Lee Morof's Real Estate Blog

Foreclosure is a dreaded word at any time, but the present economy makes it a common dread, one that many homeowners share that normally would never enter their minds. There are new government aid programs as well as tried and true methods for combating Michigan foreclosures and every homeowner should know them.

Nip It in the Bud

Procrastination is never a good thing but when it comes to foreclosures it is a death sentence. Most homeowners know when they are on shaky ground and starting to have problems paying their mortgage.

Because it is usually the biggest monthly expense, mortgages are often the first thing to suffer when things get tight. Waiting to talk to your mortgage company about problems until you actually begin missing payments doesn’t leave much time to correct the situation, and believe it or not, most mortgage companies would prefer to work things out than have a “dead” non-performing asset on their books.

Call your mortgage company and talk to them about solutions to your problems. When you call, be prepared to explain the situation that is causing your difficulties to prove that there really is a hardship. Most lenders will send you a pre-foreclosure package that guides you and shows you what you need to do to prove you are under financial strain.

HOPE for Homeowners 

HOPE is the HUD program that helps homeowners avoid imminent Michigan foreclosures. The government program refinances at a lower rate to help people stay in their homes when all other avenues of solution have failed.

Don’t Give Up Without Exhausting All Means

Your home is important and worth the effort it takes to keep it. With the help of the stimulus plan, banks are able to do more than they used to be able (or willing) to do to provide solutions to homeowners to avoid Michigan foreclosures.

If you would like more information on what to do in the event of possible foreclosure, please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com today.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640