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Michigan Loan Modifications

Michigan Loan Modifications

If you’re reading this blog there’s a good chance you’re facing a Michigan foreclosure. Hopefully you’ve talked to your bank to find out what your options are, and if you have, they might have tried to get you to apply for a loan modification. If you want to keep this house, this can be a great option – that is, if you can get one. These loan modifications have proven to be very tough to secure, and now statistics are showing that they might be even harder to keep.

I just learned that about 51% of homeowners who are given a loan modification go back into default with their lender for some reason or another. Perhaps even though the payments are now more manageable than they previously were, families still aren’t able to keep up with their mortgage and their other financial obligations. Most families are put into this situation because of a hardship, such as job loss or an illness in the family, and just can’t seem to get ahead. There’s also a chance that they owe back payments, and even if they can handle their new payments, they may not be able to make up that difference.

We want you to explore all of your options and decide what’s best for you. If you’ve decided that you can no longer afford your payments due to a hardship, owe more than the house is worth, and are ready to move on with your life, a short sale might be a good option for you. If this is the case, give Emily a call. She’d be happy to discuss the process with you and answer any questions you may have!

Holly

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Watch Oprah Lately?

Watch Oprah Lately?

For those of you who watch the Oprah Winfrey Show, this story may be familiar: A family from Lee’s Summit, Missouri, went on the talk show to discuss their financial struggles and impending foreclosure. Also a guest on the show was Will I. Am, a member of the hip-hop group The Black-Eyed Peas. It seems Will I. Am was so touched by the family’s story that he announced on the show that he was going to pay off the mortgage of the Lee’s Summit family, which was over $240,000 worth of debt.

We should all be so lucky, no?

The fact is, (according to the RealtyTrac® “trend center”), there are over 2 million homeowners all over the United States in the same situation. Unfortunately, there are not enough Will I. Am’s to help them all out, which means they will need to find alternative solutions for themselves. Now, we at Great Lakes Home Solutions don’t promise to pay off your mortgage so you never have to worry about it again, but we will do what we can to help point you in the right direction toward the solution that will be right for you. And if that direction is a short sale, there’s a pretty good chance we can make sure your lender never comes after you again.

Give us a call and let’s see what we can do to help.

Melissa

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The Longer You Hold It, The More It Hurts

The Longer You Hold It, The More It Hurts

If you have a hardship that is causing you to face a Michigan foreclosure, you’re probably under a lot of stress. Recently one of the great Elite REALTORS® we work with sent over this little piece of inspiration:

A lecturer, when explaining stress management to an audience,
Raised a glass of water and asked;
‘How heavy is this glass of water?’

Answers called out ranged from 20g to 500g.

The lecturer replied, ‘The absolute weight doesn’t matter.
It depends on how long you try to hold it.
If I hold it for a minute, that’s not a problem.
If I hold it for an hour, I’ll have an ache in my right arm.
If I hold it for a day, you’ll have to call an ambulance.
In each case, it’s the same weight, but the longer I hold it, the heavier it becomes.’

He continued,
‘And that’s the way it is with stress management.
If we carry our burdens all the time, sooner or later,
As the burden becomes increasingly heavy,
We won’t be able to carry on. ‘

‘As with the glass of water,
You have to put it down for a while and rest before holding it again.
When we’re refreshed, we can carry on with the burden.’
‘So, before you return home tonight, put the burden of work down. Don’t carry it home. You can pick it up tomorrow.

Whatever burdens you’re carrying now,
Let them down for a moment if you can.’
So, my friend, Put down anything that may be a burden to you right now. Don’t pick it up again until after you’ve rested a while.

If you’re house has become a burden and you need to rest from carrying it alone, give Emily a call. She’ll explain to you how we might be able to permanently relieve your of your stressful situation. There is never a charge, we keep everything confidential and we won’t put you in a worse situation. Let us help you with the burden of your distressed house and get you back to less stressful times.

Holly

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How To Price Your Short Sale To Sell

How To Price Your Short Sale To Sell

When doing a short sale, one of the most important things to do is get the house priced right – that is, priced to sell. In order to ensure houses we do short sales with are accurately priced, we usually rely on the expertise of not one, but two REALTORS®. The reason this step is so important is because if the house is priced too high, no one will want to buy it. And if no one wants to buy it, we can’t complete the short sale! Luckily, we have 5 great “Elite REALTORS®” and almost 50 “Inner Circle REALTORS®” that we trust and rely on to get the house sold.

These REALTORS® are scattered all across Michigan. Even though we are based in Plainwell (on the west side of the state), our REALTORS® make it possible for us (and them) to help people across Michigan. We are currently working with sellers as far east as St. Clair County, and all the way north to Mecosta County.

Already have a REALTOR®? If we think we can help you, and your REALTOR® is willing to work with us (and they should, since we have an extremely high success rate and make sure they get paid full commissions!) then this won’t be a problem. To take the first step on doing a short sale to avoid foreclosure, give Emily a call (or have your REALTOR® call her) so that she can discuss your hardship and options, and figure out what is best for you!

