Stop Kalamazoo Foreclosure with Kalamazoo Short Sale Professionals

4 Action Steps to Stop Foreclosure

VeenstraTeam — Wed, 01 Dec 2010 19:19:20 +0000

If you are facing a foreclosure, take these 4 action steps to find the best possible solution.

STEP #1: Make a commitment to yourself to be a proactive, take control and stop the foreclosure. The longer you wait, the harder it will be to find a solution.

STEP #2: List your objectives. Take control of your situation and clearly think through the implications of decisions. For example, you don’t want to pay an attorney $1000’s of dollars for a temporary fix, but you need to do some research to make sure you discover the right steps to stop foreclosure.

STEP #3: ASK QUESTIONS.
The way to learn about the best solution for you, is by asking specific questions and listen carefully to the answers. Here are several questions to ask your Mortgage Lender, Attorney and REALTOR. Don’t be afraid to take these lists with you and ask these questions! This is YOUR future, and you must make an informed decision about what the correct course of action is for you.

THE FORECLOSING LENDER:

Can you work out a payment plan (forbearance) with me?
Will my monthly payments increase?
How much will they increase?
Will you show in writing the terms of the forbearance plan you’re suggesting?
f I agree to these terms, will you agree in writing to stop the Foreclosure?
What happens if I’m late on this payment plan? Do you start where you left off with the foreclosure?
With the significant increase in monthly payments, what percentages of people end up back in foreclosure because they cannot afford the monthly payment?
How many people still go to Foreclosure after working out forbearance?

BANKRUPTCY ATTORNEY:

Will filing a bankruptcy be a solution? Will it make the foreclosure go away for good, or is it a temporary fix?
How much do you charge to file bankruptcy?
Do I have to take any required classes on bankruptcy before I file?
How much money will those classes cost me and how long will they be?
How much will my new monthly payments be? Will they increase over time?
What happens if I can’t afford the payments? Will I still lose the house to foreclosure?
How will the bankruptcy affect my credit?
Will the bankruptcy be public record where anyone can see that I filed?
How long will the Bankruptcy remain on public records?

REALTOR®:

What do I have to do if I short sell my property?
How much will you charge me to sell my home?
What if I find someone on my own who wants to buy the house?
What happens if you get an offer to purchase my home?
What happens to me if you don’t sell the house and I lose it to foreclosure?
What happens if the bank will not accept a short sale offer that is received?
Can I cancel the listing when ever I want?
Will I need to move out of the house before marketing it?
Do you have any investor buyers who may be willing to purchase my home right away?

STEP # 4: Once you’re ready to make an informed intelligent decision act on it before it’s too late. Remember time can be your worst enemy in a foreclosure process.

The purpose of these four steps is to empower you with the information and questions you need to make a wise decision in choosing the best solution for you. The Veenstra Team is happy to answer all your short sale questions for you and we NEVER charge you a fee for the consultation OR to successfully handle the short sale transaction. The Veenstra Team often has investors who are willing to purchase short sale homes, so contact us today to see if we can find the right buyer for your short sale. We want to help you get a fresh start!

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

Contact the Veenstra Team to STOP Foreclosure and short sales in any of the communities surrounding Kalamazoo; including Kalamazoo short sales, Portage short sales, Mattawan short sales, Oshtemo short sales among others. Of course, we are also able to help home buyers in the greater Kalamazoo area and home sellers in the greater Kalamazoo area purchase or sell any Kalamazoo homes, Kalamazoo income property, Kalamazoo Lake Homes, Kalamazoo Executive Homes, or Kalamazoo resort homes. We offer specialized services for Kalamazoo senior citizens and children with aging parents seeking Kalamazoo real estate information. We also offer free Kalamazoo relocation packets, Kalamazoo tours and specialized services for people who are moving to Kalamazoo. For families moving anywhere else in the US or Canada, we offer Free Nationwide Relocation Services and free REALTOR referral.
I would like FREE help from the Veenstra Team to buy a home!
I would like a free evaluation from the Veenstra Team so that I know how much my home is worth!

R U Getting harrassing debt collector phone calls even though you are working with a debt payoff plan?

