As children, I am sure we all had our different “Boogie Man”, that thing that kept us awake at night with fear. When I was a child, I was afraid that my Dad was going to die when I was in high school because his Dad had died in high school. I knew enough to make myself miserable. I knew that sometimes people died of the same thing that killed a family member. What I failed to realize is that my grandfather died in an accident in a steel mill and since my dad did not work in a steel mill, this would not likely happen to him. When someone pointed this out and put this light on my “Boogie Man” a huge fear was lifted.

Many of our childhood fears are illogical like this based on us not having the full knowledge or experience or misunderstanding something. Sometimes, the same thing happens when we become adults. We get ourselves into a situation we don’t fully understand or were educated on and we don’t know where to turn. Many people facing a Michigan foreclosure end up in this situation. I hear it in the fears they voice when they call:

• If the Michigan foreclosure sale happens, am I out of options? (Answer is no, you have a redemption period with certain rights including the right to live in the house and sell it)
• When will the sheriff come and toss me out of the house? (Answer is not till the end of the redemption period and only after going through a legal eviction.
• Will the Michigan foreclosure auction happen in my yard for all the neighbors to see? (Answer is no)

That is why we are here. We have the experience, knowledge and answers to put your fears to rest. Plus, we will not charge you anything or put you in a worse situation, so no fears there! Give us a call and tell us what is bothering you and let us put the light of day on your “Boogie Man” and drive those fears away so you can get on the road to a better day.

Ann

If you’re facing a Michigan foreclosure, there are many reasons why you may be feeling overwhelmed right now. For one, you most likely have a hardship that is making it impossible to meet your financial obligations. You also might be overloaded with information. While it’s important to be informed, too much of a good thing can be confusing. In an attempt to make the big picture much easier to take in, I’ve created a table that shows the options you have when it comes to foreclosure, and the pros and cons of each.

While we can’t help you with bankruptcies, modifications, or deeds-in-lieu, we can help you tremendously if you think that a short sale is right for you. We’ll even take some of the pain away from the cons – we’ll do all of the talking to the bank, and do all of the confusing paperwork for you (we’ve done it so many times that it’s not even confusing anymore!) If you’re not sure which option is best for you, give Emily a call. She’d be more than happy to discuss your options with you, and help you decide which is best.

Holly

The other day my Mom asked me a strange question: “So, how exactly does a short sale work?” I guess the question wasn’t that strange, since most people don’t know the answer. But the thing is, I’ve been working here for over a year now, and I’ve explained the process to her about a dozen times.

I explained it when my cousin and her fiancé tried (unsuccessfully) to buy a short sale property. I explained it when my Uncle was contemplating a short sale on his house (he’s underwater, like so many other Michigan sellers). I also explained it when my grandparent’s neighbor sold her house on a short sale. I guess the thing about short sales is that THEY’RE CONFUSING, and unless you spend every day dealing with short sales, you’re probably going to have lots of questions throughout the entire process.

One of the best things about us here at Great Lakes Home Solutions, Inc. is that we have answers, and lots of them! Joel (our President) is the only state certified short sale instructor in the entire state who negotiates short sales full time. This sort of makes him the short sale guru around these parts. You rarely hear anyone say “I don’t know” around here (and when you do, it’s followed by “and I’ll find out!”).

You’ve got questions? We’re more than happy to share our answers with you. If you have a hardship, are facing a Michigan foreclosure, and would like some friendly answers, give Emily a call. She’s a wealth of information about all things foreclosure and short sale!

Holly

Joel will teach you the exact questions to ask so you can learn your Realtor’s chances of helping you with your short sale so you can avoid a Michigan foreclosure.

Check out the video on this page.

Joel

What is your plan B?

We talk to lots of people every week who thought they had it handled, until the lender denied their workout or Mom & Dad didn’t come through with all the money they promised to loan to them, or the settlement got delayed by months.

Life happens. That’s why you need a plan B.

If you are facing a Michigan foreclosure, you don’t have a lot of time to feel sorry for yourself, depressed, angry, and distracted by all that has gone ‘wrong’ in your life.

I once read an article by Dan Kennedy, a very successful marketing consultant.  His philosophy for life is “Expect the best, insure against the worst (by having a plan B), respond creatively to everything in between.”

We are many people’s plan B. If you can’t keep the house, your next best option, heck your only option, may be to get out from under it by selling it. That is where we can help. Even if you owe more than it is worth, we can help.  That’s what short sales are all about – and we’re simply the best there is in Michigan.

Give us a call and let us help you with plan B today.

Ann

This is a common question we get when people are facing a Michigan foreclosure and considering attempting a short sale.  Keep in mind that none of us are attorneys and you need to consult with one if you are considering filing bankruptcy.

The timing involved to get a new mortgage has many factors and no one can tell you exactly how long it will take because loan guidelines are constantly changing.  Here’s what my understand is, in order from bad to worse.

1) Chapter 7 Bankruptcy (BK-7), leave the house out, keep making payments on the house.
2) BK-7, put the house in, attempt to avoid the full foreclosure by selling via short sale*
3) BK-7, put the house in (this will still lead to a foreclosure)
4) BK-7, leave the house out (this will still lead to a foreclosure)

If you can’t afford to do #1, why not at least attempt #2?  It can’t hurt, and if #2 fails, by default you’ll be at #3.

Leaving the house out of the BK-7 means the lender will be able to come after you for the amount of money they lose on the house.  I don’t see why anyone would want to leave a house out of a BK-7 unless they intend to keep it long-term and you have some equity in it (that’s #1 above, which of course you need to be able to afford).  Most people can’t afford to keep the house and have no equity because of the rate at which values are declining in Michigan.

* A short sale is when the lender agrees to accept less than the full balance.  Of course this is our specialty which we do not charge for.

Joel

In our efforts to help someone we needed to take interior pictures of a vacant house. The only problem was the house was so infested with fleas that no one, including the Realtor®, wanted to enter the property. Against my better fashion sense, I donned a “bunny suit” (a full length, disposable coverall, complete with hood and booties) and headed inside with my camera.

We’re always here to help, and as we’ve show, we’ll go way beyond what anyone else will do to help you stop your Michigan foreclosure.

Emily

Editor’s Note (that would be Joel): Not only did she go above and beyond, this was for a case that we decide we could not take on (long story – but not because of the fleas). Plus she let me publish this picture! Click on the image for full size (and 100% entertainment!)

Great question!

Of course there’s a chance it can sell! How big of a chance? That’s a big “depends” on at least…

1) When the sheriff sale is scheduled (even if it’s past, there’s still time – but you need to act quickly)

2) What you owe

3) What it’s worth (in this market)

4) Maybe you need a short sale (which of course we can take care of for you, at no charge, *IF* we decide to take your case on)

5) If you are able to stop your bank from drastically reducing the amount of time you have to sell it (we haven’t lost one yet)

6) ….

… and many other factors.

Emily (aka “Mom”) can discuss these with you. Of course you’d be much better off selling (even if you need a short sale [you lender taking less than owed]) as compared to doing nothing and having them come after you for the money they’ll end up losing.

We can help with all of this, and of course, there’s never a fee.

Joel

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