Michigan Short Sales

Michigan Short Sale Experts

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

In Michigan it is more and more common for a 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. Sometimes a homeowner is current on their mortgage payment, but just got a new job out of state and must sell their home.

A short sale might be an option because the homeowner owes $300,000 on their mortgage, but can only sell their house for $180,000 because of current market conditions. Since the homeowner must sell their home, and the homeowner does not have the ability to bring the difference of what they can sell the house for and what is owed, in this case $120,000, then this might be a good case for a short sale.

A Time Sensitive Real Estate Transaction

We are 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. We have our own short sale department that specializes in getting your lender to forgive your debt. It's critical that when you make the decision to short sale your house, you put your trust with a real estate agent that has experience and a successful past track record in negotiating short sales.

Keep in mind if the process isn't handled 100% correct from the begining you will run out of time and your home will go into foreclosure. This isn't a normal real estate transaction where if the home doesn't sell you can just re-list with another real estate agent. Once you stop making payments, the time clock begins. I tell you this so you know the importance of calling the right agent.

The benefit of a Short Sale over a Foreclosure

If you participate in a short sale, and your agent is successful in getting the bank to accept short of what is owed to them on your mortgage, your credit will only show 30-60-90 day late payments, contrary to an actual foreclosure on your record. If you foreclose on your home, you will not be able to get another mortgage for as long as seven years. If you manage to do a short sale, you may be able to get another home mortgage within a couple years or less. Robert & Lisa 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? Because a short sale will save your lender the costly process of getting the home back in Foreclosure. The foreclosure process for a bank is a very long process and usually a very expensive project for a bank. They will have to incur the costs of an attorney, maintenance of the property, sometimes mold issues, securing the property, real estate fees along with many other fees.

Pre-Foreclosures & Short Sales In Michigan

Call us at 248 912-9990 for answers to any of your Michigan Short Sale Questions...

Real estate is very costly for a lender. Lenders do not want to become property managers, they 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.

Your lender pays our commission and also your closing costs.

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.

Required Documents to complete a Short sale

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 (we provide) 
  • Hardship Letter
  • Financial Worksheet
  • Listing agreement (we provide)
  • 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 (Robert & Lisa will get)
  • HUD 1 closing sheet (we provide))
  • CMA with pictures (Robert & Lisa 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.

Call 248 912-9990 and ask for Robert or Lisa Cuffe..   

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