VeenstraTeam — Thu, 18 Nov 2010 19:10:38 +0000

We have found that most people that we work with are not trying to avoid their obligations, they are simply unable to pay their debt because of some hardship. If that describes your situation, we recommend that you work hard to minimize your expenses and make a plan to deal with your delinquent debt. (And if your house payment is a major source of increasing debt – give us a call. A short sale may help you!) But if, after reducing your debt load and making a plan with your creditors and during the period when you are paying off the debt, you begin to be harrassed by debt collectors - there is a professional way to deal with them. Simply ask the person who calls for their fax number or mailing address. Then, fax or mail them a letter that requests them to stop calling you.

Here is some sample language you can put into the letter.

“Under my rights in the Fair Lending Law and the Fair Debt Collection Practices Act, I hereby request you stop any and all phone calls to me or any other person. At this time, I do not wish to speak with you, anyone at your company, or anyone representing you concerning this matter. Do not contact me by phone regarding this matter. I demand that you stop calling my at home, on my cell phone, at work, at my relatives house, or any other location. Please make any future communication with me in writing. I am aware of my rights under section 805(b)2 of the Fair Debt Collection Practices Act and am willing and able to exercise them. I am keeping track of all all calls from your company and may consider recording calls.”

Make sure that when you mail the letter, you send it return receipt requested. If you have access to a fax machine, then fax it out. It’s much easier and stops the calls quickly. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

Another tactic you can use to stop any debt collector is buy an inexpensive call recorder from Radio Shack or Amazon and record the calls. They often suddenly become more professional when they realize they are on tape. Just hook the recorder up to your phone and you’re ready to go. In addition, you may want to keep a log of all phone calls from debt collectors. This can be useful if you ever have to go to court.

Dave Ramsey is a financial planner that has helped lots of people get out of debt. If you are struggling to make ends meet, consider taking one of his classes, but as a basic rule of thumb, he suggests

Step one – Save $1000 which you can use as an emergency fund!

Step two - List all your debts from smallest to largest and start paying them off, smallest to largest, no matter the interest rate from each.

Step three - When the smallest is paid off, use the money that you were using to pay off the smaller debt and pay off the next largest debt. Continue that process until you are completely out of debt.

Step four - Build an emergency fund that contains enough money to pay for 3-6 months of your regular expenses.

Thanks for reading!

Your Kalamazoo Real Estate Short Sale Team

Jason Veenstra, Kalamazoo REALTOR

David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress
View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan and Portage Michigan.

I would like FREE help from the Veenstra Team to buy a home!

I would like a free evaluation from the Veenstra Team so that I know how much my home is worth!

FAQS about Short Sales

VeenstraTeam — Wed, 17 Nov 2010 19:19:24 +0000

Frequently Asked Questions about Short Sales

First off, there are many misconceptions about foreclosure, deed-in-lieu, and short sales. We will try to debunk them here.

Common Foreclosure Myth #1: No matter what I do, I’m going to owe money to someone. On most short sales, the seller is able to walk away owing the bank nothing. Of course, it’s all up to each individual bank, but eight times out of ten, you can walk away owing nothing. The bank bank loses way less money on a short sale than a normal foreclosure. In return for you helping them out, they will help you out.

There is a big difference between a short sale and a foreclosure.

On a short sale, the utilities are turned on and often someone is living in the house. A vacant foreclsoure house is harder to sell. The buyer knows the home is bank owned and will adjust their offer down because of that. On a bank owned house, the house sits there for 6-9 months empty before it sells. The bank has to pay to keep it up and insure it. That ties up their money. A vacant house also has a high liablity — there is always the chance that some kid may go into the house and gets hurt. Because of that the banks want to do short sales and are very willing to work with you.

