Stop Michigan Foreclosure

Instincts Aren’t Always Right!

The other day I was at the lake with my dogs watching them “swim” which is really just them walking around in the water. They only go as deep as they can stand and still keep their heads out of the water. We all know that when a dog gets out of the water, some instinct tells the dog to shake to dry herself off. Well, as I was watching Maggie standing in the lake, up to her belly in water, she apparently decided she didn’t want to be wet because she started to shake. This just made her even more wet because she propelled water up over the top of her, soaking her head and back. The more she got wet, the more she tried to shake herself dry. I had to laugh and I thought to myself, sometimes our instincts are wrong.

Then I started thinking about the families facing a Michigan foreclosure that we talk to every day. Sometimes their instincts are wrong about how to respond. Some people who are behind on their house payments immediately think they need to file bankruptcy. While I am not an attorney (and you should always consult an attorney), I know from watching it over and over that a bankruptcy does not stop the foreclosure and merely postpones it. Other people facing a Michigan foreclosure will do some kind of work out program with their bank hoping to keep the house a little longer. This can be great if their financial hardship is over and they can make their new and future payments. However, for many people still facing a financial hardship, the new payments or terms are just as hard to pay as they were before the work out.

I think the main reason our instincts mislead us is that we lack information and experience. Most people have never experienced or been educated on Michigan foreclosures so when they are facing foreclosure, they have no instincts to guide them through. That’s why we are here! We can give you information and answer your questions and guide you through your options. We do not charge a fee and we will keep all your information confidential. Let us be your instincts and help you find the right course of action for you. Give us a call today.

Ann

Find Your Michigan Foreclosure Compass

Stuck in the clouds?

Did you know that when a pilot is learning to fly in clouds, one of the first things he has to learn is to not listen to his body and instead believe the instruments in front of him? That is because when we cannot see where we are going, it is so easy to get disoriented. You may have experienced this if you ever walked in a thick fog or snow storm. Imagine adding the third dimension of height and you can see why a pilot needs to learn to rely on instruments like compasses to keep them flying in the right directions (instead of her “seat of the pants” or “gut feelings”). Instruments also keep pilots from getting disoriented and turning the plane upside down or descending into an obstacle when they can’t see where they are going.

A similar disorientation can happen to us when we are in a stressful situation, such as a job loss, divorce, disability, death of a loved one. This can be amplified if the financial hardship causes someone to get behind on house payments so they are facing a Michigan Foreclosure. People facing a stressful situation tend to react emotionally and by “gut feel” instead of logically about what to do and where to go. They can make bad decisions or no decision at all. They need a “compass” to guide them out of the clouds of despair and into the light, and back to better times.

That is where we can help. We can give you information about your options, educate you about the foreclosure process and help you figure out your goals and plans. We can help you make a logical decision about what is best for you instead of a gut reaction that may be wrong. We never charge a fee for this and we won’t put you in a worse situation. Give Emily a call and let her show you how to get out of the clouds and back to better times.

Ann

When To Consider A Short Sale

People who are facing a Michigan Foreclosure frequently ask me how they should know if a short sale is their best option. That’s an easy answer. When you’ve tried everything else possible, and nothing has worked out (and your expenses exceed your income), THEN, you try a short sale. It’s a last-ditch effort when the only other alternative is foreclosure.

What else is there to try? Well, there’s a loan modification, forbearance plan, repayment plan, refinancing, private loan, getting a roommate to share expenses and even selling it to a friend or family member (not using a short sale). I put together a handy reference for REALTORS® defining these options and giving pros and cons. I included it at the end of this blog for you!

I always tell people to use a short sale as their last option before foreclosure. It doesn’t cost anything to do a short sale with us, we keep everything confidential and we won’t put you in a worse situation so you’re not losing anything if you try. Of course, your situation is unique and you have questions so give me a call and let me explain your options to you and help you figure out what is right for you.

