Michigan Loan Modifications

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

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