Myth #2: A Foreclosure will go off my record in 3-5 years. Yes, you might be able to get a loan after 5 years, but here’s the problem. When you walk away, the bank will come back and get a judgment for the money they lose, and also any money they have to spend. They’ll tack on attorney’s fees, late payments, interest, maintenance, lawn mowing costs, realtor fees, locksmith costs, title insurance, and all sorts of other fees. This judgment will stay with you until you pay it off. Let’s say you owe $200,000 on your home and it’s now worth $170,000. According to a study done on this, if you do a short sale, the bank will lose 19%. But, if the bank takes the home back and waits for it to resell, they will lose 41%. That means you’ll owe them $82,000 on average. That is the judgment amount.

This deficiency converts to a judgment and judgments last up to 20 years here in Florida. Most of the time, the bank itself will not come after you. But, the bank will sell the right to collect the money to a third party collection company. That company will then attempt to collect from you.

Have you ever experienced the calls you get when you get behind on a credit card? Those people are vicious! They just keep calling and calling and calling. Not only that, but they will drag you to court and ask for all your financial information. They can force you to bring in your bank statements and information on any retirement accounts such as an IRA or 401K. And if you don’t bring in this information, they can have a warrant issued for your arrest. You may have no prior criminal history, but you will after that. The court gives judgment collectors a lot of ways to go after you. They can send a cop out to your house to grab anything valuable. Do you have a nice TV? They might take that. Is your car paid off? If it isn’t absolutely necessary for you to use to get to work, they can take that too. No one will give you a loan with that judgment on your credit. You might not even be able to get a cell phone.

The worst thing is that this debt purchasing company will be going after you for 10 or even 20 year. They will do whatever they can to collect what they think is “their money.” Even your current and future employment might be affected because many employers now require credit checks.

Myth #3: A Short Sale will take 8-12 months and can drag out even longer.This is the case when the person you are dealing with doesn’t know what they are doing. Our short sales average 45 to 90 days. We do these every day, day in and day out. In fact, we have done over 27 short sales with banks ranging from Chase to Countrywide to Wachovia. The difference between dealing with someone who knows what they’re doing is this. It’s like the difference between hiring a top dog lawyer for a lawsuit versus hiring your friend who isn’t a lawyer.

When we work with you we will handle everything and do all the work. All you have to do is provide us with basic documents and that’s it. We will call the bank, handle the negotiations, and keep you updated as to what’s going on.

Myth #4: Banks and lenders rarely accept short sales. We are able to get short sales accepted most of the time. Here’s why your bank may have already told you they will only take X amount. But, let’s say someone owed you a lot of money and they wanted to pay you only half of what they owe. What would you say? You’d probably tell them to pay you the full amount, right? But, if the person came to you with cash and told you they just simply could not afford to pay you any more, what would you do? You’d probably accept whatever you could get, right? Well, it’s the same way with a bank.

The banks often tell you they won’t take a short sale. The reason is because they want you to pay them the full amount. Or, they want to get you to agree to pay them monthly for the rest of your life.

Myth #5: A Short Sale is no less damaging to my credit than a foreclosure. I can tell you one thing. Fannie Mae and Freddie Mac, who hold the loans on about half of the loans in the country don’t think so. They recently changed their requirements. Fannie Mae only requires two years on a short sale before you can get a new loan. If you give the house back to the bank, you have to wait for five years. Several new requirements now apply that can drag this out to 7 years. These companies are the backers of more than half of the loans issued today. This makes foreclosure more damaging than even a bankruptcy, which requires a 4 year wait.

Is a Short Sale right for me?

It depends on your situation. Many people decide to do a short sale when that can’t afford their mortgage payment, have already moved out of the house, or experienced a loss in income. Your lender would rather get this resolved now rather than take the property through foreclosure.

Your lender is looking to limit any loss on your loan. Upon completion of a successful short sale, your lender will end up with more money in their pocket than a foreclosure. Bottom line, your lender wants to work with you.

I have two loans. Can I still do a short sale?

Yes. We will work to process a settlement with both lenders. Oftentimes both loans are with the same lender. In this case it’s almost like negotiating with only one lender. If the first mortgage forecloses on the house the second lender loses everything. That causes them to be much more willing to cooperate. You can still do a short sale even if the sales price is less than what is owed to the first mortgage.

How does a Short Sale affect my credit?

