michigan mortgage help
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Foreclosures Still On The Rise – How To Stop A Michigan Foreclosure Sale
According to RealtyTrac, the number of foreclosed homes in the United States rose 21% in 2009 to a record 2.8 million (Source: Business Week). This is a 120% increase from 2007. Michigan is no exception, ranking 8th in the country for foreclosure postings. You may be asking, how do I avoid a home foreclosure?
Although sometimes a foreclosure situation cannot be anticipated or avoided, there are steps you can take for proactive foreclosure prevention. Here are some steps you can take:
- Proactively manage your budget. If you find that your debt is getting out of control, don’t wait to address it. Having a high debt-to-income ratio can create unintended consequences, such as:
- Overwhelming debts can impede your ability to maintain timely mortgage payments
- If your debt-to-income ratio is too high, you may not qualify for a loan modification. According to government guidelines, the loan modification process aims for a housing-related debt-to-gross-income ratio of 38% or less.
We can help you to reduce your debt-to-income ratio through a Chapter 7 debt elimination program or by debt consolidation in a Chapter 13 program.
- Request a loan modification. If you are in an adjustable rate mortgage or a have a balloon payment, don’t wait until your monthly payment becomes unaffordable. Contact your mortgage company to begin the process of requesting a loan modification.
- Remove a second mortgage or home equity loan. Through the Chapter 13 process we can legally remove a second mortgage or home equity loan if there is not enough value in the home to support it. This is a way to re-align your budget and bring your home’s value back in line with the current market value.
It is a difficult time for homeowners right now. We are here to help clients proactively manage their finances in order to prevent future foreclosures. If you are currently facing a foreclosure, we can help you to legally stop the sale and set up reasonable repayment terms with your lender. See the contact information below to learn more about the
foreclosure process in Southfield, MI.
About the Author
By Attorney William Johnson, founder and managing partner of Acclaim Legal Services a Michigan based law firm that specializes in foreclosure prevention and bankruptcy in Southfield, Flint, Dearborn and Warren.
Acclaim Legal Services, PLLC
Two Lahser Center
26200 Lahser Road, Suite 330
Southfield, Michigan 48033
1-888-868-6005
michigan mortgage help Questions
does a quit claim deed remove you name from the mortgage?
I want my name taken off the mortgage that I have with my X. Does a quit claim deed do this or is there no other way other then selling the house or doing a refi. I live in Michigan so any help would be great.
Nope. If a property is mortgaged, you can sign away your rights to it with a quit claim deed, but not your responsibility for the loan. BTW, the quit claim deed is meaningless until the property is free and clear of all mortgages and liens.
Sorry, in order to get your name off the mortgage, you have to pay off the lender.
Can you help with this mortgage question?
I live in Michigan and saw a house that was foreclosed on and it is for sale for $63,000. It includes a pole barn and 8 acres of land!
I think we are interested, but I am sure there is work to be done on the house. Will banks give you a loan for more than the amount you are buying the house for? I mean, so you can use part of your mortgage to fix it up too? Will they do that?
Also, can you get a loan with little or no money to put down?
Actually, I also wondered whether your closing costs can be included in the mortgage, so you don’t need that money up-front. Can the home inspection be included?
So confused…
The banks will be hesitant to loan you more than the purchase price ($63,000). It is risky for them. What if you do a terrible job fixing it? The bank doesn’t want to mess with it.
The seller doesn’t care if you put $60,000 cash down and borrow $3,000 …. or… if you put $3,000 down and borrow $60,000. Just so long as you pay him $63,000. Part of being qualified to own a house is if you have a good track record of saving money. Do you.
michigan mortgage help Videos
How To Stop Foreclosure in Michigan [Foreclosure & Short Sale Specialists]
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Guide to Passing the Psi Real Estate Exam $20.32 Pass your licensing exam the first time with Guide to Passing the PSI Real Estate Exam! The only self-study guide designed specifically to help you meet the challenges of the PSI real estate exam; over 600 sample questions mirror those found on the actual licensing exam; topical outlines give you a quick review format; and diagnostic quizzes help you pinpoint your strengths and weaknesses so you c… |
