose House To Foreclosure

The other night I sat down on my couch, tuned on my T.V. and took in a newish episode of the Simpsons. Now, I don’t do this very often because what used to be my favorite show jumped the cartoon shark many seasons ago, but I’m really glad I did.

It started off with the Simpson’s throwing an elaborate Mardi Gras party and Homer being asked how he paid for it. He responded that he used his equity line, saying that he got to use the money, and the house got stuck with the bill. Oh, Homer, you clueless sap! It cuts to the next scene as Homer and Marge are sitting down with their mortgage officer (at Countryfine – the Mortgage and Lemonade Company.) He’s calculating interest at astronomical rates (37%? compounded every minute) and there’s a “not understanding the contract” fee.

This part is meant to be funny, but for a number of Michigan families this is reality! Many people who took out adjustable rate mortgages and equity loans (or balloon notes, as is the case with the Simpson family) didn’t have someone to explain to them what they were really getting into. Next thing you know the Simpson’s house is getting foreclosed on, and the Simpson family watches as Ned Flanders buys their house at the auction for $101,000 (quite a steal for Springfield properties, even in this market).

It really made me think about how the housing crisis is getting so bad that even the Simpsons are losing their house! If only we worked in the greater Springfield area (who knows, maybe they live in Springfield, Michigan?) we could have negotiated a short sale for them. Instead, Ned Flanders ended up renting the house back to them and hilarity ensued, but of course this is as unrealistic as the episode where Homer is chosen to be an astronaut. Anyone else craving a squishee? 

742 Evergreen Terrace – 4 bedroom, 2 bathrooms, tree house in back, sold as is
742 Evergreen Terrace – 4 bedroom, 2 bathrooms, tree house in back, sold as is

Don’t let this happen to you – call us now!
Holly

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Declare your Independence

Every year around the 4th of July, I like to watch the movie “1776” to remind myself of the sacrifices and obstacles men like John Adams, Benjamin Franklin, Thomas Jefferson, George Washington and many others overcame to win us the independence we enjoy today. It just blows me away that these men (and woman) were willing to risk their fortunes, names and lives to stand up to the most powerful nation at that time and say we declare our independence from your tyranny.

Every year around the 4th of July, my husband Joel likes to watch the more modern movie “Independence Day”. He likes to see Will Smith, Jeff Goldblum and others stand up and declare their independence over aliens threatening to destroy the earth. Now, truthfully, I think he likes all the cool special effects and explosions, but I have to admit when Bill Pullman, as President of the United States, gives his inspirational speech about “…we will not go quietly into the night!…” it always gives me goose bumps to think these people are standing up and fight for their lives and freedom.

How about you? If you are facing a Michigan Foreclosure, I know you have had a life changing event (job loss, divorce, death, etc). You can feel like you have no control over your life anymore. Well, I am here to tell you that you can declare your independence from this oppression. You can get back to better times. We are here to help you do it. Everyone’s situation is different and so you need to call Emily and have a confidential consultation about what is best to you.

Do not go “quietly into the night” without fighting for your family’s future. Let us help you get your independence back.

Happy Independence Day from all of us here at Great Lakes Home Solutions, Inc.

Ann

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