If I told you there was a way that I may be able to save your home from foreclosure, would you want to know?

Short Sales - An Alternative To Foreclosure

If I told you that I may be able to help save your home from foreclosure while keeping you in your home and while helping you save your credit, would you want to know how?

What Is a Short Sale?
Essentially, you, the homeowner, owe more than what your home is worth.
A “short sale” occurs when a mortgage lender agrees to accept less than the total amount owed and releases the borrower from the remaining unpaid indebtedness. With Michigan’s unemployment rate being the highest in the nation and real-estate values declining, foreclosures have skyrocketed. Many mortgage lenders would prefer to receive a substantial lump-sum payment and move on, instead of foreclosing, acquiring title, and dealing with all the headaches of listing the property for sale. The short sale process is one of the MOST EFFECTIVE METHODS of saving your home from foreclosure, and saving your credit score. Additionally, with a short sale, often you are allowed and in fact encouraged to stay in your home while the home is for sale take this time to essentially live mortgage-payment free to save as much money as possible.
How Would You (The Homeowner) Benefit From a Short Sale?
It’s simple! If you can sell your home before it goes to Sheriff’s sale (or very shortly after), your home is saved from foreclosure and your precious credit doesn’t get destroyed! Even if your credit score is low now, adding a home foreclosure to it will make a bad credit score absolutely terrible and thus nearly impossible to recover from. Don’t give up on yourself or your home – you worked so hard to make those mortgage payments for so long, give your credit a boost by trying a short sale.
What About My Bankruptcy? Can I still try to sell my home via a Short Sale?
YES! If you have recently filed or plan to file chapter 7 or chapter 13 bankruptcy, you can still try a short sale on your home. Ask me how!
How Does The Process Work?
The process of a short sale is different for each candidate, depending on a number of factors. It is also a process that can be a simple or a complicated and often unsuccessful one, depending on who you choose to represent you and your home. Allow me to interview for this very important job. Don’t trust your financial future to just any real estate agent. The earlier you decide to take action, the better your chances are for a successful short sale.

Foreclosure Timeline

How Does A Foreclosure Happen?

Starting with one missed mortgage payment, the foreclosure process can spiral out of the homeowner's control, through the courts and straight through to eviction.

Day 1
First mortgage payment is missed.

Day 30
By now a late charge is assessed on the missed payment. The mortgage servicer starts attempting to make contact to find out what happened.

Day 91
The servicer sends a "demand" or "breach" letter to the borrower pointing out that terms of the mortgage have been violated and the borrower is in default. The borrower gets 30 days to resolve the situation by paying the delinquent amount. (Some lenders send the breach letter after 60 days of nonpayment.)

Day 121
The servicer refers the loan to the foreclosure department, which hires a local attorney or other firm to initiate foreclosure proceedings. The attorney starts publishing the notice of foreclosure over four successive weeks in the local legal newspaper.

Day 148
The house is sold at county sheriff's sale. An outside party may bid on the property, starting with at least $1 over the amount owed. If no bids are received, the house goes back to the lender. The homeowner has six months to redeem the property with the lender or bidder, paying the amount owed plus interest and fees. Any money bid over the amount owed goes to the homeowner.

Day 329
If the homeowner has not redeemed the property, ownership is transferred to the lender or bidder. If the homeowner has not left, the new owner starts eviction proceedings.

Day 343
An eviction hearing is held within two weeks, followed by a 10-day grace period for the former homeowner to vacate the premises.

Day 354
When the grace period ends, the eviction is certified. Court bailiffs are notified and empty the premises sometime afterward.

Foreclosure Timeline

Short Sales - An Alternative To Foreclosure

Foreclosure Timeline

Foreclosure Timeline