Commerce Michigan Real Estate – Buy A Home On A Lease Option And Stop Wasting Money On Rent

Many Commerce Michigan real estate owners and want to be homeowners are facing real problems. The number of Commerce MI real estate foreclosures is increasing. Throughout Oakland County, foreclosures are increasing. According to county government officials, “Rising homeownership costs, advancing debt, declining incomes, job loss and a weakening state economy have doubled foreclosures in Oakland County over the past year.”

Many of the same factors that have caused an increase in foreclosures have affected the credit scores of some really good people, in particular, declining incomes, job loss and a weakening state economy. If you are hoping to buy Commerce Michigan real estate, but your credit has been bruised, you should know that there is hope.

Because of its location, near Detroit and less than thirty minutes from Pontiac, many residents were employed by GM. Some still are. Lay-offs, cut-backs and buy-outs affected not only auto-industry employees, but nearly everyone in the state. Many companies closed offices or went out of business completely, because there businesses relied on the money spent by auto-industry employees.

A temporary job loss may have caused your credit problems. Even a few late payments on the credit cards can dramatically lower the credit score. You may have worked hard to pay off your debts and even saved up for a downpayment, but still find that buying Commerce MI real estate is difficult, frustrating or downright impossible. There are options that you don’t know about.

No matter what caused your credit problems, they can be overcome. If you can afford to rent Commerce Michigan real estate, then you can probably afford to own Commerce MI real estate. If you are employed and can afford the monthly payments, then a lease option / rent to own plan can work for you. A downpayment or option consideration will be required, but a portion of your monthly rent will go towards the purchase of a home. In other words, you can build equity and obtain true home ownership.

With a standard lease, all of the money goes to the landlord; none of it goes towards your future. People sometimes rent for years and have nothing to show for it but a bunch of rent receipts. As experienced real estate investors in Michigan, we offer a very unique lease option program that will allow you to invest in your future, improve your credit score and own a home, much sooner than you ever thought possible. We know that bad things happen to good people and we want to help turn it all around.

Perhaps you are a Commerce MI real estate owner that is facing the problems caused by “rising homeownership costs, advancing debt, declining incomes, job loss and a weakening state economy.” You may be looking through the Commerce Michigan real estate listings and wondering how long your home will stay on the market if you are a seller. You may have bought your property when your income was high and your future looked bright. Your company may be offering you a transfer, but you are wondering how you will buy a home in a new area, before selling the home that you have.

You may be behind on your payments and facing foreclosure. There are several unique options for avoiding foreclosure. The lease option program that we offer is one. We may be able to find a potential buyer….someone who can make those mortgage payments and may eventually buy your Commerce Michigan real estate. We look for the win-win situation for both buyers and sellers of Commerce MI real estate and for buyers and sellers throughout the state of Michigan.

Commerce Michigan real estate is some of the most beautiful property in the country. At one time it was a weekend and summer resort for residents of Detroit. Transportation improvements made it possible to live there year round and still work in Detroit, Ann Arbor or Pontiac. The Huron River and several lakes provide a rural secluded feel, while the parks and golf courses provide recreation. It is likely that the value of Commerce MI real estate will increase again in time, as the state’s economy eventually rebounds.

Now could be an excellent time to begin investing in your future.

Stop My Foreclosure! How to Convince Your Mortgage Company to Give You Another Chance

Statistics show that national foreclosure filings were up 72% in the first quarter of 2006. Clearly more and more homeowners are facing the possibility of losing their house as they struggle to stay current on their payments. Being in foreclosure is a scary situation – but with a little knowledge and a willingness to deal with the problem, you can stop your foreclosure.

The first thing you need to realize is, your lender does not want to foreclose, and they do not want your house. Mortgage companies are in business to loan money, not to own real estate. However, you and the lender are legally bound by the contract you both signed when you bought your house. Your security agreement states that if you do not pay, they must foreclose. If they do not foreclose, investors won’t invest in mortgages and that is bad for everyone.

Here is an astonishing fact: According to Freddie Mac, over half of homeowners who are foreclosed on never even try to work with their lender! Thousands of people lose their home each year because they simply did not pick up the phone and try to work it out with their lender. If you are behind on your payment(s) by even 15 days, you need to contact your lender and let them know what the situation is.

