Stop Michigan Foreclosure

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

Who Would Choose a Michigan Foreclosure? Choose a Michigan foreclosure? Who would do that? Sounds crazy, right?

Well, more and more Michiganders can barely afford their mortgages along with other bills, so they are voluntarily defaulting on their payments in order to get a better standard of living back for themselves. These families have a variety of reasons for doing so; for instance, their lender wouldn’t do a workout plan, they needed to put some money back into the family business, or they want to be able to work part-time and still live in their home. Whatever the reason, these “Strategic Defaults” are never advised. Although it might seem like a way to “stick it to the man”, default and foreclosure should be a last resort. They shouldn’t be viewed as a financial break.

Many families outside of Michigan are also doing the same thing. Most other states require a judicial foreclosure, which means the foreclosure must go through the court system. They might hire an attorney to keep their case tied up in court for months or even years before any action can be taken by the lender, just so they can have some extra cash. This is not the case in Michigan; the foreclosure process here is much simpler and only requires a lender to file with the county in which the property is located.

Bottom line, if you can afford to make your payments, the legal, ethical thing to do is to keep making them, even if it is difficult. It’s been said that the right thing to do is usually the hardest thing to do. However, many people have experienced legitimate financial hardship and significant setbacks. If you honestly cannot afford to make your payments, and you’re headed for a Michigan foreclosure anyway, maybe a short sale is the right option for you. Give us a call today and we’ll help you figure that out.

Melissa

Deed in Lieu of Foreclosure – Seriously?

In the last few months here in Michigan, we noticed a growing trend with lenders. In the case of defaulted loans, they seem to be aggressively pursuing the sellers in an effort to get them to sign a deed-in-lieu of foreclosure. Seems like they might be trying to by-pass the new government programs, they’re getting tired of waiting out the Michigan six redemption period, or maybe they’re just trying to protect the property to recoup their losses in a quick resale situation. Whatever the reason, deeds-in-lieu are increasing in popularity around here.

Now at first a deed-in-lieu might sound appealing. Your lender might offer you a few thousand dollars to vacate and clean up the house and sign the house over to them. After all, you’ve missed a few payments and you’re pretty sure you can’t afford to keep it no matter what sort of payment plan they present to you. They’re offering to take care of the house for you AND give you some cash to move. Sounds pretty good right? Almost too good to be true? Well that’s because it is – it IS too good to be true, in most cases.

A deed-in-lieu is just legalese for a voluntary foreclosure. And on your credit report, it shows up as the same thing. Foreclosures can stay on your record for up to 15 years! This means it will inhibit your buying a new home or any other major purchase for a decade and a half. Even worse is that this deed-in-lieu will likely NOT waive your responsibility to pay back the full balance of the loan. So they expect you to hand over the keys, and then still pay them tens of thousands of dollars in the years to come?

Now that measly thousand dollars isn’t looking so good is it? Not when you think of the long-term effects.

If you’re not quite ready to agree to such a permanent outcome and want to know what other options might be available to you when you are facing a Michigan Foreclosure, including some that won’t further damage your credit or leaving you owing the bank tens of thousands long after you’ve left the house, give Emily a call today.

Melissa

Feeling Invisible?

When I was a kid, my friends and I thought it would be really cool to be invisible. You could walk across a crowded room and not be seen, you could break into the cookie jar and not be seen, and of course there was always getting out of chores because Mom couldn’t find you.

Once we grow up, we sometimes feel like we are invisible in the real world and it is no longer cool. I am sure if you are facing a Michigan Foreclosure, you may have even experienced this. Especially as you sit for a long time on hold or in a crowded room waiting to talk to someone who can address your situation. Or maybe as you are doing the best you can to deal you’re your situation and it isn’t making any difference – you can’t save enough money to make a payment, or find a job or whatever. Or maybe you wish you were invisible so you can hide from whatever distressing situation has put you behind on your payments.

Are you feeling like nothing you do to solve your problem makes a difference? Do you feel like the representatives you talk to at your bank really don’t care or want to help and are just going through the motions? It is time to get your power back! Give us a call and you will be treated with dignity and respect from the first call. We will treat you and your situation with the individual attention it deserves. We will never charge a fee and we keep all your information confidential. We will help you to hold your head high and know that better days are coming your way.

Ann

This Bailout Is For Families (Not Banks)!

There is a slight upside to living in a state with one of the highest foreclosure rates in the country. Michigan was one of ten states chosen to receive part of $2.1 billion in order to combat rising foreclosure rates. Our hefty $154.5 million (chump change compared to California’s $699 million and Florida’s $418 million) portion will ideally help about 16,000 struggling families in three different ways according to this article.

1. The state plans to use some of these funds to help unemployed families make their house payments, giving them a subsidy of up to $750 a month for up to a year.

2. For those families who are lucky enough to find a new job, and are able to once again make their payments, they state will dole out up to $5,000 to help them with their back payments.

3. If the lending bank agrees to match the payment, up to $10,000 could go to paying down your mortgage principle.

The downside to this is that while some people facing a Michigan Foreclosure will get the help they need, there will inevitably be many families left struggling to stay afloat. We here at Great Lakes Home Solutions can’t offer you a government bail out, but we may be able to help in other, more permanent ways. If you have a hardship and can no longer afford your payments, give Emily a call. She’ll help you choose the right option for you.

Holly

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

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

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

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