You are currently browsing the Stop Michigan Foreclosure weblog archives for September, 2008.
| Here’s a short video on the top 5 questions you need to ask yourself if you are facing foreclosure on your Michigan house. So many people don’t take the time to sit down and think about these critical questions. Watch this, take the time to think, then take action to avoid the devastating affects foreclosure could have on your family. |
Ok, you can get mad at me now because this blog is going to deviate from the feel-good tone of many of the other blogs.
However, I just want to remind you that when you bought your house, you signed a “Promissory Note” promising to pay the bank back for the money they gave you. The collateral that you put up for the Note was your house. The Mortgage is what “secures” that collateral for your lender.
If something has happened and you can no longer make payments on the Note, then the bank has every right to first, take the collateral via a Michigan foreclosure. They then have the right to come after you for the balance you’ll still owe if selling the house (after the foreclosure) doesn’t pay off your Note in full.
Don’t play the victim and complain to everyone how unfair life is. Yes, life is unfair, life is tough – get over it. Be mature and take responsibility for your situation. Find a solution, make an adjustment but don’t think you are entitled to keep something you can not afford.
We were talking to a lady yesterday who in the same month, lost her job, her husband left her and her grandmother, whom raised her, died. This lady admitted that this was not the life she signed up for, but it was the one that she was given. She was dealing with it, doing what she could and moving on one day at a time. She got her inspiration from a boy in her town who was 13 years old and had been fighting a rare cancer since he was 5 years old. His disease was keeping him from ever having a normal life. Compared to him, she felt rich. She could get out of bed. She could see. She could walk. She could make a fresh start. She was not a victim and she will survive.
You will survive too. We are here to help you make a fresh start, but you have to take responsibility and work with us. Don’t be the victim and expect us or anyone else (like the government) to make right all the wrongs that life has handed you.
End of my soap box. Sorry if I offended you, but sometimes things just have to be said.
Ilyce Glink, a writer for Inman news published an excellent article yesterday supporting what we’ve been saying for years – that a Deed-In-Lieu of Foreclosure (“DIL”) is an absolute last resort for a seller.
In the article, she discusses how it’s almost impossible to get your lender to settle your account with a DIL. How the DIL simply reduces the costs and time for your lender and puts you in a worse situation compared to a settled account with a short sale (our specialty).
Check out that article and let us know what you think.
It seems lately that I can’t drive down a road without seeing a foreclosure notice taped to the front door of a house – anywhere in Michigan. I always wonder about the family that lives there. Do they feel as badly as I did would if it happened to me? Do they feel that this is the end of the road for them, that they failed in life? I wish I could go to them and tell them that there is hope; there will be a good life for them after this is over. The key, though, is to avoid having a foreclosure ruin your credit and to prevent the lender from coming after you for all the money they’ll lose with the foreclosure (this averages about $40,000!).
It’s not the end of the road for you. Make a U-turn and call us ASAP. Why ruin your financial future and limit yourself when there is help available, at no cost to you?
I urge you to at least listen and read our testimonials (here and here) from real people that we have helped. They were once in the same spot you are in, but are now rebuilding their lives, with help from us. See what we can do for you!
One of the most common questions we get is: “My house is about to be sold at a Michigan foreclosure sheriff sale. Do I have a chance of selling it before the end of the redemption period?”
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.
We talk to a lot of distressed homeowners who can not afford the payments on their house and think the bank has to do some kind of work out with them. The fact is that the bank does not have to work with you. You signed promise to pay (called a promissory note) when you bought the house promising to pay and if you can’t pay, you signed papers (called a mortgage) giving the bank permission to take the house.
Don’t fool yourself into thinking the bank does not have a right to your house if you have missed payments. Sure, the bank has to follow the appropriate legal procedures (called foreclosure) to get the house back. When they do, they get the house.
Try not to get mad at the bank for doing what they have a right to do. Instead, focus on what you can do to get your family back on track. Find a solution that will get you on the path to recovery fastest. Call Emily (aka Mom). She wants to work with you and help you figure out what your options are to get you back to better times.
I can’t say it enough – don’t wait to call us. I spoke with Josh yesterday (from Grand Rapids, Michigan) who we could have helped, but he was hesitant in calling us. Unfortunately, because he waited, he was too far into the Michigan foreclosure process for us to help.
How late is too late? This depends on several factors, too complex to get into in a simple blog post (how far behind, who the lender is, how long the redemption period is, etc.).
Here’s an easy way to put it: If you think you need help (which you do if you’re reading this), and you don’t call me today, you’re one day closer to me telling you that it’s too late and I can’t help.
Don’t make the same mistake Josh did- give me a call. You’re 20 minutes away from feeling much better and in control of your situation with the house.
| Here’s a short video on how to avoid the 6 biggest foreclosure traps. So many people fall into these and I’d hate to see you fall into any one of them because of the devastating affects I know they will have on your family. |