A short sale will negatively affect your credit score, but not nearly as much as a foreclosure or deed-in-lieu. With a short sale, you can buy a house in 2 years versus the 5-7 years you will be forced to wait if you have a foreclosure on your record. A foreclosure or deed-in-lieu affects your credit for a longer period of time.

In addition, many employers are now checking people’s credit before hiring them. Having a foreclosure on your credit will make it tougher to get a job.

What do you charge to help me with a short sale?

We do not charge anything to help you with a short sale. Your lender pays all the costs including title company fees, closing costs, property taxes, and any back taxes or Homeowner’s Association Fees.

Do I need to be behind on my mortgage payments to qualify for a short sale?

No. You can do a short sale and never get behind on your payments. Many lenders request a genuine hardship such as a job loss or job transfer.

How long does a short sale take?

it depends on the lender and other factors. Some short sales are done in 60 days while others take 6 months to finalize.

Will I owe my lender any money for the loss?

The answer depends upon the type of loan you have and the lender you are working with. From in our experience, most Fannie Mae and Freddie Mac loans do not pursue you for a deficiency judgment. In addition, in our experience, FHA and VA insured loans do not pursue you for a deficiency judgment. Because laws and loan contracts vary, we will never know for sure until we get your lender’s short sale approval letter.

The short sale approval letter will spell out whether or not the lender can pursue you for a deficiency judgment. In addition, if your lender issues you an1099, they will no longer have the option to pursue you for a deficiency. The law does not allow them to write off the debt, issue you a 1099, and then pursue you for a deficiency. We recommend that you discuss this issue with counsel.

Will I be responsible for income taxes to be paid on the loss?

Most of the time the answer is no. The Mortgage Forgiveness Debt Relief Act of 2007 made most short sales tax free. I’ve been asked this question over and over again. So, I did a lot of research on the subject. A summary of all my research is available for you to research yourself. Click here to read thru it for yourself. I still recommend that you contact a competent accountant or other tax professional.

How do I get started on a short sale?

Please contact us to get started. We will discuss your situation with you and answer any questions you have. You can call us at (269) 350-5514.

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

A short sale typically has less negative impact on the economy.

VeenstraTeam — Wed, 03 Nov 2010 14:32:48 +0000

Kalamazoo MI– Banks often lose money when they turn down short sale offers. A recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure. Why? Well, short sales usually sell for more money than a foreclosure. A short sale is usually in good shape, while a foreclosure is often in disrepair.

Most economic experts say housing is the biggest drag in today’s economy. Every single foreclosure that sells for less money drags the rest of the housing market down.

Homeowners often move out of a house after they stop paying. The yard becomes overgrown, maintenance is minimal. This drags the resale value down. In addition a foreclosure takes 18-24 months.

That means the banks loses money on interest and property taxes, and management fees on the house. This drags down the banks finances. They have less money to lend out, which causes another drag on the economy.

Here is an example of a a situation where a rejected short sale that was foreclosed and resold. It illustrates that short sales sell for more money than a foreclosure. Say a person listed a house for $130,000. Eventually an offer came in for $119,900. The seller’s agent attempted to negotiate a short sale with the lender. The lender turned down the short sale offer.

After 12 months, the bank foreclosed on the house. As a foreclosed property it sold for $96,400. That is $23,000 less than what the bank was offered in the short sale and we have not even added all the additional costs to the bank. Costs like foreclosure costs, managment costs, lost interest, property taxes, etc.

This is why if you have a hardship that does not allow you to continue your ownership, don’t just sit and wait. Call the Veenstra Team and let us facilitate a short sale transaction. A short sale will almost always have less negative drain on the bank — and, it can be argued – on the economy.

Do you have a hardship that is making it difficult to pay your mortgage? Are you wondering about a short sale? We can help you short sale your property with zero fees. We can help you dig out of a difficult situation. Send us an email. We will contact you for a free consultation.

When we talk, we will explain how the process works in detail. If you prefer, you can call us at 269-350-5514.

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

Feeling desparate and over your head? Take control!

