Stopping Michigan Foreclosures!

 
 
 












   

How to Avoid the 5 Biggest Foreclosure Traps:

TRAP #1: Choosing a Predatory "We Buy Houses" Investor

There are many companies and individuals in Michigan that promise that “I Buy Houses” or “I Stop Foreclosures”. You need to understand that many of them are much more interested in taking your home and your equity than they are about helping you. See this Special Report for details.

TRAP #2: The Forbearance Trap (Or Any Lender payment plan)

Forbearance is not a good solution for home owners in foreclosure, although the bank would like you to think so. The bank knows that over 80% of home owners that do forbearance do not make the 1st payment, and over 85% do not make the 2nd payment.. The bank also knows that the home owner can’t afford the current payments. So, why are they going to drastically increase your payments and expect you to be able to afford them? Make sure you know how much you can afford comfortably each month before you commit yourself to forbearance.

TRAP #3: The Mortgage Broker Promise Trap

First of all, it is very common for someone to go into foreclosure because of the false promises of a Mortgage Broker. Mortgage Brokers make money through points, which are a percentage of the loan and closing costs. However, if the house goes to foreclosure they don’t lose any money. Understand that a Mortgage Broker is just a Middle Man; they don’t make the final decision. Mortgage Brokers are at the mercy of the banks, which is why they always have many deals going, hoping one of them actually goes through.

TRAP #4: The Denial Trap

Today foreclosures are on the rise. The most common reasons why a home owner will find themselves in foreclosure are: The false promises of a Mortgage Broker (or other Loan Fraud or Predatory Lending Practices), Divorce, Building Medical Bills, Job Loss, Adjustable Rate Mortgages or Another Tragic Event.

Any of these events followed with foreclosure can leave a home owner distressed and many times depressed, in a state of mind where they are in denial. It is imperative that you realize that you do have options and the power to stop the foreclosure and get a fresh start. Remember that time is your worst enemy so get us on your side today!

TRAP #5: The Big Chapter 13 Bankruptcy Trap

Attorneys will advise you to file a Chapter 13 Bankruptcy and charge you $1000’s (thousands) of dollars to do so. They do this knowing that more than 2/3 of their clients still lose the house to Foreclosure. Did you know that a Bankruptcy is only a temporary solution? Yes, the Federal Courts protect you from the Creditors temporarily. Then a payment plan is worked out with Attorney’s Fees, Court Fees, Late Fees, and then, arrears are factored in. This is a type of Forced Forbearance. Once this payment plan is established you must make the payments or you will lose the house. So, before you quickly go file bankruptcy, under the advice of an Attorney, make sure that you plan your budget and know how much the costs are going to be. If you won’t be able to afford the new Bankruptcy monthly payments you might want to reconsider giving the Attorney $1000’s of dollars to do something that won’t work.

How About Chapter 7 Bankruptcy?

If you file Chapter 7 Bankruptcy, your home becomes property of the Bankruptcy Trustee. If you have equity the trustee will require the sale of your home. If you don’t have equity, the court will allow the lender to proceed with the foreclosure. Obviously, this buys you nothing.

Remember that Bankruptcies are public record, and everyone will see that you filed Bankruptcy, so you might want to make Bankruptcy your very last option. Be sure to ask the attorney these questions.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

We can save your home from foreclosure!
There are many companies and individuals in Michigan that promise that “I Buy Houses” or “I Stop Foreclosures”.
You need to understand that many of them are much more interested in taking your home and your equity than they are about helping you. See this Special Report for details.

Too much information? Confusing? That's OK, contact us right now and we'll simplify it for you.

You NEED To Take Control - Click Here to learn how. | You DO Have Options - Click Here to see them all.


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