For local Michigan families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, dragging out the pain for longer than anyone wants.
Fortunately, you have options available to you here in Michigan.. There are many strategies that help with foreclosure in Roseville. These are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue.
In this blog post, you’ll read about 3 ways that you can avoid foreclosure. The goal of these strategies is to help you legally and ethically avoid foreclosure. You can reduce the pain and frustration that you’d face, while minimizing any long-term financial hard ache. Not all of these strategies will apply in every situation, but you’ll probably be able to find at least one of the three ways that will work for you.
Strategy #1: Work out a deal with your lender
The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and tell them that you don’t think you can pay your current mortgage obligation, but you’d like to figure something out so you can stay in your house and continue to pay your mortgage.
Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a temporary reprieve on your mortgage payments, or it might include a catch-up strategy where your outstanding mortgage payments are spread out.
Strategy #2. Bankruptcy
Filing for bankruptcy may seem like an extreme measure but it is one of the “tools” in your foreclosure avoidance tool belt. When you file for bankruptcy, you indicate to all of your creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to the foreclosure process because all creditors must stop the collection process.
Filing for bankruptcy is a little extreme. It may require you to sell off some of your assets in order to pay off your creditors. A bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car. So this shouldn’t be your first line of defense!
Strategy #3. Short sale help for a foreclosure in Roseville Michigan.
A short sale is the third strategy. This is where you sell your home and put the proceeds of the sale toward the amount owed on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.
- It’s proactive, which means that you take matters into your own hands.
- It’s fast. In some cases, you can sell your home in as little as a week! That’s also because it’s local. You can get help for foreclosure in Roseville since organizations like Cash Buyers Macomb help people going through short sales.
- It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owed on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).
With a short sale, you still end up with the reality of having to leave your home but there is a bright side. The impact to your credit is much less than a bankruptcy or foreclosure, so this is a smart long-term play to give yourself some options.
If you find that you’d love to sell your house to get out from under your Michigan foreclosure, we can help.
Give us a call today at 586-307- 4330 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.