macomb News

"I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn't go thru, then I will still owe you money. No. There is NO Costs to you, whether we are successful or not short saling your property

We talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon very soon. She had thought about short selling the house. But, she had heard from her friends that banks don't really like short sales.

I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property.

What do you do when the house isn't selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure.

If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs.

"I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day.

We received the following e-mail a little while ago from another agent that does short sales. It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house.

"I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?"

Local CDPE-designated agent, Rick Giese of RE/MAX Advisors, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.

Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.

Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you. “I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender.

The number one reason people short sale is to salvage their credit. After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property.

It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners. "Not True... if you have been trained and have experience with Short Sales"

According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo

Rick Giese of RE/MAX Advisors, has developed a website report providing information regarding the availability of lender and government programs to avoid foreclosure, including the Home Affordable Foreclosure Alternative Program, or "HAFA."

If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.

It really gets on my nerves that people who don’t know what they are doing can ruin it for everyone else. If you are thinking about short selling your home, make sure you hire a competent, experienced short sale agent.

“So, you’re telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,?” “Yes, you are right”, she replied.

A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.

“I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved?

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

Have you heard the following myths about short sales? Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.

Many think that the short sale lender is in charge during a short sale. Not true! The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that

A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.”

Should you walk away or should you stay? That's the big question. Here is how I think you should determine whether or not you should walk away from your home.

We often get asked if a short sale is even worth the effort. "Do I need to have my short sale "Approved" by my lender before I put my home on the market?" one seller asked us.

According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high. The last record was set in 05. That record was set because bankruptcy laws were being tightened up.

“Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.”

We often get asked if a short sale is even worth the effort. "Why don't I just let the bank have the property", sellers tell us. "I don't ever think I'll be able to fix my credit to be able to buy another house."

"I am working on a loan modification on my home. I just don't want to be upside down. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn't make sense.

"Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?"

"I am a California Resident but have 3 distressed Florida Properties pending foreclosure. Under Florida law a creditor cannot garnish wages. Will investor pursue deficiency? If yes, will they follow FL or CA law? Thanks, Phil.”

The Stop Foreclosure Institute recently received a question from Brent. "If we are not behind on our mortgage but can't sell our home through a normal sale because we don't have any equity, can we still qualify for a short sale?

What most divorcing couples who own property with loans on it are not told until it is to late to save their credit ratings.

Most all of the biggest mortgage lenders are now pushing homeowners and real estate agents to do short sales instead letting properties go into foreclosure

Free information outlines foreclosure alternatives for homeowners struggling to make their Mortgage Payments in Macomb and Oakland County MI

Many agents and buyers are scared of short sales. Here is something that I do to make the short sale process easier for the home seller.

As one of Macomb Counties MI leading Short Sale experts. Rick Giese wrote this article to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure

Are you or someone you know facing foreclosure? Unfortunately, you are not alone. The foreclosure rate is as high as it has been in the history of Michigan. Property prices are continuing to fall. The economy is not going to rebound any time soon.

As one of Macomb Counties MI leading Short Sale experts. Rick Giese wrote this article to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure

As one of Macomb Counties MI leading Short Sale experts. Rick Giese began this Blog to Help ensure that homeowners were and are being given sound advice about How to Stop and Avoid Foreclosure

SIGNARAMA, the world’s largest sign franchise, announces local resident Michael Lafferty is now the new owner of the Shelby Township store at 51084 Filomena Drive.

McNeil Chiropractic is hosting the annual Patient Appreciation Days at both locations in order to say thank-you to all our patients. Please join us at the Macomb office or the Detroit location for prizes, food, fun, and lots of free stuff.

The granite counter top center of Michigan, Ohio and Indiana is winning the admiration of customers from all over the Midwest.

Surface Encounters is dedicated to improving your world one surface at a time. Surface Encounters’ natural stone surfaces will last a lifetime and never go out of style.

Surface Encounters uses advanced water recycling capabilities to recycle up to 43,000 gallons of water each day.

Granite counter top center mounts Spring Sales campaign for homeowners remodeling kitchens and bathrooms.

Dr. McNeil is the director of the most advanced spinal rehab facilities in Michigan. He was the first of only a handful of chiropractors in Michigan to be certified in the Chiropractic Bio Physics technique of postural and spinal rehabilitation.

Many U.S. studies reveal that 10 million Americans experience moderate to severe incapacity from pain associated with headaches. Generally individuals feel that getting a headache is merely a typical component of living.