GOOD NEWS Traverse City - Short Sales Can Save You from Foreclosure

More and more Northern Michigan families are facing foreclosure and many have no idea what to do or how the system works. First and foremost you need to talk to your lender. Please DO NOT ignore the calls. Be honest and up front with them and if they can help you they will. If you aren't satisfied with the results ask to speak to a supervisor.

If you do finally come to the realization that you are going to have to move or sell, give serious consideration to calling a Realtor who specializes in Short Sales and pre-foreclosure properties. If you need to sell, there are several options available to you even if you owe more then what your home is worth. There are ways around that.

With a short sale the lender (or lenders) may agree to let you sell your home for less than the full balance owing. In most cases they will let whatever your Realtor gets satisfy the balance. This is not always the case but from my personal experience none of my clients have been taken to court.

When can you do a short sale? You can do one prior to the sheriff's sale or up to the last day of redemption (6 months to 1 year after the issuance of a Sheriff's Deed and sale). Each and every case is dealt with individually and every one is different.

Why? First of all the net result of the short sale is that you the homeowner can not walk away with any money. Second, any money or proceeds from the sale will be divided up amongst the lien holder or holders. The first mortgage holder (if you have more than one mortgage) will always get the bulk of the money and any junior lien holders will usually get 10 cents on the dollar at the most.

The procedure is easier with some banks then other. For example Huntington Bank is very difficult to work with as is Chase. Smaller banks can be easier to work with as you can get to the decision maker much easier and faster.

The process of doing a short sale is simple but executing it van be areal nightmare if you don't have experience doing it and since it takes a lot of time to pull one off call a Realtor as soon as you get in trouble. The sooner I know what you are facing the more options you will have.

If you have any questions about doing a short sales in the Traverse City Area please visit my website http://www.ExitShortSales.com, email me at jules@julesYates.com or call me on my cell at 231-218-5199.