VeenstraTeam — Fri, 29 Oct 2010 03:50:25 +0000

Behind on your mortgage? Take Control of your situation! Don’t try to ignore the problem. Take some action to avoid a Kalamazoo foreclosure. There is still hope!

Here’s How:
Don’t ignore the phone calls and letters from your Mortgage Company or bank! This is the fastest way to lose your home — before you know it you may hear a knock from the Sheriff telling you to “move out, you’ve got 15 minutes”. Take this situation very seriously and work to resolve the problem as quickly as possible. Keep all correspondence you receive.

Stay in your home. You won’t qualify for many of the foreclosure options if you move out of the home. If you leave and your home can be proven vacant, it can be seized.

Get educated about the foreclosure process and your rights. The Veenstra Team is ready to answer your questions and get to work on your behalf.

Contact us to discuss what the best Kalamazoo foreclosure solutions are for you. We can help you dislodge the knot in your stomach! We have compiled an excellent team to help us negotiate with the lender on your behalf. We have processes and relationships in place with a team that understands the system, the foreclosure laws and the time-line of events necessary to help you keep your home out of foreclosure. We do this every day by helping good people like you that have had bad things happen to them. You need a Specialist and an Advocate working for you and you can find that combination when you work with the Veenstra Team!

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

What are some of the challenges or hardships that lead to a foreclosure?

VeenstraTeam — Wed, 13 Oct 2010 17:26:18 +0000

What are some of the financial challenges or hardships that might lead to an impending foreclosure in the greater Kalamazoo area?

The heartbreak of an unexpected divorce, and the accompanying financial devastation of trying to stay afloat both emotionally and financially.
Unforeseen medical problems or disabilities sometimes drain nearly every penny for treatments, medications, hospitalizations, and procedures. Sometimes there’s simply no choice or no cash after you deal with health issues, or the health of a loved one.
The shock of unemployment is often a hardship which causes financial challenge. This market and this economy has made finding a new job challenging. If you are a victim or downsizing, this may give the bank cause to consider a short sale instead of a foreclosure on your Kalamazoo real estate.
Some of you have been caught by tricky and deceptive adjustable rate mortgages that suddenly send your payments soaring beyond what’s possible. At times you may feel as though you are stuck between feeding your kids…or making a high mortgage payment that has you unable to make ends meet.
There are some times when we discover that there have been other predatory lending practices in play with loans. Though it is not common in Kalamazoo, there may be a few instances of inflated appraisals or undisclosed or difficult to understand loan terms which caused your payments to skyrocket overnight.
Sometimes a hardship is caused by a tragic event, such as the sudden death of a family member, accidents, or a diagnosis of a terminal disease.

If you have experienced any of the above challenges, have missed some of your loan payments and are headed for foreclosure, call the Veenstra Team today at 269-350-5514.
We can help you understand your options and perhaps help you to avoid a foreclosure. Sometimes things are so far beyond your control, there’s nothing left to do but try and pick up the shattered pieces so you can begin to recover and move forward. Let the Veenstra Team help you determine your options. You have nothing to loose since there are NO FEES for our consultation OR for helping you sell your home via a short sale if that is possible. Let us help you take steps to a new start.

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

Options to Stop Kalamazoo Foreclosure

VeenstraTeam — Fri, 24 Sep 2010 00:45:02 +0000

Yesterday’s Kalamazoo Gazette featured an article about the services in the Kalamazoo community that are in place to help people avoid real estate foreclosure. There are a few ways that people are able to avoid foreclosure and there are some great free services in Kalamazoo County to help homeowners work through options.

Unfortunately it is not possible to stop Kalamazoo foreclosures in all cases. If you are struggling to make your mortgage payment or if you have already missed a payment or two, please call us. We may be able to help you sell your house via a short sale. The path to short sales has become somewhat more streamlined in the past couple of years. Let us explore the short sale options with you. There is no charge for our services and there is no obligation. At the very least you will learn more about your options….and in the best case scenario, we can help you sell your home with a short sale.

If you didn’t catch the Kalamazoo real estate foreclosure article in last night’s Kalamazoo Gazette, we have" target="_blank"> linked it here for you.

