Are You Facing Foreclosure? 
If you are facing a pending foreclosure, the best advice we can give you is to ACT NOW AND DON’T HESITATE ANOTHER MINUTE!
We are a Group of Real Estate Professionals who Specialize in Helping Homeowners Avoid Foreclosure, and the Lender pays our fees, not you!
We have 7 Professionals Ready, Willing, and Able to Help You.
The Single Most Important Factor in Stopping a Foreclosure is SPEED!
Most foreclosures can be stopped if homeowners take the right steps quickly.
Unfortunately many homeowners facing foreclosure just sit and wait for a miracle. We all know the odds of that happening are unlikely at best.
Foreclosure is a legal process by which a bank, mortgage company or other creditor takes a homeowner’s property in order to satisfy a debt. The foreclosure is the result of non-payment of the mortgage (including second mortgages and home equity loans); however, people also lose their homes due to unpaid property taxes. As a result of the foreclosure the homeowner loses the rights he or she had to the property.
Your lender may be willing to work out an alternative to foreclosure that may help you save your home, or at least to prevent a foreclosure from ruining your credit.
SOME ALTERNATIVES INCLUDE:
1. Repayment Plan: Your lender may give you a fixed amount of time to repay the amount you are behind, plus any late fees, by adding a portion to your regular monthly payment. This is a good option if you only missed a few payments.
2. Forbearance: Your lender may agree to suspend your payments for a period of time. At the end of this time, you will resume your regular monthly payments, and you may be required to either make one lump sum payment or additional partial payments. This may be a good option if you have a temporary reduction in income.
3. Loan Modification: Your lender may agree to reduce your interest rate, extend the term of the loan, or add missed payments to the loan balance.
4. Selling Your Home: Depending on the strength of the housing market in your area, selling may provide funds needed to pay the mortgage debt in full. In a “short sale,” the lender allows you to sell and agrees to forgive any shortfall between the sale price and the mortgage balance. This arrangement will be less damaging to your credit than a foreclosure.
5. Deed in Lieu of Foreclosure: You voluntarily transfer title to the lender in exchange for cancellation of the remainder of your debt, but you will lose any equity in the home and may have to pay taxes on the debt forgiven. A Short Sale may be a better alternative than a foreclosure adversely affecting your credit.
SO, What can you do?
YOUR CREDIT SCORE AND OBTAINING FUTURE LOANS
A foreclosure will stay on your credit report for 7 years and make it impossible to obtain a new mortgage for most of that time.
A successful short sale will bruise your credit, but you can bounce back in a short time. Generally speaking your credit score will recover much more quickly from a short sale vs. a foreclosure. You will also be eligible for a new mortgage much sooner.
A short sale normally requires a two year wait before you can apply for a new mortgage. A foreclosure requires a five year wait according to the directors of Fannie Mae and Freddie Mac.
Click Here for Free Consultation Now! or Call (586) 421-1596.
We understand that hard-working people like you can at any time encounter unforeseen situations which may affect their ability to pay their mortgage in a timely manner. Contributing factors such as temporary job loss, medical illness or injury, marital difficulties, job relocation, declining housing market making it hard to sell your house for what you owe, adjustable rate mortgage payments that continue to increase beyond your ability to make the monthly payments, unforeseen repairs, forces of nature, or even a death in the family can cause unfortunate financial hardship.
YOU ARE NOT ALONE….
Hundreds of people fall into foreclosure everyday, you don’t have to go through it alone. We can help provide a solution for you once we know your situation. Most people are unaware that they do have several options when facing foreclosure.
There are many people in the Metro Detroit area facing the reality of foreclosure but no one ever stops to explain what is going to happen or what can be done to avoid it. We have dedicated ourselves to helping people make educated and informed decisions.
Once your house payments are more than a month or two behind your mortgage lender may begin preparing to start the foreclosure process and as time passes penalties and legal fees can be added to the balance you owe. This can be thousands of dollars. Everyday that you delay to seek advice, escalating fees could be accumulating that you are responsible to pay. It will only make it harder to avoid foreclosure or stop foreclosure.
If you want to avoid foreclosure you must act now! With every day that passes, your options become limited or more complex. Every day does make a difference. Don’t hesitate another minute! Time is passing quickly; know your options before it’s too late.
Call now at (586) 421-1596 or click here for FREE Consultation
Together we can help you move forward one step at a time – Let Us Help You.
Teamed Together to Serve You Better
Call (586) 421 -1596 for appointment
Bill Hart • Rich Dixon • Sherri & Bob List
