Special Report
A HEALTHY MOVE
KEEP YOUR HOME
AFFORDABLE
Experienced internists join Beaumont network
Foreclosure from page 13
Top row:
Gary Yashinsky, M.D.
Sheldon Stoffer, M.D.
Richard Stoffer, M.D.
Eugene Herman, M.D.
ly different. These processes are
being tailored specifically to each
family's situation and depend in
part on the type of trigger event
that has caused the inability to
pay, prior payment history, if a
borrower has already defaulted
on a prior work out plan by the
servicer and current ability to
afford the home.
In general, the following types of
programs are being offered —
Bottom row:
David Jacobs, M.D.
Allan Ross, M.D.
Leon Morris, D.O.
INTERNISTS
OF
FARMINGTON HILLS
has moved to a new location.
The Beaumont network is pleased to announce the addition of one of this area's
leading internist groups. Now the Internists of Farmington Hills offers Beaumont's
• Leading-edge technology for better, faster diagnoses
• A convenient network of hospitals and medical centers
• Top-rated specialists and sub-specialists
w. 13 Mile Rd.
Internists of Farmington Hills
Call 248-223-9650
29355 Northwestern Hwy., Suite 210
Southfield, MI 48034
to schedule an appointment today.
W. 12 Mile Rd.
Superior, personal medical care in your communi ty.
A medical practice of
BeaumontAretu ,orle.com
Beaumont Hospitals
If the family can keep the home:
• Loan modifications. A modifica-
tion of the current terms of the
loans, such as the interest rate or
term of the loan or type of loan
(from an adjustable rate to a
fixed rate for the rest of the loan
term).
• Repayment plans. Usually
rolled into the current payment
amounts until the total delin-
quency is paid in full.
• Special forbearance plans. These
are either partial payment plans
or agreements to not pay for a
certain number of months.
• HomeSaver or partial claims.
• If you have mortgage insurance,
a partial claim.
If the family cannot keep the
home:
• Short sale.
• Deed-in-Lieu of Foreclosure.
Q: I'm not sure if I can afford
my home at all; should I list my
home for sale and attempt a
short sale?
A: Depending on your spe-
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14
December 3 • 2009
„IN
cific situation, this option can be
discussed with you. In order to
sell the home on short sale, the
mortgage company would need
to approve the sale, which, in
many cases, requires sending in
a hardship letter and application
requesting this workout option.
You would work with a real estate
agent and your mortgage compa-
ny to do this option. You can list
your home at any time at a price
that is consistent with current
market conditions as well.
42: I am carrying about $60K in
credit card debt. I have cut up
the cards, but can't seem to get
ahead of the curve in paying
these off. I have about $130K
in a 401(k). Should I tap the
401(k) to pay off these?
A: Typically the answer is to