Definitions, Pros and Cons.
1. Repayment Plan: Your lender may give you a fixed amount of time to repay the amount you are behind, plus any late fees, by adding a portion to your regular monthly payment. This may be an option if you only missed a few payments and had adequate income to make regular monthly payments again.

2. Forbearance: Your lender may agree to suspend your payments for a period of time. At the end of this time, you will resume your regular monthly payments, and you may be required to either make one lump sum payment or additional partial payments. This may be a good option if you have a temporary reduction in income and are now able to make regular payments plus lump sum or partial payments.

3. Loan Modification: Your lender may agree to reduce your interest rate, extend the term of the loan, or add missed payments to the loan balance. This may be a suitable option if the terms meet your needs and financial abilities.

4. Deed in Lieu of Foreclosure (voluntary foreclosure): You voluntarily transfer title to the lender. The lender has the option of canceling the remainder of the debt, but we’ve never seen this. But you will lose any equity in the house and may have to pay taxes on the debt forgiven (if any).

The above is referenced from this Michigan Web Resource

5. Refinance: May only be an option if you actually have equity in the house and/or one spouse was not on the original loan and is able to refinance into their name alone.

If you need help sorting through all of this, or simply realize a short sale is for you and want an immediate offer and someone to negotiate the short sale at no charge, give me a call.

Emily

How Did I Get Here?

Over the past four years, I’ve talked with hundreds of homeowners about their imminent Michigan foreclosure. Their biggest question is “how did I get here?” They’ve done everything that they thought was right and made every logical choice. They usually have cut expenses, maybe gotten a part time job and gone without some “luxuries” like cable or eating out. Yet, they’re still heading into a Michigan foreclosure. Why? There are always factors that they have no control over – the poor economy, the down market, a financial hardship like job loss, divorce, disability or death of a spouse.

While I understand their question, it’s even more important to know how they’re going to get out of their situation. That’s where we step in. We can help families evaluate options, set goals and decide on a course of action. We can even start discussions with their lender after we make a cash offer, and get them back on the road to a fresh start.

If you or someone you know need help with your foreclosure situation, contact us. We will never charge you a fee and we will keep everything confidential. Let us help you get back to better times.

Emily

Postponing the Inevitable

Now that summer is upon us, my dogs love to go swimming in the lake. However, they hate being dried off afterwords. I won’t allow them back in the house until they are semi-dry so it becomes a battle of wills. I pull out the towels and they run away, postponing the inevitable. Sometimes it becomes a game (to them anyway) with me chasing them around the garage jumping over obstacles while they gleefully run away. Eventually, hunger or the search for affection and companionship will pull them inside and they will have to endure the towel drying to get to their food or other goal.

We see a lot of people facing a Michigan Foreclosure go through a similar mental process. They want to avoid the pain of the foreclosure, so they may declare bankruptcy. I am not an attorney, but my experience has been that all the bankruptcy does for them is postpone the inevitable foreclosure. Yes, it makes your lender jump through a few more hoops to proceed with the foreclosure. However, eventually, they will do all the right legal things to be able to proceed. I have never seen a bankruptcy permanently stop a foreclosure.

If you are in a distressed financial situation and are considering bankruptcy, seek competent advice. My experience is that it probably is not worth pursuing the bankruptcy unless you have debt other than the house that a bankruptcy can help you with. If the house is your sole financial burden, give us a call and see what alternatives we can suggest. We can help you define your goals and find the best course of action for your situation. We will never charge you a fee and we promise not to put you in a worse. Give Emily a call today and stop postponing the inevitable and start working toward a permanent solution to your Michigan foreclosure.

Ann

Pros and Cons of All Your Options When Facing a Michigan Foreclosure

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

Short Sale Q&A’s from My Friends& Family

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

Who Makes The Best Clean-Up Crew for the Michigan Foreclosure Crises?

