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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 :: 1095 Views

Mar Addai Church, MI USA

Mar Addai Chaldean Catholic Church
24010 Coolidge Hwy.
Oak Park, MI 48237
Tel: (248) 547-4648
Fax: (248) 399-9089

Congregation Organizer:
Rev. Michael J. Bazzi

Church Founding Pastor:
Rev. Stephen Kallabat

Current Pastor:
Rev. Stephan Kallabat

Parochial Vicar:
Rev. Fadi Habib Khalaf

Parochial Vicar:
Rev. Sulemina Denha

Rev. Stephen Kallabat

Fr. Stephan Kallabat was born in Telkaif, Iraq. After completing seven years of scholarly work for the priesthood in Mosul, Iraq Fr. Kallabat was accepted at the prestigious university in Rome. There he spent six additional years of scholarly work in the areas of philosophy and theology and an additional four years in scriptural studies.

Ordained a priest in 1966 by Pope Paul VI he returned to Iraq to serve the Holy Family parish until his departure to Michigan, U.S. in 1979 to serve the growing population of Chaldeans. Fr. Kallabat was appointed assistant pastor, then pastor of Mar Addai Parish in Oak Park, Michigan.

Hitting the ground running, Fr. Kallabat is credited with raising the necessary funds to provide Chaldeans in the local area a church and community center of their own. Fr. Kallabat continues to serve the parish and Chaldean community as their pastor.

Rev. Fadi Habib Khalaf

Fr. Fadi Habib Khalaf was born in Baghdad May 10, 1974. Fr. Khalaf graduated from Baghdad University in 1997 and soon after joined the Chaldean seminary in Baghdad. While there Fr. Khalaf earned a scholarship to attend the Urbanian Pontifical University in Rome. There he earned another bachelor’s degree in theology and was ordained deacon in Rome on May 8, 2004.

Fr. Khalaf then returned to Baghdad where he was officially ordained as a priest. Afterward Fr. Khalaf returned to Rome to further his studies. In 2006 Fr. Khalaf was appointed to serve Chaldeans in the United States.

In the summer of 2006 he arrived to the Chaldean diocese of St. Thomas the Apostle and was cardinated into the Diocese and elected to serve at Mar Addai parish on March 15, 2007 as the Parochial Vicar.

Rev. Suleiman Denha

Rev. Suleiman Denha was born in Telkaif, Iraq. He began his priestly studies in 1951 in Mosul, Iraq and was ordained in 1959. Fr. Denha taught in Telkaif until 1961, when he was appointed pastor in Basra, Iraq in 1966.

After immigrating to the Unite States in 1979, he was appointed to serve the Chaldean community in Virginia. A year later, Fr. Denha was recruited to assist the much larger population of Chaldeans in Detroit.

Upon his arrival Fr. Denha assisted Fr. Yasso at Sacred Heart Church. In 1982 he was asked to temporally assist St. Joseph Church in Troy, returning a year later Sacred Heart.

In 1991, he was appointed to Mar Addai Church in Oak Park, Michigan as the Parochial Vicar, where he still serves the community today.