Auto Insurance Michigan

October 8th, 2022 by admin No comments »

To drive legally in Michigan,Guest Posting you must have car insurance, just as in the rest of the country. Looking for the cheapest car insurance in Michigan can be time-consuming. Obtaining multiple auto insurance quotes in Michigan from various agencies can be challenging. If you are looking for cheap car insurance always keep in mind that it may not be the best car insurance in Michigan. Do not go for particular car insurance based on the reviews of your friends and family when they advertise it as the best car insurance in Michigan.

No matter where you live, whether in Holland, Saugatuck, or Ludington you will need to get car insurance quotes. When looking for low-cost car insurance quotes in Michigan obtain quotes from various insurers and compare them to ensure you’re having the best coverage at the lowest possible price, as many factors will influence your car insurance quote.

Factors affecting auto insurance quotes in Michigan

Several factors determine car insurance quotes in Michigan. It is up to each insurance provider to give discounts and change car insurance rates based on factors such as:

Your driving history
Personal details like age, gender, and marital status.

Locations from where you are applying
Previous car insurance policy
How many miles do you travel?
How long have you been driving?
Year, make, and model of the vehicle.

How to Solve Underwater Mortgages Through Loan Modification

March 16th, 2022 by admin No comments »

As Michigan home values have plummeted in lieu of the recent mortgage crisis, many homeowners have found themselves strapped with mortgages which exceed their homes’ current values. Known as an “underwater mortgage”, this debt can be crippling to the homeowner, whose “investment” has suddenly turned into a money pit.

Many Michigan homeowners burdened with underwater mortgages find that walking away from the mortgage is, in the long run, less financially damaging than continuing to make monthly payments. Mortgage foreclosures, however, pose serious damages to the homeowner’s credit history, and underwater homeowners who choose foreclosure may not be eligible to purchase another home for the next seven years.

Home foreclosures are equally damaging to the mortgage lender, which faces the high legal fees, potential property damage and liabilities associated with managing a foreclosed house.

Loan Modifications: an Alternative Solution

Loan modifications, also known as “short refinances”, in many cases offer a viable alternative to home foreclosures. During these transactions, the mortgage lender allows the homeowner to refinance his or her home at an amount which is less than the original loan amount. Although loan modifications create a “deficiency”, or difference between the refinanced loan amount and the original loan amount, this arrangement allows the original lender to avoid the high costs of foreclosure. Meanwhile, homeowners get to keep their homes without continuing to pay for an underwater mortgage.

Often, the original mortgage lender requires the homeowner to pay the deficiency, but this is not always the case. Depending on the size of the deficiency, the homeowner’s original credit score and other circumstances surrounding the mortgage’s underwater status, lenders may choose to release homeowners from the remaining debt.

Recent foreclosure laws and government incentives have made it more beneficial than ever for mortgage lenders to accept loan modifications as an alternative to foreclosing home with underwater mortgages. Before deciding to walk away from a bloated mortgage, homeowners should contact a company which specializes in foreclosure transactions to see if they might qualify for a short refinance.

Getting Help with Loan Modifications

Because foreclosure transactions are such a specialized and complex field, it’s a good idea to find a loan modification company or agency to walk with you through the process. Companies which specialize in Michigan loan modifications have experience drafting offers which have a higher chance of being accepted by the bank. A good loan modification company will also work to reduce the amount of time it takes for the short refinance to close with the new mortgage lender, increasing the homeowner’s chance of completing the refinance successfully.