Some of you will have heard of the famous (or infamous, whichever way your social or political opinions lean) documentary filmmaker, Michael Moore. His most recent film is about of the state of the US economy; it’s called Capitalism: A Love Story. Now, please understand, I’m not particularly political, and I’m certainly not espousing his views. In this blog, I’m simply commenting on a part early in the film that could easily be misconstrued.

Michael Moore interviews a real estate agent in the state of Florida who buys foreclosed homes for pennies on the dollar – he is unspecific about the method he uses to purchase these homes – he refers to himself and people in his line of work as “vultures”. He even went so far as to name his business after the bird of prey.

The word “vulture” evokes less than ideal images in the minds of most people. In relation to a person or business, it makes us think of greediness, corruption, and unscrupulousness. Being in the foreclosure and short sale end of the real estate profession myself, I’ll admit, the metaphor made me uncomfortable and defensive.

Instead of vultures, I think investors are the clean-up crew. One might argue in a certain light, the two might be seen as synonyms, but I would say they are here not to prey on the unfortunate but to help clean up the mess caused by irresponsible lending, bad loans, and a whole myriad of factors that caused the economy to be what it is today. They’re not here because they want to profit from anyone’s hardship; they simply saw a need and strive daily to meet that need.

If you are one of the many homeowners who has this need because you are facing a Michigan Foreclosures, don’t hesitate to call us and we’d be happy to try to help you get things “cleaned up” so you can move on.

Melissa

What Bank Leaders Know That You May Not Know

According to this article from CNBC one of the nation’s biggest banks, Bank of America, is making it easier than ever before to do Short Sales (where the bank accepts a discount on what is owed so the house can sell). Why? According to the article, it is because they see the need for short sales growing and it is less expensive for them to do a Short Sale than to take a house back at the end of the foreclosure process as a bank owned property. Duh! They also point out that few homeowners qualify for the government’s Home Affordable Modification Program (HAMP). Duh again!

This is nothing new to us. We have been pointing these things out for years. The good news for sellers facing a Michigan Foreclosure is that what could be one of their best options is becoming more accepted and hopefully easier to do. We still recommend that a short sale be your last option, and it may not be the best option for everyone. Still, we have been able to help a lot of people over the last 5+ years get back to better times through a short sale.

If you are behind on your house payments because of a financial hardship (job loss, divorce, medical situation, death, etc) give us a call and let us see what option is right for you. We never charge a dime, we keep all your information confidential, and we won’t do anything to put you in a worse position. See how the new thinking among bank leaders can help you get back to better times.

Ann

Short Sale Education & Training

Joel & I just got back from a Short Sale training event in Dallas. It was and excellent event. We learned some great information about how to streamline our processes, learned what is working for other people in similar business around the country and came back energized and ready to share the great information with the rest of our team so we can help as many families as possible.

We were telling one of the Elite REALTORS® we work with about it yesterday and he said “I am so glad to be hooked up with a company that puts such high value on training & education”. He is right, we do put a high value on training and education and here is the benefit to you.

1. We stay on the leading edge of developments in the lending and real estate industries. If something is going to change or has changed, we know about it (usually before it happens) and can adjust.
2. We are connected to companies like ours across the country and to mentors who we can learn from and turn to when we have challenges or just want to improve.
3. We wouldn’t keep investing in training and education if we didn’t plan to be around for a long time to help families facing Michigan Foreclosures.

We know there are lots of companies and people (REALTORS®, Attorney’s, Title companies) whom you can turn to when you are in a distressed situation with your house. We hope that you don’t just turn to them because of their title “Attorney” or “REALTOR®”. We hope you are asking them about their training – what kind, how recent, plans for ongoing training? Who will they turn to when challenges they have never faced before arise? How will they know if there is a major change with your lender or in the industry that could affect your future?

While you are checking them out, give us a call and ask us the same questions. Let us tell you how we can help you get back to better times, without ever charging you a fee. We look forward to putting all our training and education to work for you.

Ann