Short Sale Realtors: Bloomfield / Birmingham / Novi / Troy / Rochester / Beverly Hills / West Bloomfield / Franklin / Royal Oak / Huntington Woods / Oakland County / Detroit Metro Area The Mike Realtor Team! : Michigan: Beverly Hills

According to Lender Processing Services (LPS), over 6.32 million homeowners missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, it's not too late to get help.

I have developed a report filled with information that every homeowner should know. It's a guide on how to avoid foreclosure and how I can help work with lenders to resolve an unaffordable mortgage. You can download the report at the following website:

http://www.shortsaleoaklandcounty.com

There is financial stability on the horizon-I can help put an overwhelmed homeowner on the path to get there. If you or someone you care about needs help, I'm only a phone call away.

Sincerely,

Mike Sher
Max Broock Realtors
248 496-1572

2010 results:  75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

We recommend consulting an Attorney and/or Tax Professional to discuss your options.

Federal Trade Commission Disclosures

1. 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.

2. The above brokerage is not associated with the government, and our service is not approved by the government, and our service is not approved by the government or your lender.

3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Don't be fooled, you are judged on your credit report and score.  Your credit is a heavily weighed factor when buying a car, renting a home, getting a job, applying for a loan, determining the cost of insurance and much more.  Sadly, most people don't realize the importance of their credit until after foreclosure. 

Foreclosure is one of, if not the biggest bombshell on your score.  Alex Charfen, CEO of the Distressed Property Institute states "I have personally seen a short sale only lower credit scores by as little as 50 points, as opposed to the 250 to 300 point drop from a foreclosure.  Additionally, the credit effects of a short sale can be as brief as 12 to 18 months, whereas a foreclosure will typically impact your credit score for more then three years".

Many lenders are open to a short sale to avoid a foreclosure even when the borrowers are still current.  Often homeowners ignore the early warning signs of foreclosure until they are in deep default.  Acting before missing your first payment truly mitigates the devastating damage of foreclosure on your credit.

 [Whether the bank forecloses on your house or you walk away, the impact is the same, says Craig Watts, senior national public relations manager with FICO, the creator of the FICO credit score. "A person's credit report doesn't include information about assets, income or the ability to pay," he says. So a person or scoring formula that sees ‘foreclosure' on the credit report doesn't know why the borrower stopped paying, only that she or he did."] Amy E. Buttell, Cyberhomes Contributor Published: January 21, 2010 reported

Another important tip to know is that presently a short sale is not specifically reported on a credit report.  A foreclosure is reported for at least 10 years, so those looking for employment,  seeking a security license or working in the finance field may find road blocks toward a better future when your credit report comes back to haunt you.  There is a big difference between Short Sale vs a Foreclosure.

Mike Sher of Max Broock Realtors Bloomfield Hills is offering free foreclosure avoidance with Short Sales seminars at 6pm on , 8/17/10, 8/23/10 9/14/10 and 9/28/10  Call him at 248-644-4700 x242, email: team@MikeRealtor.com.  Also learn more at www.ShortSaleOaklandCounty.com

 Mike Sher

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mike Sher

Just got off the phone with BOA about a short sale that they have the 2^ndlien.  Spoke to a Short Sale supervisor who told me that BOA will only offer HAFA assistance for 2^nd liens when the 1^stlien is also with BOA. She told me that the loss on the 2nd liens are to great!!  I told her that the program guidelines state that if a servicer is participating in HAFA on 1^st liens they must also participate with 2^ndliens, even when the 1st lien is not theirs.  The program was created so borrowers could do a Short Sale to waive the deficiencies.   The most valuable part of the program is the subordinate lien release with out future liability. With out that, then the program is somewhat worthless.  If BOA will not participate in that aspect of the program, why should they be able to participate as a 1^st lien holder? 

HAFA has great benefits for the 1^st lien holders:

•1.      reimbursement of 1/3 the cost of subordinate lien release

•2.      $1,500 commission to the servicers

•3.      Great Public Relations tool

•4.      Staying in the good graces of Uncle Sam.

•5.      Plus other sweet heart deals from the Treasury, FDIC, HUD, TARP or other tax funded agencies.

So, in closing, If BOA wants be the kinder, gentler bank, they must offer HAFA for 2^nd liens or accept the demonized reputation that brought down County Wide!!

Mike Sher

HAFA, Release of Subordinate Liens guidelines below:

Release of Subordinate Liens. It is the responsibility of the borrower to deliver clear marketable title to the purchaser or investor and to work with the listing broker, settlement agent and/or lien holders to clear title impediments. The servicer may, but is not required to, negotiate with subordinate lien holders on behalf of the borrower. The servicer, on behalf of the investor, will authorize the settlement agent to allow a portion of the gross sale proceeds as payment(s) to subordinate mortgage/lien holder(s) in exchange for a lien release and full release of borrower liability. Each lien holder, in order of priority, may be paid no more than six percent (6%) of the unpaid principal balance of their loan, until the $6,000 aggregate cap is reached. Payments will be made at closing from the gross sale proceeds and must be reflected on the HUD-1 Settlement Statement. Investors are eligible for incentive reimbursement for up to one-third of the cost to extinguish subordinate liens as described in the Incentive Compensation section of this Supplemental Directive.

Prior to releasing any funds to subordinate mortgage/lien holder(s), the servicer through its agent must obtain written commitment from the subordinate lien holder that it will release the borrower from all claims and liability relating to the subordinate lien in exchange for receiving the agreed upon payoff amount. Although servicers have discretion to draft policies and procedures for ensuring that the commitment of subordinate lien holders is documented prior to closing and such documentation is retained in the servicing file, they would be in compliance with HAFA guidelines if they further required the closing attorney or agent to either confirm that they are in receipt of this commitment from subordinate lien holders on the HUD-1 Settlement Statement, or request that a copy of the written commitment provided by the subordinate lien holder be sent to the servicer with the HUD-1 Settlement Statement which is provided in advance of the closing.

Subordinate mortgage/lien holder(s) may not require contributions from either the real estate agent or borrower as a condition for releasing its lien and releasing the borrower from personal liability. In addition, any payments to subordinate mortgage/lien holder(s) related to the short sale or DIL must be reflected on the HUD-1 Settlement Statement, as applicable.

Supplemental Directive 09-09 Revised Page 11

Could it be?  Do my feet feel solid land?  Maybe sunny skies are here again!  Well we are not there yet, but for the first time, in a long time, the numbers show promise.  Below are the November sales number for The Real Estate One group of companies (Max Broock, Real Estate One and Johnston & Johnston), which makes up the largest broker in South East Michigan. 

These numbers show, that between the First Time Home Buyer Credit and the fact that real estate is dirt cheap here, homes are selling!   Not just selling, but selling for more then they did the same time last year. I know this positive news is dwarfed by enormous lose of equity, a growing unemployment rate and more distressed properties then the eye can see.  But even in a monsoon of destruction, it is nice to see a rainbow. 

Remember, this is the first good news in a sea of bad news.  Also we are talking about Motown, the auto capital of the world. Remember GM & Chrysler bankruptcy and the highest unemployment of all 50 states. Arguably the hardest hit area in country and if values are rising here, then it can happen anywhere!!   Forget New York, New York and say Detroit, Detroit!!

In Oakland County

• 50% more Homes under $100,000 are pending in November compared to the same time last year.
• 53% more homes over $100,000 are pending in November compared to the same time last year.
• The inventory of homes have dropped by over 30% this November compared to the same time last year.
• The median sale price is up 35% in November compared to the same time last year

The link below comes from a CNN report on how banks are foreclosing on borrowers but never taking title so the borrowers are foreclosed on but still have all of the obligations as owners of the home.  All city fines, taxes, assessment and any violations from the municipality are still the responsibility of the now foreclosed borrower.  Also don't forget the balance of the note plus late fees and interest are still the obligation of the borrower. 

