Short Sale Realtors Serving: Macomb ■ Oakland ■ Lapeer ■ St Clair ■ Wayne ■ Genesee Counties
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It pretty much works like this:
A notice
of default is a notification given to a borrower stating that he or she has not
made their payments by
the predetermined deadline. It dictates that if the money owed (plus an
additional legal fee) is not paid in a given time,
the lender may choose to foreclose the borrower's property. This is not what you
want, for many reasons.
Once you
are about 3 months back on your mortgage payments your
lender records a formal
notice of foreclosure at the local courthouse, publish the details of the debt
in the local newspaper,
attend hearings on the case and make appropriate court filings.
When this
happens you will start to get phone calls, letters and even people dropping
by your home stating they can help you save your home from foreclosure.
Some of
these people may be genuine but you’ve got to be careful to avoid the scams
and there are many of them going around, especially with short sales.
If you haven’t checked out video #2; make sure you do. We will talk a bit about this.
The
sheriff’s sale usually happens around the 6 month mark, but not always.
Many lenders are so behind and I know of property that didn’t go to the auction
until the 10 month mark.
Here in
Michigan
the sheriff sale date is listed by the banks attorney in the Legal News for 4
weeks,
then the county sheriff sells the property to the highest bidder (which is
usually the lender).
After the home is sold at the Sheriff’s sale you will have a redemption period. See video #7 for more information.
During
this time you can still your home. Short sale is one great option.
The obvious reasons would be to avoid the deficiency judgement and to salvage as
much of your credit rating as possible.
Check out video #1 – we’ll go over deficiency judgments more in depth in that video.
If you have any questions about any short sale topics call or email us..
And be sure to call Jerry Smith and Brian LaDue if you would like to short sale your home.
We are
“Your Michigan Short Sale Specialists”
Contact Us Anytime:
Brian LaDue
Short Sale Specialist
(248) 787-8644
shortsale@walkawaydebtfree.com