Before you go any further, spend a moment to make a very important decision. Something has caused you to miss your payments – is it a temporary setback that will soon be in the past, or a permanent or semi-permanent situation? If this is just a bump in the road, then try to find a way to keep your house. But major life change such as divorce, job loss, family problems, health issues, etc. may mean your best option is to sell the house and make a fresh start. Make a logical, not emotional decision.

If you have missed a payment or two, foreclosure is just around the corner unless you work out an agreement with your lender. Before you call, take a few minutes to prepare. Write down your budget – all expenses and sources of income – as you will likely be asked about it by the representative so they can attempt to qualify you for a program. Call the customer service phone number and ask for the loss mitigation department. Here are four common agreements that can get you out of hot water and back on track.

A Reinstatement – simply means pay all your back payments in one lump sum at some point, now or in the near future. The lender the reinstates your loan and you continue to make your payments. May be combined with a forbearance agreement.

A Forbearance – allows you to make no payment or partial payment with the understanding that you will soon pay all the past due amount. You will have to have a realistic source that the funds are coming from such as a bonus, tax refund, loan proceeds, etc.

A Payment Agreement – is when you make a partial payment on the past due amount along with your normal payment for a period of months until you are caught up and current. Your lender will want to know that your budget (income less expenses) will leave room for that increased payment, so be prepared to prove it to them.

A Loan Modification – is a renegotiation of the terms of your original note to make your payment more affordable. You might be able to extend the loan and add the payments to the end, simply add the amount to the principal balance and increase the payment accordingly, or transform the loan from adjustable-rate to fixed-rate.

One final thing to remember when calling loss mitigation – the person on the other end of the phone is not your enemy. They are just doing their job, and it’s a not-too-fun job, and most of the people they talk to do not want to talk to them. Let them know you are serious about remedying your situation, but be friendly, upbeat, positive, and gracious.

There are many more radical ways of stopping a foreclosure, but the first and best option is simply good communication and a negotiating a win-win arrangement with your lender. Good luck!

5 Ways to Stop Foreclosure Immediately – Don’t Let the Bank Destroy Your Family

There are various ways to stop foreclosure immediately, but the most common way homeowners can prevent foreclosure is by using the loan modification process. During this time of financial unrest, getting out of a bad financial situation is not really unheard of. Families today have options and lenders are willing to work with your family to keep you in your home. The following ideas could help keep the stress off your shoulders and the creditors and loan collectors off your back.

1: Refinance your original loan. Money lenders will consider foreclosure refinance loans if they feel you will not neglect making payments to them. Qualifying for refinancing is tough and the requirements are strict. The requirements include equity from your home and a steady income. Although the payments may turn out to be higher some homeowners prefer to start off fresh and use refinance as one of the ways to stop foreclosure of their family home. But let’s face it; there has to be an easier way.

2: Selling to a relative or close friend to prevent foreclosure may be your only way out temporarily. You will be out of your financial situation and be able to have them carry you for a while until you land back on your feet. You can lease or rent back the property from them until you are financially able to buy the property back. But if you don’t feel safe or trusting with the people you’ll be working with; this option may turn into a way for family or friend to make a quick profit selling your home at a reduced rate.

3: Try bankruptcy to stop a foreclosure in progress, but this can become an expensive alternative. The amount of payments which need to be made to satisfy the creditors and bankruptcy costs make this an option for those who have a large amount of disposable income. Let’s face it if disposable income is available your family wouldn’t be in this situation.

4: One of the easiest ways to stop foreclosure immediately is to sell the property outright before the foreclosure has time to proceed. If you can get enough for your home paying off your debt in time will stop the foreclosure from proceeding but will leave your family looking for a new place to live.

5: Work with an online loan modification service to prevent or stop a foreclosure from going through. This type of service will work with your lender to help rework your arrangement in order for your family to keep their home. The banks would prefer to get paid and not have to deal with trying to sell your home. This option will at the very least help you to repair your credit and hopefully prepare you to purchase another home in the future.