Facing Foreclosure? Talk with Mike
With hard times getting harder and more and more people facing the prospect of losing their homes, our resident real estate expert, Mike Phillips, is taking action.

I try to help people facing foreclosure with what’s called a “short sale.” If you’re in a situation where you’ve missed two or more mortgage payments and can’t make any more, then work out a deal with your lender where your lender agrees to sell your house for less than you owe. And the lender discharges and writes off the rest of the mortgage. It’s called a “short sale.”

It’s better than a foreclosure because you can negotiate with the lender to NOT put derogatory information on your credit report. You’re going to lose the house anyway, but at least your credit report is not as harmed as having a foreclosure on it. If you do a “short sale,” you’ll have half the number of points taken off your credit score and you’ll be able to qualify for an affordable mortgage at a reasonable rate in about half the time. So, if buying a home is in your future, a short sale is better than a foreclosure.

I have experience with short sales in our community. Call me and I’ll work with you, whether you’re a seller or a buyer looking for a good home at a reasonable price.

Mike Phillips is a realtor with Remax/Team 2000 in Dearborn. You can reach him at (313) 460-9171.

Raising Money with Reverse Mortgages

Many seniors in our community have lots of equity in their homes but a limited cash flow to provide for their golden years.

That’s why some of you are turning to reverse mortgages, where banks pay you to live in your own home.

There are several types of homeowners who might be interested in these mortgages. The first is what I call the “need-based” candidate – someone who needs the money for a medical emergency or any other type of emergency. Another is the “financial planner” type – someone who might want to use this money rather than dip into their retirement funds. And then there is someone who is just looking to live, to play a lot of golf or take vacations.

Reverse Mortgage loans are for people ages 62 and over. Call me and I’ll help you reverse your misfortunes.

Andy Elder is a mortgage lender and credit repair counselor with Elder Finance Group in Dearborn. You can reach him at (313) 289-4444.

How Much Do You Need to Retire?

Picturing yourself as retired might be hard or impossible right now. But if you could peek into those future years, you’d probably see a life full of activity, not rocking chairs.

But the pleasure and comfort of your later years depend on what you do today.

By investing now with a long-term focus, you can rest easier later in retirement. Forget getting by on your Social Security. That sum represents only 39 percent of the typical retiree’s income. So, the bulk of your nest egg rests with you.

The more time you have until retirement, the more your money compounds. Delaying just months – never mind years – can reduce your results.

For example, Jane begins investing $100 a month in her employer-sponsored 401(k) plan when she’s 25. Mark does the same – beginning when he’s 35. Assuming a hypothetical 9percent annual rate of return compounded monthly, when Mark retires at 65, he’ll have $183,074. Jane will have $468,132.

You can see the remarkable difference starting early can make. Call me and I’ll set you on your road to retirement.

Brian Mosallam is a Financial Professional with AXA Equitable in Dearborn. You can reach him at (313) 712-5300.