About Oakland County, MI

I know the rule many people use is that is you can lower your rate by a half a percent or a quarter of a percent you should refinance. THEY ARE WRONG THERE ARE OTHER CIRCUMSTANCES TO TAKE INTO ACCOUNT.

If you have been in a mortgage for over 3 and a half years it probably is not wise to refinance. Here is an example why you should not refinance.

Let's say you got a mortgage for $200,000 at 6.125% back in Nov 2004. ( Your first payment was in November). So going off an amortization schedule your current balance this month would be $189,209.15. You would have paid down the mortgage by $10,790.85 in the last 4 years.

But you would have paid $49,,470.44 in interest in the last 4 years. So your mortgage loan officer is calling you. They are telling you that they can save you money. They can get you a no cost loan at 5.625%. Your new payment on a $189,000 mortgage would be $1087.99 A SAVINGS OF $127.23 A MONTH! A NO BRAINER RIGHT...... WRONG, WRONG, WRONG.......

Now you have a new thirty year mortgage instead of 26 years left. So now you have 4 additional years of interest. If you run a amortization schedule on the $189,000 mortgage starting in January at 5.625% you will find you will have to pay $41,375.63 of interest on those four years.

So divide that $127.23 into that $41,375 of interest on those four years. It will take 27.1 years to break even and you added 4 years to your mortgage. NOT THE SMARTEST FINANCIAL MOVE!

Let's look at this a different way. On your first mortgage of $200,000 you would have paid $237,479.59 in interest over the 30 years. But wait you already paid $49,470.44 in interest. So that means you only have $188,009.15 in interest left to pay. But that nice loan officer wants you to get that new loan. That new loan will have $202,676.62 in interest to pay.

So does it make sense to get into a loan that will add four years to the loan and have an additional $14,667.47 in interest to pay. 202,676.62 - 188,009.15 = $14,667.47 in additional interest. And take 27.1 years to break even when you could be finished with your current loan in 26 years. NOT THE SMARTEST FINANCIAL MOVE.

The only reason you would want to do this loan in this circumstance is that you need better cash flow. If you are in financial problems. If you want to go over your circumstances and your loan scenario on a Michigan home loan feel free to call me or email me. cell 313-310-9855 or info@russRavary.com

I have a bet with another loan officer telling him that he was screwing his clients by doing a refinance under those circumstances. All I know is that I am going to be eating and drinking good next week on him.

Gotta go, I have to call my fellow loan officer and see if we can go to a nice restaurant.

"The stockings were hung by the chimney with care..."

There's no doubt that right now is one of the best times to buy a home in all of history. A lot of people wanting to sell right now may be hesitant because of the holidays, or because of cold, snowy weather. Traditional thinking people may even argue that homes only sell in the Spring and Summer months.

I challenge them with these thoughts...

When does your home look it's best? Most people's homes during the holiday season are kept immaculately clean (for those guests that'll arrive any minute) and decorated fabulously! The smells of roasted Chex Mix, mixed with pine and holiday feasts... who can think of a more welcoming smell?

I think as long as you keep the decorations classy and sensible, and don't go overboard (as a lot of us tend to do!) the holiday season is THE BEST time to sell!

I've sold many homes that were charming to begin with, but I showed them during the holidays and buyers are awed by the charm of the season!

So don't think that just because it's Winter that you should wait to sell until Spring. Deck the halls and put on some classic holiday music and wait for the buyers to come!

If you need help decorating for the holidays, consult a professional home stager,

interior designer or your Realtor!

If you are facing foreclosure you are not alone. Thousands of people have lost their homes to foreclosure in the last year and thousands more will lose their homes in the next year.

Who could have seen this coming? It all began with the low interest rates encouraging people to refinance their homes and use the equity to make new purchases or pay off other debts. The Adjustable Rate Mortgages (ARMs) looked like a great deal. People were able to get 100% financing at a very low rate, fixed for 3 years. Many were aware that the rate could increase significantly, but they weren't worried; they would simply refinance before the ARM reset.

But, two devastating things happened. First, unemployment increased; many people lost their jobs; therefore, they were unable to qualify to refinance their home. Now, they are stuck with a mortgage payment that they cannot afford. Second, market values declined sharply, so the homes cannot appraise for anything near the amount owed on the mortgage; therefore, another reason refinancing is impossible.