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

PART 2 – 5 Questions to Ask when Considering the Options to Stop Foreclosure!

VeenstraTeam — Tue, 21 Sep 2010 14:35:08 +0000

In our last post we gave you a long list of Options to Avoid Foreclosure. When evaluating your options, be sure to ask yourself these 5 questions:
1) Is filing Chapter 13 Bankruptcy going to make the foreclosure go away forever, or will I have to pay to keep the house?

2) Can I really afford the significant increase in payments through a forbearance or payment plan?

3) Should I wait until the sheriff shows up and orders me and my family to vacate the house or should I do something about the situation now?

4) How much money can I comfortably afford each month for house payments?

5) How can I get out of this situation without having to pay thousands of dollars in attorney fees, REALTOR® commissions and closing costs?

If you’d like to be proactive and take control of this situation – then contact us now! We will help you further evaluate all of your options, answer any additional questions and provide you with solutions that can help you solve your dilemma…..There is no charge for a consulation and, if we can help you short sell your property, there is no cost for our services! There is no reason not to get help!

Thanks for reading!

Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

Contact the Veenstra Team to STOP Foreclosure and short sales in any of the communities surrounding Kalamazoo; including Kalamazoo short sales, Portage short sales, Mattawan short sales, Oshtemo short sales among others. Of course, we are also able to help home buyers in the greater Kalamazoo area and home sellers in the greater Kalamazoo area purchase or sell any Kalamazoo homes, Kalamazoo income property, Kalamazoo Lake Homes, Kalamazoo Executive Homes, or Kalamazoo resort homes. We offer specialized services for Kalamazoo senior citizens and children with aging parents seeking Kalamazoo real estate information. We also offer free Kalamazoo relocation packets, Kalamazoo tours and specialized services for people who are moving to Kalamazoo. For families moving anywhere else in the US or Canada, we offer Free Nationwide Relocation Services and free REALTOR referral.
I would like FREE help from the Veenstra Team to buy a home!
I would like a free evaluation from the Veenstra Team so that I know how much my home is worth!

PART 1 – Having trouble affording your home? Let us explain the options.

VeenstraTeam — Sat, 11 Sep 2010 17:41:56 +0000

Most Common Ways to Avoid Foreclosure If you have Already Missed some Payments:
Here are the most common options for solving foreclosure situations. We recognize that these options are confusing. That is why we offer to have our team stand beside you. We can provide the help so you can make the wisest choices.

Reinstate Loan – This is the fastest way to stop a foreclosure. Call the bank and ask them what the “Reinstatement Amount” is. This amount will include the past due (or back) payments and will typically include late fees and possibly attorney fees. This will need to be paid in one lump sum.

Repayment Plan, Forbearance, Loan Modification – These are all variations on the same theme (and can be used in combination to solve the situation). They are all ways to allow you to make up the above “Reinstatement Amount” over some period of time. You’ll need a plan that will work with your current budget and what you can realistically afford to pay (initially most likely a much higher payment) and what you can afford on a regular ongoing basis. This is the biggest challenge with this plan – getting a reasonable payment. In some cases, the bank will stop the foreclosure and even give you a certain amount of time to gather other assets before asking for the next payment. Typically these plans are best for people that can afford the payments, but had a temporary short-term financial setback (loss of job, medical issues, etc.) and are now “back on their feet” and able to afford the house payments. Be careful not to over-estimate your ability to make these payments – you could end up in the same or worse position than you are now. Negotiating these plans with the bank can be tricky and time consuming.

Refinancing – Find a new lender willing to refinance the old mortgage and all of the late fees (and other penalties). The late payments associated with the foreclosure will make it very difficult for traditional lenders to approve you for a refinance. This is still a possibility if you have had excellent credit up until this point. The interest rate will probably be very high, especially if your credit isn’t perfect or if there is little equity in the house. This is still worth considering – we suggest contacting us as we have relationships with lenders who may be able to write this types of refinance.

