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WHAT IS FORECLOSURE?
Foreclosure is the legal process used by lenders to recover their
asset, namely your home, once you have defaulted on your loan.
The process varies depending upon which state you live in.
Generally speaking once you are past thirty days late on your loan
the process starts. Usually you will be contacted via mail
by the attorneys for the lender citing the acceleration clause in
your loan documents that allows the lender to call due the full
amount.
If you have not responded to either dispute
the amounts involved or reinstate payments the next notice you
receive will set a sheriff's sale date. At this point
whether or not your state allows for a redemption period
determines when possession of your house reverts to the lender.
If your state does not allow a redemption period you will be
required to vacate your home on or about the date of the sheriff's
sale.
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DO I HAVE ENOUGH TIME TO STOP THE FORECLOSURE?
If a sale date has been set, you need to act immediately. There is still hope to save your home provided a sale has not occurred. Since time is a factor, your best option is to act now before it's too late.
The State of Michigan provides for a six month redemption period
after foreclosure, during which it is usually still possible to
complete a short sale on the property.
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HOW LONG DO I HAVE TO ACT?
The process can take anywhere from a few to several months depending on the method your mortgage provider(s) choose.
The sooner you act the more likely it is a short sale will
be successful.
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WHAT CAN THE SHORT SALE TEAM DO FOR ME?
We can list your property via a licensed Michigan real estate
broker and then handle all aspects of the short sale process.
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HOW DO THE SHORT SALE TEAM STOP THE FORECLOSURE?
Short of legal action there is only one sure way to halt a
foreclosure and that is by submitting a short sale request to the
lender that satisfies all of their requirements. The key
ingredient to any short sale request is a valid offer from a
qualified buyer. Once this and all the other required
paperwork is in place and acknowledged by the lender they
typically will postpone foreclosure proceedings while they
consider the request.
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HOW DOES A MITIGATION
OF TERMS BENEFIT ME?
If your goal is to stay in your home negotiating a mitigation of
terms with the lender is one of the options at your disposal.
This type of negotiation attempts to secure an adjustment of the
loan terms so as to make the payments affordable again. A
successful mitigation of terms will protect your credit and secure
your residence. There is nothing to stop you from negotiating a
mitigation of terms on your own and we recommend you contact your
lender and ask about their programs.
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SHOULD I NEGOTIATE WITH MY MORTGAGE PROVIDER(S) MYSELF?
If your mortgage provider(s) has not hired an attorney to begin the foreclosure process and you are only a payment or 2 behind than, yes. You might be able to negotiate an agreement with your lender. You will have saved yourself some funds that you can use to get caught up on your mortgage.
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HOW MUCH IS THIS GOING TO COST ME?
There is no cost to you as this transaction is handled via a
licensed real estate broker, the real estate commissions cover the
cost of the additional services involved in a short sale.
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ONCE I COMPLETE THE PAPERWORK, HOW LONG DOES IT TAKE TO COMPLETE THE CASE?
The actual completion time varies. It can be as little as a few weeks to several months. There are many factors involved such as your financial institution,
how many loans are on the property, how long it takes to receive a
qualified offer from a buyer and the stage of foreclosure.
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CAN YOU STILL HELP IF I'M CURRENTLY IN A BANKRUPTCY?
Yes, but we are unable to negotiate an agreement until the mortgage has been discharged from bankruptcy proceedings. However, there is no need to wait until the mortgage has been dismissed from bankruptcy to talk with our consultants on the options that will become available
once the discharge is complete.
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WHAT MAKES THE SHORT SALE TEAM DIFFERENT FROM THE OTHER COMPANIES OFFERING TO HELP?
Experience.
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DO I NEED A SPECIAL MORTGAGE FOR HELP?
No. We specialize in both government and non-government mortgages which means you can have a conventional loan, FHA, VA, Freddie Mac, Fannie Mae or Rural Administration loan and we can still help you.
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I'VE SPOKEN WITH MY MORTGAGE PROVIDER(S) AND THEY WANT ALL OF THEIR MONEY. CAN THE SHORT SALE TEAM STILL HELP ME?
Yes. Many of our customers have already contacted their lenders
and have gotten nowhere. Without a specific plan or offer on the
table the lender really doesn't have anything to work with.
The Short Sale Team will craft your short sale, in the proper fashion so that real
negotiations can commence.
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WHAT IF I CAN NO LONGER AFFORD MY HOME?
If you are certain that you can no longer afford your home then it
is time to conduct a short sale of your property. For a
detail description of what that entails click
here and scroll down to "How it
Works".
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SHOULD I JUST FILE FOR BANKRUPTCY?
It seem like an easy way to deal with the situation but if you declare bankruptcy you will most likely end up with BOTH a bankruptcy and a foreclosure on your credit make it extremely difficult to obtain financing in the future. Statistics have shown that 96% of homeowners who have declared bankruptcy have lost their home to foreclosure anyway.
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Call us today to for your FREE consultation with one of our specialists.
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