SHORT SALES in The Ann Arbor Real Estate Market….
What is it, When should I get started, Why will it help me and Who Should I call?
A short sale is where the lender forgives a
portion of the debt. Many good folks have found themselves with declining home
values and rising mortgage payments.
Some mortgagee’s will accept less than is owed through a short sale, in place of
taking ownership of a home back through foreclosure. Why would the lender do
this? They can avoid the lengthy time delay of up to one year in Michigan to get the
property back. They can avoid the legal costs and remove the property from
their asset management portfolio. The lender is ultimately not in the business
to manage properties. And in areas of declining values, the property may be
worth less as they hold it.
We have previous posts about Short Sales in the Ann Arbor Area and can provide
a packet of information via email for you to review with your legal counsel. If
you or someone you know is going to miss upcoming mortgage payments or has
started the foreclosure process, this may be a viable alternative. If you visit
www.AnnArborShortSale.com we
can walk you through the maze of challenges so your chances of success are
improved.
First you should contact your lender to see if they will renegotiate your
payments or any other work outs they can provide. If the lender won’t work with
you, it is best to begin a short sale as soon as you realize you can no longer
afford the mortgage, so that your property can be marketed to receive the best
offer. The earlier you start, the better your chance of success. You may also
call 888-995-4673 on a 24/7 basis – HUD approved counselor affiliated with the
non profit Homeownership Preservation Foundation through Bush’s Hope Now
initiative. Contact us to see if you have enough time.
Many people want to know what the effects are on their credit. Generally,
foreclosures show up as FORECLOSURE, and can stay on your record for seven
years. Anytime you apply for a new loan or have your credit checked, the
foreclosure will show up and is usually a required disclosure you must make on
most credit and maybe even job applications. A short sale is listed as SETTLED
DEBT, and is much less harmful to your credit. Please consult a credit company
for more information. This credit information is from Michael J. Hellickson, a
short sale expert at 877-303-2972.
It is not our intention to specialize in this area, but many of our clients are
finding this to be an option to consider. Charles Darwin says those who adapt
survive. In our changing Ann Arbor
real estate market, our team is analyzing and adapting.
portion of the debt. Many good folks have found themselves with declining home
values and rising mortgage payments.
Some mortgagee’s will accept less than is owed through a short sale, in place of
taking ownership of a home back through foreclosure. Why would the lender do
this? They can avoid the lengthy time delay of up to one year in Michigan to get the
property back. They can avoid the legal costs and remove the property from
their asset management portfolio. The lender is ultimately not in the business
to manage properties. And in areas of declining values, the property may be
worth less as they hold it.
We have previous posts about Short Sales in the Ann Arbor Area and can provide
a packet of information via email for you to review with your legal counsel. If
you or someone you know is going to miss upcoming mortgage payments or has
started the foreclosure process, this may be a viable alternative. If you visit
www.AnnArborShortSale.com we
can walk you through the maze of challenges so your chances of success are
improved.
First you should contact your lender to see if they will renegotiate your
payments or any other work outs they can provide. If the lender won’t work with
you, it is best to begin a short sale as soon as you realize you can no longer
afford the mortgage, so that your property can be marketed to receive the best
offer. The earlier you start, the better your chance of success. You may also
call 888-995-4673 on a 24/7 basis – HUD approved counselor affiliated with the
non profit Homeownership Preservation Foundation through Bush’s Hope Now
initiative. Contact us to see if you have enough time.
Many people want to know what the effects are on their credit. Generally,
foreclosures show up as FORECLOSURE, and can stay on your record for seven
years. Anytime you apply for a new loan or have your credit checked, the
foreclosure will show up and is usually a required disclosure you must make on
most credit and maybe even job applications. A short sale is listed as SETTLED
DEBT, and is much less harmful to your credit. Please consult a credit company
for more information. This credit information is from Michael J. Hellickson, a
short sale expert at 877-303-2972.
It is not our intention to specialize in this area, but many of our clients are
finding this to be an option to consider. Charles Darwin says those who adapt
survive. In our changing Ann Arbor
real estate market, our team is analyzing and adapting.
Click here to search all listings in Michigan with pictures and tours - FREE!
Kathy Toth and Team
Real Estate One
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Visit our website...we can walk you through the maze of challenges so your chances of success are improved
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Kathy Toth and Team
www.KathyToth.com
Keller Williams Realty
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