Aug 23, 2016 | Michigan Foreclosure Information
If you are having trouble making your house payments and you are facing a long-term hardship, but you don’t quality for refinancing, a loan modification may be the answer. Losing your job or going through a divorce does not mean you have to lose your home....
Aug 23, 2016 | Michigan Foreclosure Information
A short sale is when the lender agrees to take a loss on a mortgage loan if the home is sold for less than the actual amount owed. This is otherwise known as a pre-foreclosure sale. It is an alternative for home owners who get behind on their monthly payments as a...
Aug 23, 2016 | Michigan Foreclosure Information
When a home goes into foreclosure for non-payment, a spiral of negative outcomes can occur. After a borrower misses three mortgage payments, a notice of default is filed. The borrower then has 30 days to reply or show up in court to cure the default. If the payments...
Aug 23, 2016 | Michigan Foreclosure Information
In the event that a homeowner enters a short sale agreement with their mortgage lender to prevent their home from going into foreclosure, it rarely breaks even. There is usually a different between the amount owed on the house and the amount the home actually sells...
Aug 23, 2016 | Michigan Foreclosure Information
Getting behind on mortgage payments can cause a lot of anxiety as homeowners come to the realization that they run the risk of losing their home to foreclosure. A foreclosure comes with a host of negatives, which may include a poor credit rating, having to pay the...
Aug 23, 2016 | Michigan Foreclosure Information
Filing for bankruptcy can certainly have effect on your mortgage, but exactly how it effects it depends on the status on the loan and the type of bankruptcy you choose to file. Chances are, if you are considering bankruptcy, you have already missed one or more...
Aug 16, 2016 | Michigan Foreclosure Information
Restructuring a mortgage or loan modification is not the same as refinancing it. Modifying the loan allows you to edit the terms of the existing mortgage, such as principle balance, interest rate, PMI (private mortgage insurance) and length of the loan, with the...