As the ball keeps rolling, people are walking away from their homes. Investors are taking a huge loss and mortgage guidelines are getting strict. Even people with very high credit scores are finding it difficult to get a new, fixed rate mortgage.

Foreclosure hurts, no matter what the cause. People facing foreclosure are devastated, humiliated, and feeling hopeless. They wonder who to turn to as they receive countless phone calls and letters from their mortgage company, demanding payment.

To add to the confusion, they receive letters from lawyers or other companies promising to "save your home from foreclosure" or "stop foreclosure now". Some of these companies are somewhat reputable, but many are preying on your last dollar. They ask a high fee for a service that gives you false hope and ultimately does not provide a solution. Some even promise to take over your mortgage payments while you lease your home from them. You pay them, they don't pay your mortgage, the foreclosure process continues and you still lose your home.

We can help. Our service to you is ABSOLUTELY FREE! We will work with your lender to get them to agree to a short sale, where they accept less that the amount owed on your mortgage. We will ask your lender for WRITTEN SATISFACTION of your debt, so that they do not come after you for the balance owed; they will not file a deficiency judgment against you. You satisfy the bank, avoid having a foreclosure on your record, and get on with your life.

We will help you find another home to purchase on a lease option or a land contract. We will refer you to an agency that will help you restore your credit so you can eventually refinance your home with a fixed rate mortgage.

We do get paid for our services, but not by you! We do offer a guarantee, but not one that sounds "too good to be true". To be honest, there is no guarantee that your lender will work with us. There is no guarantee that they will be cooperative or that they will accept an offer from one of our investors. The only thing we can guarantee is that you will lose your home and your credit will be destroyed if you do nothing! So, you really have nothing more to lose if you call us for a free consultation today!

Call Alan at 248-363-0100

Email: afaitel@yahoo.com

Website: http://www.oaklandmichiganhomes.com

Do you have bank owned listings available?

Do you have the time and energy to negotiate the short sale?

Will you consider an investor offer?

Would you like to "double-dip" the commissions?

Our investors work with short sale specialists; we are experts in the field and we are professionals.

Benefits of working with The Short Sale Group:

Our offer does not "tie up" the property or take it off the market

You keep control of your listing

You continue to show the property

You can collect the sellers and buyers commission

You don't have to spend your valuable time negotiating with the bank

You most likely have several listings that have been on the market for quite some time now. With market values declining, sales are few and far between. We provide a valuable service to realtors who have been trying to sell their listings with no luck in today's market.

Yes, we will be presenting an investor's offer, a short sale, at a significantly lower amount than the asking price. We will be doing all the work to negotiate with the bank to convince them that they are better off taking a financial loss on a quick sale than they would be to continue holding this non-performing property while market values continue to decline as the empty house poses a serious liability risk.

Call Alan at 248-363-0100 to learn more about this service

Email: afaitel@yahoo.com

Website: http://www.oaklandmichiganhomes.com

My name is Alan Faitel; I am a licensed Real Estate Broker with the State of Michigan, with over 22 years of active real estate experience. I have bought and sold over 300 homes in the constantly changing real estate market, and I have managed to stumble upon a niche' in every market, no matter how dire the circumstances have appeared to be.

The "new niche" is the Short Sale, which only works in the most dire of economical conditions. This is the way out of foreclosure that creates a great outcome for the lender and the distressed homeowner.

I can get your lender to accept less than you owe on your mortgage, so an investor can buy your home and you can satisfy your lender and avoid having a foreclosure on your credit report.

One of the best things about this solution to foreclosure is that it doesn't cost you anything. You are the one who has to authorize my services, but your lender ultimately pays my fee!

The other cool thing is I find you anther home to purchase with seller financing, like a land contract or rent-to-own (lease option) and you get a great price with a monthly payment of much less than the one you are struggling to make right now.

So, while you are losing your home to an investor who is getting such a great deal, you get to turn around and do the same thing - I will find you another home, at a great deal, and you will continue to live in a home where you have ownership interest.

Visit our site for more information about our foreclosure services at http://www.oaklandmichiganhomes.com

Call Alan at 248-363-0100

Email afaitel@yahoo.com