Holly

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2 Minutes of Inspiration

2 Minutes of Inspiration

We know that you, dear reader of this blog, are probably facing a hardship or know someone who is. You may even be facing a Michigan Foreclosure. That is why today we want to give you a little hope and an uplifting message. Instead of spending 3 minutes reading a blog, spend 2 of it watching this short video.

And after you do, when you are feeling empowered and ready to move through your situation, give Emily a call and let her help you start on a journey to a better day. Emily has been through a lot of life’s challenges too. You will probably be surprised how much she understands where you are at and wants you to get to a better place. She will tell you your options, help you figure out your goals and show you the first steps to take. You can turn 2 minutes of inspiration into a new life! We look forward to helping you do that.

Ann

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What Really Happens at a Michigan Foreclosure Sale/Auction?

What Really Happens at a Michigan Foreclosure Sale/Auction?

A few months ago I wrote a blog about the Simpson’s house getting foreclosed on. In the episode, the auction took place in their front yard. If you are facing a Michigan foreclosure, and have received a foreclosure notice, I offer you a small bit of good news. I’m not sure how they’re conducted in other states, but here in Michigan, foreclosure auctions (aka Sheriff Sales) are held at the county courthouse, which will definitely save you some neighborly gossip. They usually happen once a week (sometimes every other week) at the same time each week. It’s not a very exciting auction – no one brings out beautiful pieces of art, antiques, or farm animals, and I doubt many Sheriff Departments employ fast talking auctioneers. More often than not, there are no bidders, and the house goes back to the bank that holds your mortgage. There are many reasons for the lack of bidder:

  • The minimum bid (set by the bank) is higher than what investors or individuals are willing to pay. The minimum bid is usually what you owe on the house.
  • The winning bidder must show up with cash within one hour. Many people don’t have that much cash on hand, and need to finance the purchase by obtaining a mortgage.
  • People are unfamiliar with the auction process, and brush it off completely.
  • The purchaser will have to wait out the redemption period (usually 6 months)and will not get the house if the borrower is able to redeem (which is done by paying off the entire balance/the highest bid amount) plus interest.
  • There is a surplus of foreclosed houses – more homes than people want
  • The winner is buying the house as-is, usually sight unseen. It could be damaged, either from the start, or by the time the redemption period runs out.

If you have a financial hardship and your house is headed for auction, we may be able to help you avoid that Michigan foreclosure. And if the house has already been to auction, we still may be able to help you. Either way, time is NOT on your side, so call Emily, and she’d be happy to discuss your options with you.

Holly

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Three More Testimonials and Hundreds of Thousands of Debt Wiped Out

I try to keep up with posting testimonials here on this blog and also here, but sometimes I just can’t stay caught up. So, I’m taking this time to publish several of the last few months to give you a feel for the families we’ve been able to help out.

If you want to be next, it’s obvious you’re not alone, so give us a call – before you know it, you could be sitting at a closing, with the weight of your lender (and the world) off your back.


Finding myself in a possible foreclosure situation was something I would never have predicted, however, following a divorce and years of being out of the job marketing while raising children, I found it impossible to make ends meet. My realtor recommended Great Lakes Home Solutions and my initial meeting gave me hope for a short sale. Everyone treated me so kindly and with respect. Today I am signing off on my home and walking away from $47,000 worth of debt. I had made every effort to negotiate with my mortgage companies and got nowhere. GLHS succeeded beyond any expectations and I can now more forward without the burden of two mortgages. A+!

Susan, Rockford, Michigan


Great Lakes Home Solutions helped us short sale our house in 4 months time. We were forced into a short sale situation by medical and financial situation and mortgage companies that refused to help modify or refinance our loans. Great Lakes settled our home in 4 months time and helped us reduce our debt by 108 thousand over and above our mortgage payoff. We would recommend Great Lakes Home Solutions and staff to anyone facing a foreclosure of their home. They were great in getting our short sale done!!!

Pamela and Kevin, Grand Rapids, Michigan


Working with Emily and everyone at Great Lakes Home Solutions was a wonderful experience. I would recommend them to anyone contemplating a short sale. We were kept informed every step of the way, and our phone calls were promptly returned.

Mike and Colleen, Grand Rapids


Joel

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Clogged Foreclosure Pipeline

Clogged Foreclosure Pipeline

At first glance, the housing market coupled with the foreclosure rate may seem to be improving, which initially may appear to be an upswing in the economy. In actuality, that is far from accurate.

The sad truth of the matter is the rate of new foreclosures is only slowing because foreclosing lenders are so swamped with the properties already active in foreclosure that they simply don’t have the time or resources to keep up. It used to be you could estimate that a foreclosure sale would take place in 4-6 months after the loan went into a defaulted status, or in other words, a payment was missed. Now, that timeframe is closer to 8-10 months. I read a statistic the other day that claimed between 20-25% of loans that have been delinquent for a year have not yet entered foreclosure status. A year – pretty crazy, right?

For those of us not in the lending business, this cloud has a silver lining: we have time now. A few years ago, you had to scramble to get your documentation into your lender in the hopes of possibly getting the foreclosure sale postponed so you get the chance to have your voice heard. Now we have more time to secure workouts and to close short sales. This allows for a far greater chance for sellers in financial hardship to find long-term relief. To get started, call Emily today!

Melissa

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