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Michigan Bank Foreclosures For Sale

Michigan Bank Owned Foreclosure Homes

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Difference Between A Short Sale & Foreclosure

The Difference Between Foreclosure and Short Sale is a legal procedure in which a lender, normally a mortgage lender obtains a court order stating a termination of a mortgagors equitable right of redemption. A foreclosure is when a financial institution repossesses your home due to a failure to keep up with mortgage re-payments. If this were to happen you lose your property, all your rights to the property are terminated and you are evicted from the property, which is then sold onto someone else.

Many people often feel that they have no alternative to a foreclosure when they have missed mortgage payments when in some circumstances you may be in a position that means you don’t have to suffer the effects of a foreclosure. One of the first aspects that you need to look at when you are facing the prospect of a foreclosure is to decide whether a foreclosure will actually help your financial problems. If your money problems are temporary such as you have lost your job but it’s only a matter of time before you get one again then you should try everything to avoid a foreclosure; however your debt may be so large that a foreclosures is the only way out of it. Evaluate your situation and you may find you can get out of a foreclosure. If you are one of the many people who are worried about the prospect of foreclosure or maybe you are facing a foreclosure, well have you considered the option of a short sale.

Short Sale

Short Sale In Michigan is when a lender accepts a discount on a mortgage as a way of avoiding possible foreclosure; it is when a lender accepts less than the total amount of money that is due to them for the sale of a property. The process of a short sale is a unique arrangement where the financial institution that is involved and the home owner work together to sell the property before it becomes another foreclosed property.

An example of a short sale is if a homeowner is facing a foreclosure and they have an existing first mortgage of $400,000 then you write an offer to the lender for $320,000, which is then accepted as full payment for the loan. There is one aspect that people are always left thinking about in the case of a short sale, which is why are lenders taking less than what is owned to them? Basically it saves your lender in the long run; this is because the foreclosure process in Michigan is very costly for a lender. Lenders do not want to become property managers; lenders want to lend money. While the house is left vacant, the pipes may freeze throughout the cold winter months, the house could be vandalized, and usually the home will sell for much less than what it could sell for in the short sale process. Also lenders to not like to have excess inventory and bad loans on their books, meaning if they see an opportunity where they can sell the property without a huge loss they will do it.

If you are facing the prospect of a foreclosure I urge you to look into the route of short sale, you never know it could just be the answer you are looking for.

Are you behind or about to be behind on your Mortgage Payments?

In Michigan it is more and more common for homeowner to find himself/herself in a hardship situation when they are no longer able to make their mortgage payments, due to a variable interest rate that has changed, divorce, illness, job loss or a variety of other reasons.The MARK Z Real Estate Team will work with your lender on your behalf to set a price that will get your home sold quickly. This requires your lender to take a discount on what is owed them. Sometimes your lender will take as much as 20% or more less than what is owed.

If you have a FHA mortgage, your lender will send out an appraiser and can accept approximately 82% less than the appraised value.

Why would a lender take less than what is owed to them?

A short sale will save your lender the costly process of getting the home back in Foreclosure.The foreclosure process in Michigan is very costly for a lender. Lenders do not want to become property managers. Lenders want to lend money. While the house is left vacant, the pipes may freeze throughout the cold winter months, the house could be vandalized, and usually the home will sell for much less than what it could sell for in the short sale process.

We are a team of real estate professionals who specialize in working with mortgage companies to provide pre-foreclosure solutions to homeowners who are in this very situation. We work with your lender on your behalf to list and sell your home.

You need to know that Michigan is on the top of the list for number of foreclosures in the country and because of that, you must act quickly.

Michigan Short Sale Required Documents

The first thing you should do to start a short sale process is call your lender and ask for the loss mitigation department and ask for a short sale package. Sometimes you must stop making payments for a month or two before your lender will begin to take you serious. Below is the package we must compile before your lender will even begin to entertain a short sale.

• Authorization to release information form
• Hardship Letter
• Financial Worksheet
• Listing agreement
• Copies of tax returns (last 2 years for everyone on the note)
• Copies of all bank statements (last 2 months for everyone on the note)
• Copies of pay stubs (last 2 pay periods )
• Signed purchase offer (MARK Z. & Associates will get)
• HUD 1 closing sheet (MARK Z. & Associates will get)
• CMA with pictures (MARK Z. & Associates will do)
• Application for Pre-Foreclosure sale program (Only if FHA , HUD form 90036)
• Homeownership counseling form (Only if FHA , HUD form 90038)

If there is a homeowner assoc. you may have to pay for resale certificate (About 195.00) Need to have a copy of your property survey ready (Title co. will want it)If you are facing this trouble, please gather this information and call us today. We will have a member of our team call you today.Call 248-937-1337 now for immediate answers to any of your Short Sale Questions...Fill out the form below or call us today to talk to a real estate agent from MARK Z. Real Estate Team.

Much has been written about the financial woes and soaring unemployment rates of metropolitan Detroit as automakers struggle to recover from the recession of 2001. Michigan, and the Detroit metro area, currently has literally thousands of foreclosed properties. Many consider Detroit the foreclosure capital of the world right now. A big reason for the foreclosures can be traced to the large decline in the manufacturing employment. Homeowners in Michigan are giving back their homes to the bank for a number of reasons. Some have lost their job and can't afford to keep making their mortgage payment because of the lack of income and some homeowners got involved in mortgage programs that ended up not being in their best interest.

Layoffs of car maker executives have inevitably led to foreclosed homes among the gated communities and estates of the desirable suburbs in Oakland County and along the east river toward Grosse Pointe, in historic Indian Village, and in Northwest Detroit, in Palmer Woods, Sherwood Forest and other attractive neighborhoods. Bank foreclosures have touched the wealthy and the poor alike.

Everybody knows someone who foreclosed on their house. Until recently appraisers never used foreclosures as comparable sales to justify a price. Now they are looked at like any other sale because of how common they are. Michigan Bank Foreclosures & Government Foreclosed Houses, Federal Homes, and Distressed Properties are all at your fingertips here. Foreclosures, HUD, VA, and other government property home lists and listings are represented here.

NEED HELP? CONTACT US TODAY!

For more information about the short sale or foreclosure process in Michigan, contact Michigan Foreclosure Specialist MARK Z

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Novi, MI 48375
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