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Foreclosure in 48021 : Real Estate Advice

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Activity 3
Sun Jul 21, 2013
Tom Ledbetter answered:
Yes, You have 6 months. Call if I can assist you.

Thank You,

Tom Ledbetter, e-PRO Certified REALTOR®
Broker / Owner

Cell: 586-675-6751
eMail: Tom@USAHomeBroker.com
Web Site: USAHomeBroker.com

USA Home Broker
30030 Camden Circle
Chesterfield MI 48051
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Thu May 3, 2012
wooper3d answered:
Cash for keys is something that you need to request from your lender. It may be difficult or too late at this point as the main purpose to offer this is the expidite the posession of the property to the lienholder to cut cost on foreclosures and preservation. If your redemption period has expired and you have moved already, there is not much that can be done as the home is now in their posession. You can call the lender regarding getting your posessions out, but since you have left, they will not offer cash for keys. The house will soon be conveyed to HUD, Fannie or as a REO for the bank to sell. ... more
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Tue Sep 22, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
The property is yours to sell,rent or live in until the ownership transfers through the foreclosure sale.

Your Options should you be facing Foreclosure
1. Do Nothing- If a homeowner does nothing, they will most likely will loose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed. Credit reports also disclose this damaging information. Not the best option.
2. Payoff/Refinance- Completely pay off the entire loan amount plus any default amounts and fees. Typically this is accomplished by refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penality because of the recent default. With this option, there should be equity in the home.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees,late fees,taxes, missed payments and fees.
4. Loan Modification- Utilizing the existing mortgage company to capitalize the debt or extend the terms of the lian. This may allow the homeowner to catch up at more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forebearance- Lender may be able to arrange a repayment plan based on the homewoner’s financial situation. The lender may even be able to provide a tempory payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Parital claim- A loan from the neder for a 2nd loan to include back payments,cost and fees.
7. Deed in Liew of Foreclosure- Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.
8. Bankruptcy- This option can liquidate debt and or allow more time. I can refer you to a qualified bankruptcy attorney.
. Chapter 7 (liquidation) To completely settle personal debt.
. Chapter 13 (Wage earner Plan) Payments are made toward a plan to pay off debt in 3-5 years.
. Chapter 11 (Business Reorganization) A business debt solution
9. Rent the property- when rent will make full payment or you have the ability to make short fall. To do this option, the loan must be brought current.
10 .Sale- If the property has equity (money left over after all loans and monetary encumbrances are paid). The Homeowner may sell home without lender approval through a conventional home sale.
On the other hand a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by our Real Estate Professional if what is owed is more than the property value
Keith Manson, First Weber Group
Phone 414-858-0407 Fax 414-543-0921
kmanson@firstweber.com www.keithmanson.firstweber.com http://www.trulia.com/profile/keithmanson/
http://www.linkedin.com/in/keithmanson www.cdpenow.com
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