Alan Faitel

Alan Faitel of Oakland Homes, LLC works to help seniors stay in their home and enjoy a financially secure retirement

West Bloomfield, MI - Thousands of people are losing their homes to foreclosure due to our current economic condition, declining real estate values and unemployment. Families are faced with financial devastation as things continue to get worse. People are losing their jobs, their pensions and the financial security they have worked for and counted on for their future. As our economy continues in a downward spiral, the government has introduced a variety of programs to help those who qualify.

The reverse mortgage program for seniors has been available since 1989 and has gained the attention of many today. A senior who is age 62 or over can qualify for a reverse mortgage if they own their home and have equity. This is a wonderful program that helps seniors supplement their income and the requirements are relatively easy to meet. The borrower must live in their home, own their home, and have some equity. There are no credit issues; the loan is based on the age of the borrower and the value of the home.

Reverse mortgages are insured by the federal government through the Federal Housing Administration (FHA), a part of the US Department of Housing and Urban Development (HUD). Before applying, a senior must complete counseling with a HUD approved independent counselor who will review the transaction with the senior and answer any questions they may have. The counselor's job is to help them understand the reverse mortgage process, analyze their financial situation and suggest alternative options if the reverse mortgage is not right for them.

Alan Faitel, of Oakland Homes, LLC, is a real estate investor who is helping seniors in Oakland County who are having difficulty making ends meet in today's troubled economic times. Some just need to supplement their retirement income while others are facing the threat of losing their home to foreclosure. Alan has been active in real estate for over 20 years, providing a wide variety of real estate services, including property management, seller financing, mentoring beginning investors and partnering with experienced investors. His recent passion is helping people who are facing foreclosure and working with seniors to help them stay in their home while they enjoy a financially stable retirement.

If you are a senior, age 62 or over, or if you know someone who would benefit from a reverse mortgage, contact Alan Faitel to see if you qualify. Visit http://reversemortgagesoaklandcounty.blogspot.com/ and learn more about reverse mortgages for seniors.

Contact

Alan Faitel

Oakland Homes, LLC

248-363-0100

Homes.oakland@gmail.com

For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or the dreaded, resetting ARM), we offer options to avoid foreclosure.

You may be feeling that your only option is just letting the bank foreclose. This is the "old style" walk-away option. The upside is you stay in your home, make no payments, and save as much money as you can until the redemption period is up. This works well in Michigan, with a 6-month redemption period. The down side is you have a foreclosure on your credit report, which drastically reduces your credit score and can take up to 10 years to clean up.

Here is the "new style" walk-away option. We negotiate with your bank to get them to accept a short sale, less than what you owe on the mortgage. They sell the home, rather than have it on their books for 6 months or more, and they give you a written, full satisfaction of debt. The best part is you do not have a foreclosure on your record.

We are foreclosure specialists; we help you cope with life after foreclosure, or life after losing your home to pending foreclosure. We help you restore your bruised credit while you purchase a new home with seller financing, known as a land contract, lease option, or rent-to own.

Give us a call to help you get started. I have been in your situation; I understand how you must be feeling. So don't feel embarrassed, I am here to help you, at no cost to you.

Email homes.oakland@gmail.com

Visit http://www.oaklandmichiganhomes.com

Losing Your Home?

We understand that you are going through a very difficult time as you face the possibility of losing your home to foreclosure. You are not alone as over 200,000 people in the state of Michigan lost their homes to foreclosure in the last year. Sadly, this will happen to thousands more in the next year.

There are many reasons responsible, hardworking people find themselves in this situation, including death, divorce, job loss and inflation. A major contributor to the increase in foreclosures has been named the "mortgage melt-down," which began in the late 1990's when interest rates were low and people were refinancing their homes and using the equity to pay off other debts or improve their lifestyle. Then in 2001 -2003, lenders were offering 100% financing with an adjustable rate mortgage (ARM). The rate was incredibly low, fixed for 3 years, and then it was to fluctuate according to the market. For a lot of people, this meant a substantial increase in their mortgage payment.

Most people planned to refinance to a fixed rate by the time this happened, however, rising unemployment and declining market values made this difficult if not impossible. Now they face foreclosure because they are unable to make their mortgage payments. Many of these distressed homeowners have always been hardworking, responsible people with great credit. Now they are feeling confused and helpless. They don't know who to turn to for help as their mortgage company calls or sends letters demanding they catch up their delinquent payments.

Perhaps you are also receiving letters from companies promising to save your home from foreclosure or stop your foreclosure. You contact them just to find out that there is a charge for the service...a charge of up to $2,500 or more! These companies just give you false hope, with no real solution, while they prey on the last bit of savings you have.

