Stopping Michigan Foreclosures!

 
 
 












   

Your Most Common Foreclosure Options:

Here are the most common options for solving foreclosure situations. Confusing? You bet it is! Don't go at it alone, get someone to explain them to you and most importantly, get someone on your side!

Reinstate Loan - This is the fastest way to stop a foreclosure. Call the bank and ask them what the "Reinstatement Amount" is. This amount will include the past due (or back) payments and will typically include late fees and possibly attorney fees. This will need to be paid in one lump sum. If you don't have these funds available consider these sources: Cash value of insurance policies, credit cards, retirement funds, friends and family, ask us about financing this amount.

Repayment Plan, Forbearance, Loan Modification - These are all variations on the same theme (and can be used in combination to solve the situation). They are all ways to allow you to make up the above "Reinstatement Amount" over some period of time. You'll need a plan that will work with your current budget and what you can realistically afford to pay (initially most likely a much higher payment) and what you can afford on a regular ongoing basis. This is the biggest challenge with this plan - getting a reasonable payment. In some cases, the bank will stop the foreclosure and even give you a certain amount of time to gather other assets before asking for the next payment. Typically these plans are best for people that can afford the payments, but had a temporary short-term financial setback (loss of job, medical issues, etc.) and are now "back on their feet" and able to afford the house payments. Be careful not to over-estimate your ability to make these payments - you could end up in the same or worse position than you are now. Negotiating these plans with the bank can be tricky and time consuming, so consider getting us on your side. Learn about this potential trap here and here.

Refinancing - Find a new lender willing to refinance the old mortgage and all of the late fees (and other penalties). The late payments associated with the foreclosure will make it very difficult for traditional lenders to approve you for a refinance. This is still a possibility if you have had excellent credit up until this point. The interest rate will probably be very high, especially if your credit isn't perfect or if there is little equity in the house. This is still worth considering - we suggest contacting us as we have relationships with lenders who specialize in these types of refinances. Learn about this potential trap here and here.

Partial Claim (FHA Loans Only) - If you have an FHA insured loan, the Department of Housing and Urban Development (HUD) has this program that may work for you with your bank's cooperation. You may qualify if you can afford to continue making payments on the existing loan and need HUD to lend the bank your "Reinstatement Amount". You'll then repay HUD for this short-term loan. See the HUD website for more information. This is a complex negotiation since it involves working with your bank and the U.S. Government - do you think you'd need help with that?

Sale of Property (2 Options) - If none of the above options are able to be successfully negotiated (with a workable monthly payment), your only option may be to sell your house. We know it certainly isn't something you want to do, but the alternative (losing the house to the bank via foreclosure and destroying your credit) is much, much worse!

Sell Traditionally - If you have significant equity in your property, we may be able to negotiate more time with the bank to allow you to sell your house traditionally. Without an extension from the bank, the chances of selling the house and closing the sale prior to the foreclosure is slim to none. The equity you have in the house needs to be enough to convince the bank to wait (we can help), to pay a Realtor®, and to pay closing costs. Learn about this potential trap here. Even with little equity, consider selling it to a family member that will allow you to stay in the house.

Selling With Little Or No (or negative) Equity - Do you owe more on your house than it's actually worth? You've probably been a victim of loan fraud or recently refinanced with a predatory lender. This is not your fault! You'll need to find an attorney if you decide to go after them (these cases are tough to prove and expensive to try). But first, you need to focus on solving your foreclosure situation. Even if you owe much more than your house is worth, we can help! You need a Foreclosure Specialist to negotiate the debt to be reduced to a point that it makes financial sense for someone else to buy your house. This is the most complex negotiation involved with the foreclosure process ("don't try this at home"). Not only do you need to know how to work with the bank, you need to find a buyer for your house. We work with people on their behalf on these deals all of the time. Those that we know who try it on their own have all failed. If this is your last option, let us help you - there is no charge for any of our services!

The last three options (below) in our mind are not valid options because they all put you in a worse position than any of the above options, but they are listed here because other "experts" are going to suggest these to you.

Deed In Lieu of Foreclosure - Don’t let the bank fool you. Your credit report and personal record will read “Deed In Lieu”, which is a VOLUNTARY FORECLOSURE. This only benefits the bank by saving them time and money. It is still a foreclosure - it just happens faster and takes away many of your rights. Don't make this mistake!

Filing Bankruptcy - Many homeowners are "sold" a bankruptcy from a bankruptcy attorney who are more interested in making money than helping the homeowner (see the common foreclosure misconceptions). A bankruptcy will simply slow down the foreclosure process, it will not stop it permanently. The vast majority of the time, the house still goes to the foreclosure auction. At that point, you'll have a foreclosure and a bankruptcy on your record and it will take years to reestablish credit. Don't fall into this trap - read more here and here!

Nothing - Seems like a silly option, doesn't it? Don't get into the denial trap! Many people choose this by default because the situation is just too overwhelming. The situation won't magically work itself out, you need to take control and get help. Of course you've already taken the most important first step by reading this web site. Now it's time for the second important step - Contact Now!


Confusing? You bet it is! Hopeless? Definitely Not! Don't go at it alone, get someone to explain these options to you and most importantly, get someone on your side!

 

When evaluating your options, be sure to ask yourself these 5 questions:

1) Is filing Chapter 13 Bankruptcy going to make the foreclosure go away forever, or will I have to pay to keep the house? Unfortunately, many Bankruptcy Attorneys are more interested in "selling" you a Bankruptcy than they are about helping you. Be sure to read more here and here before falling into this trap!

2) Can I really afford the significant increase in payments through a forbearance or payment plan?

3) Should I wait until the sheriff shows up and orders me and my family to vacate the house or should I do something about the situation now?

4) How much money can I comfortably afford each month for house payments?

5) How can I get out of this situation without having to pay thousands of dollars in attorney fees, Realtor® commissions and closing costs?

If you’d like to be proactive and take control of this situation – not letting the bank or anyone else get the best of you – then contact us now! We will help you further evaluate all of your options, answer any additional questions and provide you with solutions to solve your situation.

 

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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.


Contact an experienced Foreclosure Specialist now!

Call Now! Time is your worst enemy


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