Avoid Foreclosure Now
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by
forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower
(mortgagor)'s equitable right of redemption, either by court order or by operation of law.
Time is of the essence
We know you have questions & may-be a little bit of anxiety or foreboding but you are not alone in this. It is a crisis in the United States and many people are going through the very same thing you are. The difference is whether or not you address it and move forward or ignore the situation in hopes it will go away.
Unfortunately, we can assure you it will not go away by itself but it is manageable. We are always available to talk with you, to address your questions or help you understand the circumstances in which you now find yourself. All conversations are strictly confidential and there is absolutely no obligation. Call or email, Carole or Greg today. If we can’t help you we will find someone who can and we will do it quickly!
Understanding The Process
Have you recently received a NED? A NED is Notice of Election and Demand For Sale from the Public Trustee’s office.
When a NED is filed at the Public Trustee’s office, this officially starts the “foreclosure clock.” The time of the Public Trustee’s sale of your property, is the conclusion of the foreclosure process, which must occur no less than 90 days after the NED is filed and no more than 120 days after the filing. If the property goes to the trustee’s sale, which is an auction, the winning bidder, the new owner, may elect to forcibly evict you– typically a two to four week process.
There is hope. Now is the time for you to explore & consider all of your options. No one can give you “standard” advice. Every situation is unique… there are variables, such as 2nd mortgages, other lien holders, delinquent HOA dues & more which should be considered.
Is A Short Sale Right For Me?
A short sale can provide relief from the burden of making mortgage payments, until the property sells. In most cases, opening a short sale will stop any collection action related to the loan. If you are currently occupying your home, you will be able to stay there until it sells and in many cases the mortgage lender will award you money (typically $1000-1500) for pursuing a short sale instead of letting the property go to foreclosure. If you are not occupying your home you can still retain control of the property until it sells.
You are still the seller in a short sale; however there are two (2) component parts to the short sale. You, as the seller must accept an offer and your lender must agree to accept a deficiency on the amount owed.
Contact Us Today!
Who are Carole and Greg Higgins?
We are experienced Realtors®. We are the owners of Cygnus Real Estate. We are concerned members of the Northport community. We live, work & play in Northern Michigan. We understand the foreclosure process. We can answer your questions. We have facilitated many successful pre-foreclosure short sales. We have referred many clients to free city resources for successful loan modifications.
If we can’t answer your questions, we promise to find someone who can and to help you get the answers you need. We will help you evaluate your situation & provide you with current market data from your neighborhood so that you can make informed decisions. If you want to keep your home, we can refer you to local reputable organizations that they can help you pursue a loan modification– at no charge.
If you are interested in selling your property, we will determine if you have equity in your property. If it appears that you do have some equity we will try to sell the property at market value. If you don’t have equity and you want to mitigate your losses, we can work with you to facilitate a short sale.
Contact Carole or Greg Today
We can answer your questions~
We can give you data~
We can help you decide what to do~