We would like to help you at ABSOLUTELY NO CHARGE to you. We do get paid for our services, but not by you. We do not offer a "too good to be true" guarantee. We work with your lender to negotiate a short sale, where your lender agrees to accept less than what is owed on your mortgage to fully satisfy your debt. We also ask that your lender provide to you, in writing, a document of FULL SATISFACTION of your debt. Many lenders will accept a short sale because they realize that if they go through the entire process of foreclosure and the expense of eviction, securing the home, doing repairs to the home and placing the home on the market to sell, they stand to take a much larger loss than if they accept a short sale now.

This service will help you because you will not have a foreclosure on your credit report. A foreclosure will reduce your credit score by at least 250 points and it will take years to repair the damage.

We will continue our service to you by helping you find an affordable home that you can rent, rent to own, or purchase on a short term land contract. Meanwhile, we will refer you to someone who can help you restore your credit so that you will be able to refinance your new home with a fixed rate mortgage.

You do have options, no matter where you are in the foreclosure process, but the sooner you get started, the easier it will be and less damage will be done to your credit. Call us today for a free consultation and we will explain your options and help you stop the foreclosure process and begin to move forward with your life.

Email homes.oakland@gmail.com

There are several options available for people who are facing foreclosure, including loan modification. This is where you negotiate with your lender to modify some of the terms of your mortgage so that your payments are more affordable.

With loan modification, you can negotiate a lower interest rate, a longer mortgage term, a reduced balance or other terms of the mortgage. If you are in an adjustable rate mortgage, you might be able to negotiate a reasonable, fixed rate mortgage. If you have a large escrow shortage, it is possible to add this to the mortgage balance.

Some modifications include forgiving some of the past due interest payments and re-writing a whole new mortgage, with a new beginning balance, new 30 year term, and a fixed interest rate with a lower monthly payment. You might be required to make a lump sum payment, in advance, to defray some of the lenders loss, and then you get to start fresh with a new, affordable mortgage, thus, saving your home from foreclosure.

If you are current in your payments, but are anticipating financial difficulty in the future, you may be able to apply for loan modification. Your lender will require a financial statement be filled out, detailing your situation. You will have to show hardship by keeping your current mortgage terms, yet also show the ability to pay if certain modifications were made.

This can be a difficult process for the distressed homeowner to do. It becomes even more difficult if you are already in foreclosure. Lenders will tell you it is not their policy to offer modification during foreclosure. This is not true; in some situations, lenders have been known to offer loan modification, even after the sheriff sale.

A foreclosure consultant is experienced with talking to lenders and negotiating loan modification. If you are facing foreclosure, or already in foreclosure, talk to our consultant to see if loan modification is an option for you.

Alan Faitel is a foreclosure specialist with a passion for helping homeowners in financial distress. Contact Alan for a consultation at 248-363-0100 or email afaitel@yahoo.com

Visit http://www.oaklandmichiganhomes for a list of services Alan offers to homeowners and real estate investors.

Are you considering a reverse mortgage? Here are some answers to commonly asked questions about the HECM, Home Equity Conversion Mortgage for Seniors aged 62 and up:

Q: With a Reverse Mortgage, do I retain ownership of my home?

A: Yes. You own your home and retain the title. You have no mortgage payments, but you are responsible for paying the property taxes and for maintaining hazard insurance. Proceeds from your reverse mortgage can be set aside to ensure payment of property taxes and insurance. Funds can also be allocated for future home repairs and maintenance. As with most mortgages, as long as you continue to live in your home, maintain the home, pay property taxes and maintain homeowner's insurance, you can stay in your home as long as you choose.

Q: Are there any out-of-pocket expenses with a reverse mortgage?

A: All closing costs can be financed with the proceeds from the reverse mortgage; you may be required to pay for an appraisal.

Q: What about income requirements and credit?

A: There are no income requirements nor are there any credit requirements. One can have bad credit and still qualify for a reverse mortgage, as long as they do not owe the federal government money. The reverse mortgage benefits are determined by the age of the senior and the equity in the home; credit and income are not determining factors with a reverse mortgage.

Q: Do I lose any of my federal benefits by selecting a reverse mortgage?

A: Social Security and Medicare benefits are not affected. Supplemental Security Income (SSI) and Medicaid are not affected either, as long as all monthly advances are fully spent each month.

Q: Can I pay back the equity I've borrowed?

A: Yes, you may increase the equity in your home by paying all or any portion of your reverse mortgage.

Q: What happens when I pass away?

A: If your spouse is also listed on the title to your home, he/she will be able to continue residing in the home and receiving the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. In that situation, the lender will work with your heirs to help them decide how to proceed.

Alan Faitel is an experienced real estate professional who has a current passion for assisting homeowners in financial distress. If you are a senior, aged 62 and up, Alan will be happy to help you determine if you qualify for a reverse mortgage. If you have loved ones who could use some additional financial stability to enjoy a more comfortable retirement, contact Alan Faitel at 248-363-0100 or email Alan at afaitel@yahoo.com Learn about other services Alan provides at http://www.oaklandmichiganhomes.com