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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 :: 1101 Views

St. George, MI USA

St. George Chaldean Catholic Church

45700 Dequinder Rd.,

Shelby Twp., MI 48317

Tel: (586) 254-7221

Fax: (586) 254-2874

Pastor: Rev.
Emanuel Shaleta

Parochial Vicar:
Rev. Basel Yaldo

Rev. Emanuel Shaleta

Rev. Emanuel Hana Isho Shaleta was born in the village of Peshabur in northern Iraq. After completing his primary education he applied and was admitted in September 1971, to the illustrious St. John Seminary in Mosul, Iraq. In 1977 Rev. Shaleta was awarded a scholarship to study philosophy and theology in the renowned Urbaniana Pontifical University in Rome. There he obtained a Ph.D. in Biblical Theology.

The reverends impressive work earned him the honor to be ordained to the priesthood by the hands of Pope John Paul II, in St. Peter Basilica in Rome on May 31, 1984.

On June 3, 1987, Fr. Shaleta was assigned to serve as pastor for St. Paul Assyrian Chaldean Catholic Church in North Hollywood, California, where he served for just about a decade and a half.

In December 2000, Fr. Shaleta was called to assist St. Jospeh Catholic Chaldean Church in Troy, Michigan and shortly thereafter was appointed pastor in 2002. Fr. Shaleta’s impressive leadership merited a unanimous appointment as the first pastor of St. George Chaldean Catholic Church, in Shelby Twp. Michigan, billed as the largest Chaldean church in the world. Fr. Shaleta continues to this day to impressively lead the faithful and offer wonderful opportunities and service to the community.

Rev. Basel Yaldo

Rev. Basel Yaldo was born in Telkaif, Iraq in 1970. Rev. Yaldo graduated from the National Teachers College in Iraq in 1989 and was drafted in the army in 1990. In 1993, he was honorably discharged for his service. A year later Rev. Yaldo was admitted to Babel College in Baghdad to study philosophy and theology. There Fr. Yaldo, received a scholarship to study in Rome at Urban College, where he completed his bachelor’s degree in theology in 2001.

On November 23, 2002, Fr. Yaldo was ordained a priest by His Excellency Bishop Ibrahim N. Ibrahim, Bishop of the Diocese of St. Thomas the Apostle for the Chaldeans. Fr. Yaldo continued his studies whereby he completed a masters degree in Dogmatic Theology with a focus on Marian studies from Urban College in 2003.

The following year he was appointed assistant director of the seminary in the Dora district of Baghdad, and taught Dogmatic Theology at Babel College. His commanding leadership and steadfast skills earned him the secretarial appointment to Patriarch Emanuel III Delly. Upon completion of his duties as patriarchal secretary, Fr. Yaldo was nominated and selected as assistant pastor to St. George Chaldean Catholic Church Shelby Township, Michigan.