Lola sounds like she knows her stuff...
In Saginaw, foreclosures abound and the term "Short Sale" is becoming commonplace. Here is a quick story of one of my recent experieinces...
I received a call from someone inquiring on one of my rental units posted at SaginawRentals.com. After asking several questions about her situation, I discovered she currently owned a home, but was about to loose it in foreclosure. Fortunately, she was willing to share her information with me in the hopes of finding a solution to her problem. It turned out there were two mortgages on the property. The combined balances amounted to more than the property would sell for so she was stuck. A very common postion in this market.
To make a long story short, I found someone willing to purchase the home and make an offer from posting their listing on my website at http://MBShomes.com. I negotiated the 2nd mortgage, and they accepted $2000 for their $19,000 balance because they knew they would get nothing if it went to the sheriff's sale. The first mortgage company accepted the balance of the offer which amounted to a reduction of about $20,000 off of what the said they would accept.
The investor then leased the home back to the previous owner. They did not have to move, saved their credit rating, and the investor got a nice home for a great price. Everyone wins!
Moral of the story...
Don't just walk away from your home if you feel you are "upside down" on your mortgage. Confide is someone you feel comfortable with and work with a Realtor to save your equity or your home. It can be a lot of work, but the rewards are worth it.
When my Client thanked me for all my help, while whiping away the tears, I could not help but get choked up myself. It was a great feeling.
Ray Spitler, GRI, e-Pro
Keller Williams Realty, Saginaw, Midland, Bay City Michigan
http://MBShomes.com
Comments(0)