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Chaldeans Homeowners Looking for Rescue Plan, May Have Found One in the Short-Sale

Michigan, USA - Today, many homeowners are unable to make their monthly mortgage payments due to job loss, health issues or an adjusting ARM and are opting to do a foreclosure. The government bailout of banks will not offer much reassurance and those choosing to walk away from their home, especially Chaldeans, might consider a few things first.

A foreclosure ruins a borrower’s credit for about 10 years, making them unable to buy another home, purchase a new car, impact businesses loans, or even prevent them from getting a new job.

Shrewd Chaldeans are considering a little known option for homeowners called a “Short-Sale”.

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. The first thing a borrower should do is contact the lender immediately. Lenders typically have departments that work with people who are behind on their payments to resolve the situation. If you cannot resolve the default with the lender, and you want to see if they will accept a short sale, they will direct you to the department that handles short sales.

If your lender agrees to a short sale, you then hire a real estate agent that specializes in short sale offerings to help find a buyer. The expert agent helps structure a deal whereby you sell your home, and the lender agrees to take the loss contractually agreeing not to go after the homeowner for the difference that is owed. The “Short-Sale” prevents a wrecked credit history and any possible legal action. Best of all, many banks are eager to help arrange “Short-Sales” in order to keep their inventory of foreclosed homes and the high cost of foreclosed home maintenance.

Here is an example of a short sale: A homeowner, who is facing foreclosure, owes $250,000 on the first mortgage. An offer is submitted to the lender for $175,000, which is accepted as full payment of the loan. Banks are willing to go through this process because they do not like to hold excess inventory or bad loans. Additionally, a foreclosure usually ends up costing the bank more money in the long run.

Chaldeans have to act fast. The best time to hire a Short-Sale real estate agent is when you are 1-2 payments behind in your mortgage. If a homeowner falls behind on a mortgage for too long, that puts the bank in a financial position to force the home into foreclosure to better their books. The key to a Short-Sale is having the right agent with the proper connections and reputation to expedite the process and the timing of when to approach the bank.

Mo Thweny is a Michgian licensed real estate agent with Remerica Hometown One and a Short-Sale process expert. Mr. Thweny has given formal and informal talks, lectures, and workshops on negotiating managing a successful Short-Sale. Those interested in learning more about real estate or the Short-Sale process can call Mr. Thweny direct at (248) 514-9662

Filed in Business & Finance :: By Mo Thweny on Sunday, October 05, 2008 :: 1110 Views

Mother of God Church, MI USA

Mother of God Chaldean Catholic Church
25585 Berg Road
Southfield, MI 48033
Tel: (248) 356-0565
Fax: (248) 356-5235
Email: MotherOfGodChurch@yahoo.com

Founding Pastor:
Msgr. Geroge Garmo in 1972
The current church building
was completed in 1980.

Pastor:
Rev. Manuel Yousif Boji

Parochial Vicar:
Rev. Wisam Matti

MASS SCHEDULE
Daily: 10:00 AM Chaldean
Tuesdays: 5:30 PM Chaldean/English
Saturdays: Ramsha 4:45-5:20 PM; Mass 5:30 PM Chaldean
Sundays: 8:30 AM Arabic, 10:00 AM English, 12:00 PM Chaldean

1st Friday, Sodality Prayers 11 AM – 12 PM
1st Saturday, Immaculate Heart Sodality Prayers 4:00 PM

TEAM NAME:
Mother of God Guardian Angels

SERVICES:
Communion & Catechism School
Chaldean Language School
Hall Rental
Wedding Services
Baptism Services
Funeral Services

CHURCH GROUPS:
Monday: Family Bible Study 8:00 P.M. Upper Hall
Friday: Young Adult English Bible Study 7:30 P.M. Lower Hall
Wednesday: Young Adult Arabic Bible Study 7:30 P.M. Lower Hall
Prayer Groups
Our Lady Social
Ur of the Chaldees
Knights of Columbus
Mass Servers
Youth Choir
Adult Choir
Family Fun Friday
Friday Friends
Communications Ministry
Chaldean Teens Coming Together
Performance Ministry
Gift Store
Library and Research
Social Ministry & Support
Chaldean Language Classes
Fishers of Men

Rev. Manuel Yousif Boji

Fr. Manuel was born in Telkaif in the suburbs of Nineveh, Iraq in 1946. Reverend Manuel Boji entered the Chaldean Seminary in Mousl in 1958 and was ordained a priest in Baghdad in 1968. His first assignment was in Telkaif where he served for 19 years. In July 1987, Fr. Manuel was assigned to the United States where he assisted Mar Addai Parish in Oak Park, Michigan for six months. From March 1988 until April 1990, he was administrator of Sacred Heart Parish in Detroit, Michigan. Fr. Manuel completed his Masters and Doctorate work from both U of D Mercy and Wayne State University while assigned to the United States. In May 1990, Fr. Manuel was assigned to Mother of God Parish and is currently serving there as Rector of the Cathedral.

Parochial Vicar: Rev. Wisam Matti

Fr. Wisam was born in Basrah, Iraq on October 30, 1971. Completing his education in Iraq and serving in the military Fr. Wisam then entered the Chaldean Seminary in Baghdad in 1984. He was ordained a priest in Karemlees a suburb of Nineveh on July 4th 1997. His first assignment was in Mosul where he served for five years. On January 21, 2002, Fr. Wisam was transferred to the Unites States and was assigned to Mother of God Parish where he is currently serving as parochial vicar. Fr. Wisam, earned his Master in Pastoral Theology on April 28, 2007 from Sacred Heart Major Seminary in Detroit, Michigan.

PARISH COUNCIL: