Birmingham MI Short Sale Tip #41, 10 reasons why to avoid Foreclosure, Expert, Michigan. If you are facing foreclosure, please read the list below. But do not lose hope; my brokerage has helped 100’s Detroiters avoid foreclosure with a short sale. Do not become a statistic, call me today at (248) 644-4700 x242, email mike@mikerealtor.com or find me on the web: www.ShortSaleOaklandCounty.com We have a 90% success rate and we will provide both answers and references. Mike Sher, Max Broock Realtors.
1. You cannot buy again for 5 to 10 years.
2. A foreclosure is stuck on your credit for 7 to 10 years.
3. Most employers pull credit which will hurt you chances of future gainful employment.
4. It is hard to get a security license when you have a foreclosure on your record.
5. Foreclosure is losing power and giving in to the banks.
6. In most States, you will still owe the debt even when they foreclose on you.
7. Your credit shows your credit worthiness, poor credit sadly is viewed as a bad person.
8. A Bank owned homes sells for 35% to 45% less then a Short Sale; this hurts your neighbors and friends.
9. A Foreclosure is public information and everyone will know you sad situation.
10. Most landlords choose tenants on credit; it will be hard to find a new place to live.
Call me if you are ready to help yourself!!
Mike
Mike, nice top ten. You could also add that up to 7 years, even if they can get a new mortgage they will have to put more down.
Great tips. Most people do not think of this.
Aric K. Melder
Attorney at Law
Melder & Melder, P.C.
2304 East Eleven Mile Road
Royal Oak, Michigan 48067
Telephone: (248)-541-3400 or (800)-LAW-5454
Facsimile: (248)-541-6332
E-Mail: aric@melderandmelder.com
www.melderandmelder.com