Three Key Components to Surviving Michigan Foreclosure

Three Key Components to Surviving Michigan Foreclosure

Some sellers think that if they just give the keys to the lender, they can walk away and start fresh. Just a reminder that you did sign a binding contract for your mortgage and it is big bucks. Your lender can wait until you are in better times and may make efforts to collect that debt. It’s a tough fact to face but you can protect your financial future. So how do you survive a Michigan foreclosure? Here are some key components:

Don’t make rash decisions based on fear and panic. This is one of the biggest mistakes that people make and can be the most damaging. Take a piece of paper and write down the issues and weigh everything out. Is it inevitable that you will need to move? Then you must accept and move towards that goal.

Don’t do nothing! The ol’ “Head in the Sand” plan is not the right move . On the contrary. Keep your eyes and ears very keen and sharp and learn all you can about foreclosure options. One will fit your situation. If you make some money, you might be able to do a loan modification but the odds are unfortunately low (less than 6% was the last statistic that I saw). If you have lost most of your money, you need to get a plan together to move on and find out about alleviating the debt. That will lead you to a short sale which is also the most popular solution when a loan modification doesn’t succeed.

Pursue a solution. Above all else, don’t be shy to ask questions from experts in the field. We offer our services to hundreds of sellers, at no charge, because we know there is a lot of misinformation out there. Grab a pad of paper and call. We will help you decide what solution is best for you and your family to lead to a better future and make the pain go away.

Jeannie

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