Why would the bank do this?  The value of the asset (borrower's home) has declined to a point that it would cost the bank more money to maintain, repair, pay off past fines, dues, legal costs, closing costs, past taxes and commissions to sell the home compared to just walking away.   

This is just another reason why a Short Sale, Loan Modification or Deed In Lieu are worth the extra work to avoid a foreclosure.    If you are going to walk away, I would recommend running and never stopping!!!

 http://money.cnn.com/video/news/2009/08/13/news.bank.walkaways.cnnmoney/

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer Max Brook and Real Estate One Short Sale Specialist.

The Mike Realtor Team Blog - Metro Detroit/Oakland County Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City But, We Can Help! This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

 Here is a recent article about short sales in USA Today.  

http://www.facebook.com/ext/share.php?sid=108582182695&h=sVpXU&u=n4t8k&ref=nf

This article really talks about how hard it is to do a short sale and the importance of having professional working with you who know what they are doing.  Make sure that who ever is working on your short sale knows what to do, how to do and will not give up

Mike Sher

 Some facts from the article to be aware of:

1. 11% of sales in June were short sales. (says NAR)
2. In March of 2008 the average short sale acceptance time was 4.5 weeks and while the last survey done in June 2009 averages 9.5 weeks from offer to acceptance.  The surveys were sponsored by Inside Mortgage Finance, an industry publication.
3. Just 23% of short-sale offers that homeowners receive from potential buyers actually close, according to a February study of 1,300 real estate agents by Campbell Communications.

 Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

But, We Can Help!

This is a competitive real estate market.  If you have to sell and can not, perhaps it is time to look at a Short Sale.  The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

One of the problems we have as short sale Realtors is with Nay-Sayers.   Often the press, other agents and co-worker at the coffee cooler constantly put-down short sales.  They tell people that the bank will never take a short sale, they take to long to close, or that they just don't work.  These Nay-Sayers create an atmosphere that causes people to walk away from their homes, hopeless and filled with fear.

Well they are wrong, short sales do work and sellers are able to take the high road if they choose.  Below is an article that was written by Greta Guest of the Detroit Free Press.  It is the story of young buyers who purchased a home that they never thought they could afford, a seller who had faith that if did the right thing all would work out and about an agent (me) who never gave up.

What is the SHORT SALE tip? If you have a positive story about a short sale, and you never tell anyone, it never happened.  So the next short sale you close let the world know and even the nay-sayer's might listen.

Please click the link below.

The high road: Determined seller exits an upside-down mortgage

 Mike Sher,

Office: (248) 644-4700x242   Fax :(248) 499-1020
Bloomfield Hills, MI 48302
E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

 The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

But, We Can Help!

This is a competitive real estate market.  If you have to sell and can not, perhaps it is time to look at a Short Sale.  The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.

I enjoy a very high Short Sale closing ratio.  I.E., if I list a home as a Short Sale, I often sell it.  Many other realtors can not boast the same claim. Why am I so successful while others are not?  Not because I am smarter or better connected then them.  I NEVER QUIT!!!! 

I remember watching the summer Olympic swimmers last year.  If you watched the swim heats, you'll notice that the deciding factor of the race was not the first 180 meters but in the last 20.  Many swimmers got tired, over confident, under confident or just gave up in the last seconds of the race.

Short Sales are like that as well. Agents often fail in the tail end of the negotiations, or if they lose the buyer in the 11^th hour; the agent is tired, angry and sad; they throw up their arms and gives up.  Never giving up is what makes Olympians, both in the pool or in the Real Estate market.   Never give up, never let up.  Lose a buyer, get another.  Get a "NO", call the bank again to find a "YES". 

As we have been taught, it is always darkest at the end of the tunnel.  So pick yourself up, dust yourself off and get pack in the pool!!!

Mike Sher

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

Servicing  Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City