Alan's Michigan Short Sale and Foreclosure Blog

1. Sell House: Sell house before or during foreclosure process. Most likely sell by using a Short Sale. In a short sale, the current market value of the property is less than the amount owed to the lender(s). The lender(s) must agree to accept less than the amount owed, in order for the transacti...

Unless a property is advertised as "Short Sale Approved", no one knows for sure if the property will sell as a Short Sale. Generally, if a property has had an offer submitted to the lender previously for approval and the offer was rejected by the lender or countered, the listing agent will have a...

What is Needed to Submit a Short Sale Package to a Lender? Each lender requires relatively the same documents. You should be prepared to provide supporting documentation for any financial information provided to the lender.The Short Sale Packet:Listing Agreement - Lenders want to see that the hom...

If you are one of the many Metro Detroit homeowners who have fallen behind on their mortgage payments, you are probably wondering what is worse "Foreclosure or Short Sale".A short sale is when the lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sal...

Many Metro Detroit homeowners are experiencing financial difficulties and find themselves falling farther and farther behind on their mortgage. Michigan foreclosure rates are at an all-time high. Know that you are not alone. During this time, many do not know what actions they should take. For th...

Here a great site and an excellent post about writing short sale hardship letters: http://calculatedrisk.blogspot.com/2008/08/more-advice-on-hardship-letters.html I can tell you from recent experience the lenders I have been dealing with are more focused on the solution and net amount rather than...