Stop Michigan Foreclosure

We belong to two national short sale mastermind groups with members from across the country. This helps us stay up to date on techniques and industry changes involved with working short sales. (Quick review – a short sale is getting the bank to accept less than the balance owed to sell a house). Jeff Watson, an attorney who consults with one of these groups recently published a paper designed to assist Investors, REALTORS®, title companies and others who help sellers with Short Sales. A section of this article succinctly described the four choices facing a family in foreclosure. I found this educational and interesting and decided to share the information here.

1. Remain in the property as a “squatter” until the foreclosure process is over and eviction occurs. This allows the family to stay in the property as long as possible for a low cost. It also results in poor credit for the next 7+ years and the likelihood of the lender pursuing them for the balance of the loan, attorney fees, late fees, back payments, etc – UGLY!
2. List the house for an amount of money to pay all mortgages, liens, taxes, closing costs, etc. and pray that some buyer will come along willing to pay that price. This usually results in the family living in the property with unrealistic expectations because the property never sells and is ultimately foreclosed.
3. (Often recommended by many REALTORS® who do not understand the complexities of short sales): The seller lists the property seeking a short sale buyer and hope that the buyer has the patience and endurance to wait the long process as the seller or their REALTOR® negotiate with all lien holders to get the short sale approved. The result is the buyer often gets frustrated and the REALTOR® and/or seller are not trained or equipped to handle the negotiations with the lenders. Only 10% of REALTORS® successfully complete short sales because of the simple fact that very few have been trained and know how to successfully negotiate a short sale.
4. Seller list the property seeking a short sale and work with a competent and knowledgeable real estate investor or negotiation company where the company assumes the responsibility for negotiating the short sale for which they have been trained and have the experience to do. The investor/company is knowledgeable about the entire short sale process and they understand the key steps in the negotiation process.

We are such a company that is highly trained and experienced working short sales. We have handled 100’s of short sale cases and have a success rate over almost 80% when a suitable buyer is found.
If you are facing a Michigan foreclosure and you aren’t sure which option is right, give us a call and we will help you sort through your options. We know there is a lot of confusing and misleading information out there and we are prepared to help you find the option right for you. If option 4 looks like the best and right option for you, give our team a call and put our strengths to work for you.
Ann