Upside Down But No Hardship

A Realtor® sent Emily a referral yesterday to a couple who wanted to sell their Michigan house but owed more than what it was worth. He asked if we could help by doing the Short Sale -that is, negotiating a discount of the mortgage balance with the lender so the house could sell in today’s market.

Emily called the couple to find out more about their situation. She found out that they had no hardship and could still afford to make the house payments.  There was no Michigan Foreclosure to stop.

Emily had to tell this couple and their Realtor® that we could not help in this situation because there is no hardship. We are not in the business of asking lenders to take discounts when the loan is current and the borrowers can make their payments if they choose to. We will never tell you to stop making payments to your lender

All this couple can do is to keep making their payments, preserve their credit and wait for the market to correct itself. It can be a hard thing to hold on to a house that you know is worth less than the loan you are paying for it, but that is simply the right thing to do.

Do the right thing. We will. If you are unsure what the right thing is for you. Call Emily and discuss your situation. She may not tell you what you want to hear, but she will tell you what you need to hear. That’s why we call her “Mom”.


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