Macomb Short Sale Help

Clinton Township MI – Here is the most common problem that arises with short sales. There are multiple mortgages or liens on the property.

Any of the mortgage companies or lien holders have the right to veto the short sale. For example, we had a short sale with a first mortgage, a second mortgage, and a third position lien.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The third position lien was an old credit card judgment. It had to be paid off to sell the house. The first mortgage was only willing to pay $3,000 to any second mortgages or liens.

The second mortgage wanted $4,500. The credit card judgment wanted $5,000. How were we going to get the extra money for them?

We had to escalate the file with the first mortgage. We told them that they had two options.

Option one: Pay the first and second mortgage and net X.

Option two: Foreclose and lose an additional $15,000. I have a calculator that puts all these numbers together. In addition, I have the proof to back it up.

Here is an example of that proof. There was recent short sale where the first mortgage stubbornly refused to give enough money to the second mortgage. As a result, they lost around $45,000.

I found out about this house because I met the first buyers at an Open House. They were trying to buy a short sale and were offering $272,000. The first mortgage was owed $337,500.

The 2nd was $70,000. The listing agent submitted the short sale offer to both companies. The first said they would only pay $1,000 to the second mortgage. The second mortgage wanted more.

The short sale dragged out for months. Finally the buyer paying $272,000 walked. The house was put back on the market. Meanwhile, home prices had dropped.

Now buyers were only willing to offer around $230,000 for the home. The house ended up selling for $229,000.

As you can see, the first mortgage was greedy and wouldn't offer enough money to the second mortgage. As a result, they lost around $40,000. Was that a smart business decision? I don't think so.

Now, back to my short sale story. I sent this and several other similar examples to the people at the first mortgage. They agreed to pay the second mortgage $3,000 and completely pay off the credit card judgment.

The buyer agreed to pay the extra money the second mortgage wanted. We were able to get everyone to agree and close the sale.

The seller was able to wipe out over $70,000 in upside down debt and move on with her life. That is an example of how you solve the multiple lien problem with short sales. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at rick@rickgiese.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me Rick Giese at Toll Free 1-800-274-5656

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Southeastern Michigan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Visit My Loan Modification Website http://www.miloanmodhelpdesk.com/
Visit My Short Sale Website http://www.miforeclosurehelp.com/
Visit My Short Sale or Stay Calculator Site http://www.mishortorstay.com

Thanks for reading this, Rick Giese.

Rick is a Real Estate Associate Broker at RE/MAXAdvisors. Macomb, Oakland  and Southern St Clair Counties Short Sales Realtor:

Phone: 1-800-274-5656. rick@rickgiese.com.

View My homes for sale at http://www.rickgiese.com/.

Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oaklandand southern St Clair County Areas of Michigan. MacombLoan Modification Help, MacombShort Sale Help. Oakland Short Sale Help Macomb and OaklandCountyMIour services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.