Eric, What Are We Going To Do?

Eric, What Are We Going To Do?

These words make my heart sink.

More than likely they'll come from an angry homeowner that doesn't know what to do.

Someone who is scared to death, wondering what's going to happen to their family. What will their friends and family think? Where will they go? What will they do?

Chances are, they're about to lose their house through no fault of their own. There are a lot of hardships that could come along, forcing you to miss a house payment. Then 2. Then 3. Here are a few reasons...

• Job loss
• Severe illness
• Too much debt
• Incarceration
• Death of a family member or spouse
• Divorce
• Military service

In Michigan, once you miss your Third Payment, the Foreclosure process starts.

In a nutshell, here's what happens next...

• The investor (bank or otherwise) will tape a notice to your door saying that the Pre-Foreclosure process is underway.
• They will advertise your name, address, lender and/or legal description of your property in a local publication, usually a Legal newspaper, for 4 consecutive weeks, letting you (and the world, unfortunately) know that the mortgage is in default.
• During this time, a Sheriff Sale date will be determined. This is the actual day that your home will be sold back to the bank who lent you the money.
• In Michigan, as long as the property isn't vacant, you will have 6 months to pay off the debt In Full. This is called the Redemption Period. Once the redemption period is over, you will be evicted from the home.

Eric, What Are We Going To Do?

There could be a way out. A Short Sale.

A Short Sale is where we sell your house and negotiate with your lender(s) to get them to accept Less than what is Owed.

Of course, the process is a bit more involved that that, but this is the basic version of going from a Foreclosure (losing your house, maybe not being able to purchase a house for 5+ years) to a Short Sale (being able to possibly save some of your credit and potentially purchase another home in as little as 2 years!).

If you're having trouble making your house payments, or know someone who is, please don't wait to do something about it. The longer you wait, the more difficult this process is, and the less of a chance you have to Short Sale your house.

Eric, What Are We Going To Do?

Call or email me. I'll meet with you and explain the process in more detail. You say the word, I'll go to work for you.

Talk to you soon,

Eric...