Partial Claim (FHA Loans Only) – If you have an FHA insured loan, the Department of Housing and Urban Development (HUD) has a program that may work for you with your bank’s cooperation. You may qualify if you can afford to continue making payments on the existing loan and need HUD to lend the bank your “Reinstatement Amount“. You’ll then repay HUD for this short-term loan. See the HUD website for more information. This is a complex negotiation since it involves working with your bank and the U.S. Government.

Sale of Property (2 Options) – If none of the above options are able to be successfully negotiated (with a workable monthly payment), your only option may be to sell your house. We know it certainly isn’t something you want to do, but the alternative (losing the house to the bank via foreclosure and destroying your credit) is much, much worse!

Sell Traditionally – If you have significant equity in your property, we may be able to negotiate more time with the bank to allow you to sell your house traditionally. Without an extension from the bank, the chances of selling the house and closing the sale prior to the foreclosure is slim to none. The equity you have in the house needs to be enough to convince the bank to wait, to pay a REALTOR®, and to pay closing costs. Even with little equity, consider selling it to a family member that will allow you to stay in the house.

Selling With Little Or No (or negative) Equity – Do you owe more on your house than it’s actually worth? Even if you owe much more than your house is worth, we may be able to help! You need a Foreclosure Specialist to negotiate the debt to be reduced to a point that it makes financial sense for someone else to buy your house. This is the most complex negotiation involved with the foreclosure process. Not only do you need to know how to work with the bank, you need to find a buyer for your house. We work with people in this situation all of the time. It is VERY rare that someone working on their own is successful. If this is your last option, let us help you – there is no charge for any of our services!

The last three options (below) in our mind are not valid options because they all put you in a worse position than any of the above options, but they are listed here because other “experts” are going to suggest these to you.

Deed In Lieu of Foreclosure – Your credit report and personal record will read “Deed In Lieu”, which is a VOLUNTARY FORECLOSURE. This benefits the bank by saving them time and money. It is still a foreclosure – it just happens faster and takes away many of your rights.

Filing Bankruptcy – A bankruptcy will simply slow down the foreclosure process, it will typically not stop it permanently. The vast majority of the time, the house still goes to the foreclosure auction. At that point, you’ll have a foreclosure AND a bankruptcy on your record and it will take years to reestablish credit.

Nothing – Seems like a silly option, doesn’t it? Many people choose this by default because the situation is just too overwhelming. The situation won’t magically work itself out, you need to take control and get help. Of course you’ve already taken the most important first step by reading this web site. Now it’s time for the second important step - Contact The Veenstra Team Now!

Confusing? Unfortunately it is!
Hopeless? Definitely Not!
Don’t go at it alone, get someone to explain these options to you and most importantly, get someone on your side!

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.

Superman stops foreclosure-literally! Too bad it can’t happen more often!

VeenstraTeam — Wed, 01 Sep 2010 12:05:33 +0000

We recently heard of a true story where Superman (yes, the comic book superhero) helped save a family from foreclosure. Yes, really!

This particular family (who wishes to remain anonymous) had been in default for quite a while. They were anticipating foreclosure followed by eviction. They had begun packing up their belongings. In their packing they discovered a long forgotten box in their attic. If was a box full of comic books that had belonged to another family member. Inside the box, they found Action Comic #1, which is a very rare comic book. This comic book contains the debut of Superman. It is, in fact, the most valuable of its kind. When the family found the comic book, they took it to some comic book experts and the experts estimated its worth at a quarter of a million dollars! The family sold that comic book for a sum large enough to bail the family out, allowing them to keep the house!

Unfortunately, most homeowners facing a foreclosure in Kalamazoo don’t have “superman” in their attic! But if you are facing a Kalamazoo foreclosure and you need a more practical, realistic solution contact the Veenstra Team at 269-350-5514. We may not have cryptonite, but we do have other effective tools, like short sales for stopping foreclosure in Kalamazoo!

Thanks for reading!
Your Kalamazoo Real Estate Short Sale Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR

Phone: (269) 350-5514. CLICK HERE TO EMAIL US.

Providing Solutions for Home Owners in Distress

View Our homes for sale at www.VeenstraTeam.com.

The Veenstra Team specializes in helping homeowners STOP Foreclosure, and short sales in Kalamazoo Michigan.