For homeowners who are in danger of losing their home to foreclosure,
it is common to feel like you are all alone and that there is no one who can
help. This simply isn’t true. There are real people who have been in the same
situation who have found solutions. Take, for example, Dan and Jessica M. of
Grand Blanc Township, Michigan.
For Dan and Jessica,
their homeownership dream always involved building a house on a piece of land.
“We build a house on half an acre,” said Dan.
In order to
achieve their dream, they stretched a little beyond what they were comfortable
with by getting two adjustable rate mortgages, a common practice at the time.
“The introductory rates were 8.5% and 11.5%, but our lender said, ‘Don’t worry,
you can refinance after two years.’”
For a while,
they were getting by. Then, a couple of things happened. “We had our first
child, and soon afterward, Jessica lost her job,” said Dan. “Soon, bills
started piling up.”
Because they
believed they’d be able to refinance, they started paying their bills on credit
cards. “We hung on for the full two years hoping we could refinance at a lower
interest rate, but when the time came, our lender said no because our home’s
appreciation was too low.”
Dan and
Jessica needed help. A friend referred them to a real estate agent who was a
Certified Distressed Property Expert®. The agent answered their questions. Most
importantly, the agent explained the difference between a foreclosure and a
short sale. In a short sale, the bank agrees to allow the home to be sold for
less than the amount due on the loan.
“With this
information, we were able to decide that a short sale was our best option.”
It was a
stressful process, but the agent helped them tremendously. She even kept a
potential buyer from walking when the process was taking longer than expected.
“Honestly, if it weren’t for her, the buyer would have left and we’d have been
stuck.”
Dan and Jessica’s story is just one of
many. I have a report entitled “From Foreclosure to Freedom” which tells other
stories of real homeowners who faced foreclosure and found relief. Download the
report, read the stories, and then contact me for a free, confidential
consultation.
CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674