Run away, run away...

As things continue to slide in the Michigan real estate market more and more slime is oozing out from under rocks, as slick operators try to take advantage of other people's misfortune and gullibility. There is an increasing number of noisy ads and more and more roadside signs all claiming that the advertiser can somehow magically get rid of the foreclosure wolves at your door and get the banks off your back.

Folks, when you see and hear these things, run away as fast as you can. Be especially leery of anyone who asks for money up front to help you out of your credit or foreclosure mess. And absolutely slam and bolt the door on anyone who suggests that you sign your house over to them and renting it back from them as a part of a foreclosure workout. These are scam artists trying to take your money and your house. They end up with your house and you end up still owing the mortgage

If you are in distress, maybe from a job loss or a divorce or a death in the family and are unable to keep up with the mortgage payment, seek help from one of the credible and certified (by HUD) non-profit counseling services that are out there. Here are a few Web sites that will help you find good, honest counseling in Michigan:

http://loanmodificationhope.org/

http://www.credit.org/

https://www.hopenow.com/

http://http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm?webListAction=search&searchstate=MI&filterSvc=dfcwww.oakgov.com/chi/housing_counsel/mortgage-tax_foreclose.html

There is a chance that you might qualify for one of the Federal workout options under the Making Homes Affordable program, such as a loan modification, so don't give up hope, but don't become a victim of scam artists either

You really don't want to be in this situation and I really don't want to have to help you by selling off your house, but you may end up with no other alternative. Go to my Web site about Short Sales - http://www.mishortsales.net/ and read through the material there. Most of it is designed to help you find alternatives to selling; however, if you have exhausted all other alternatives with your bank and they still are moving towards foreclosure, give me a call. I'll put you in touch with a loss mitigation service and we'll evaluate whether or not we could do a short sale of your property. It's not a pretty solution to your problems, but it may be your only option.