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WELCOME TO OAKLAND COUNTY'S FINEST REAL ESTATE
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MARKETING THE MOST IMPORTANT PROPERTY "YOURS". Equipted to helping YOU, the homeowner, reach YOUR goals. EXPERTS LOOK TO SHORTSALES FOR MORTGAGE RELIEF | |
July 14, 2010 - At the first sign of mortgage troubles, call your bank, says Carey Wilhelm, a Clarkston-based real estate agent and Orion Township resident.
"See what they can help you with first. Don't walk away. It won't fix itself," she said.
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| | | | | Carey Wilhelm stands in front of a home in Orion Township worth over $1 million. She helped sell in a shortsale for $425,000, saving it from foreclosure, she said. Photo by Megan Collier (click for larger version) | | |
In the world of mortgage relief, Wilhelm says she believes wholeheartedly in shortsales.
A deed in lieu of foreclosure is OK, but don't go for loan modifications and especially not for foreclosures.
"I don't think it's right to do a foreclosure. There's so many options (borrowers) have besides doing a foreclosure," she said. "I personally feel people should do a shortsale because it gets rid of the debt. The bank knows your house isn't worth what you owe on it, but at least you're working with them, versus a foreclosure where you just tell 'em to 'Stick it.'"
She says lenders like shortsales more than foreclosures because it allows homeowners to maintain the home. In a foreclosure, that burden would be on the bank.
"You stay in the home, you maintain the home, and for the community, the home isn't left empty, the grass doesn't grow, there's not vandalism, they're not stealing the air conditioning units, they're not stealing the copper, the heat's on, the lights are on – there's a lot of positives. The banks take that into consideration," said Wilhelm.
She said a neighbor behind her house walked away from his home in the middle of winter. The pipes froze and broke, and the house flooded, making a mess in the home and at the bank.
Also, a borrower's credit – and purchasing power – isn't hit as hard in a shortsale as with a foreclosure, according to Wilhelm, who says shortsales might stay two or three years and foreclosures stay seven on your credit report.
She says she knew a man with a foreclosure hanging over his head who couldn't even rent a house because of his poor credit.
Plus, with a foreclosure, lenders have up to 10 years to go after deficient borrowers –recently extended from seven years.
"You know in your right mind that (lenders) are going to come after people on a foreclosure," said Wilhelm, noting that in the nitty gritty of lending, borrowers get money from the Federal Reserve, ultimately.
"Do you think the Fed. boys are going to sit there a take a (foreclosure)? No, because they don't have to. Wouldn't you, if you lent somebody money and they didn't take care of your asset?" she said.
Are there disadvantages to shortsales? Sure, says Wilhelm.
Say a borrower owes $260,000 on a house, but sells the house in a shortsale for $240,000, leaving a $20,000 deficiency. Sometimes the deficiency is forgiven, sometimes not – it all depends on agreements reached between the borrower and lender.
After 2012, if federal legislation isn't extended, borrowers would have to pay taxes on the $20,000 deficiency from the above example, if it's forgiven.
If the deficiency isn't forgiven, Wilhelm says she can't guarantee lenders won't come after a borrower.
"But, do you want them coming after you for $20,000 or do you want them coming after you for $260,000 (in a foreclosure)?" she asked. "We don't know, yet, what the ramifications are, because we don't know if (lenders) will be coming after people (with shortsales)."
She added, "In my opinon, (lenders) will probably go after people with foreclosures before they go after people with shortsales."
All in all, there is no, set-in-stone, perfect picture for a shortsale, said Wilhelm.
"Each one is unique because of people's individual circumstances."
But, if a borrower plans to get rid of his house through shortsale, find a realtor who really knows shortsales, not one who just says he does, says Wilhelm.
And expect the selling process to take from six months to a year.
Wilhelm recommends all borrowers to "hang on to your bootstraps." She predicts widespread mortgage troubles to last into 2012 and 2013.
And the troubles are across the board, no matter if a house is worth $1 million or $100,000 – the same burden is with all kinds of different demographics.
"I don't care what kind of underwear you wear, 'cause we're all putting underwear on the same way and we're all having problems," she said.
She also says to not bother with loan modifications if your already having deep trouble, they don't work, and your banker should not charge you to do one. Watch out for scammers, never pay up front money either.
"It'd be like you going back in for a new loan. If you're having problems, you're basically going back in for a refinance to see if you can even afford a modification," she said.
Say a borrower's house payment is $1,300 a month, and after a modification, the payment becomes $1,000 a month. That's not a significant amount, says Wilhelm, and borrowers may still not be able to afford it. Read your contract if you do one.
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Welcome to Oakland County's Finest Real estate
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The New Approach to Real Estate with Carey Wilhelm HOPE FOR HOMEOWNERSServing - Clarkston, Orion, Waterford, Brandon, Oxford, Rochester, Bloomfield, Birmingham, Troy, Lakes Area, Lake Angelus, and all of Oakland County.  In an industry famous for high pressure and aggressive marketing practices, one agent is finding massive success by taking a road less traveled. The Name is Carey Wilhelm, and the innovative, client friendly,"NO NONSENSE - NO HASSLES" approach to Real Estate is rapidly becoming the most popular real estate marketing concept in years. Carey Wilhelm says, " when I get home from work, the last thing I want to do is answer some phone call from a sales person. So I decided that even though that kind of prospecting is common in this business, I'm not going to be a party to it." And that's just the beginning of Carey Wilhelm's "NO NONSENSE - NO HASSLES" system. Much of the system is based on delivering prospective buyers and sellers a variety of absolutely FREE services. For example, when a seller calls and wants to know how much they should put their home on the market for, they don't get the typical "please-list-with-me" presentation from Carey Wilhelm. Instead, Carey Wilhellm prepares a free comprehensive price analysis, and gives sellers a honest evaluation of what the home should sell for and how long it should take to sell. Nothing more, nothing less. "I just don't think people today want to hear a big sales pitch", Carey Wilhelm says. And Carey Wilhelm's growing client list seems to indicate that a lot of area sellers and buyers agree. Carey Wilhelm claims that bascially buyers just want to find the right home and get moved in. Sellers just want to know how much money they're going to get and when they're going to get it." I try to look at things from a buyer's and seller's point of view," Carey Wilhelm says. If your thinking of SELLING a home, you may want to give Carey Wilhelm a call at 248.343.4001 and arrange to have Carey Wilhelm personally visit your home to discuss all possibilitiess. Carey will also provide you with a list of comparable properties, as well as a detailed estimate of how much you will net as a result of the sale. But you won't get a sales pitch, it's a no-strings attached propostion. Or, if your thinking of BUYING a home you may also call Carey Wilhelm at 248.343.4001. She will be happy to visit with you about your alternatives and provide whatever information you need, including detailed information on specific properties, financing options, and all programs that are available for buyers and anything else you'd like. Carey Wilhelm's approach is centainly unique in the Real Estate industry. For more information, call Carey Wilhelm 248.343.4001. |
Welcome to Oakland County's Finest Real estate
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Welcome to your source for Oakland County real estate. Specializing in ALL lakefront properties, The Bloomfield's, Birmingham, Clarkston, Troy and surrounding areas. I know that buying or selling a home is an important decision. I can provide you with the expert advice you need to make the best decision possible. I am committed to providing you with the best level of service in finding your new home or selling your existing home. I can help you beat other homebuyers to the hottest new homes for sale with our New Listings Notification. If you are considering selling, we can provide you with a FREE Home Evaluation to make an informed decision. | Whether you are looking to buy or sell, I am here to help, it's all about YOU !!. I bring my outstanding service and expertise to every potential transaction and are eager to help you with your next purchase or sale. I WILL work hard to earn your business and look forward to assisting you further. Thanks for visiting my website. Please feel free to browse through all my listings in your area. Carey Wilhelm HOPE FOR HOMEOWNERS 248-343-4001 E-mail: msrealestate2@aol.com NOW is the time to SELL !! Call me to get your home on the market TODAY. |
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