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Michigan Foreclosure Forum

Mike Cox, Michigan’s Attorney General is organizing a forum for people behind on their mortgage payments and those potentially facing foreclosure.  This problem is affecting every segment of Southeast Michigan’s housing market, from our grandest estates to our most modest dwellings.  Not a week goes by that Dmitry and I do not receive a call from a new person needing advice and assistance.  There are options out there for homeowners and the Attorney General is trying to provide assistance.

Roughly 31,500 people who are on the edge of a foreclosure — one to three months behind in payments — will receive letters this week about the forum, where the 18 lenders and 31 counselors from the U.S. Housing and Urban Development Department will be on hand at the Cobo Hall forum on December 13th to offer on advice and practical help on getting caught up.

“Borrowers can talk in person with the companies that are servicing their notes on how to save their homes,” Cox said Wednesday.  Banks have the ability to renegotiate the loan and find a solution that works for the lender and the homeowner.   The homeowner really needs to take the initiative to ask about what is available.

The forum will run from noon to 8 p.m. Dec. 13.

The 18 mortgage lenders participating in the program are Carrington Mortgage Services; Saxon Mortgage Co.; GMAC ResCap; Countrywide; Wells Fargo; Ocwen; Option One; Chase; EMC; Wilshire; HomEq Servicing; HSBC; National City Bank; Washington Mutual; Select Portfolio Servicing; Litton Loan Servicing; CitiMortgage and Home Loan Services.

For homeowners with a different mortgage lender, the HUD counselors will be able to offer help. Residents also can call the Attorney General’s consumer assistance hotline at 877-765-8388.

About Maureen Francis

SKBK Sotheby's International Realty, 248.430.4450

Comments

  1. Great Idea…was thinking about facilitating something like this myself. Concerned with attendance…I will interested in hearing a success story.

  2. Mike Dillon says:

    With all of those servicers taking part it would be a good time to ask them about Mortgage Servicing Fraud. I’ve been fighting an illegal foreclosure on my home for more than six years now initiated by Fairbanks Capital Corp. n/k/a Select Portfolio Servicing. I’ve been awarded permanent injunctions and contempt orders against Fairbanks/SPS by a Superior Court Judge and now have a $13.5 million racketeering action pending against them, The PMI Group, LaSalle Bank, Merrill Lynch, and their local legal counsel Harmon Law Offices at the federal level.

    What has happened to me can happen to literally anyone with a mortgage as borrowers have zero control over who services their loan. Feel free to visit my site or contact me directly for more info about my particular situation.

    After all, all you have to lose – is your home.

    Mike Dillon
    Manchester, NH

  3. thx for your sharing, it’s very useful and interesting for me , i’m a newcomer in real estate field. hope that we can connect each other to have a really clear and general image about real estate market.

  4. I find it interesting that the forum including Homeq Servicing. I currently have a loan with Homeq and have pleaded with them for assistance with our rising interest rates. They refused to help stating they are not a bank and my only option was to refinance with a different lender. I am stuck and have no recourse but to foreclose on the home I have leaved in for almost 12 years.

  5. Tired Mama says:

    Please forgive my ranting, but I need to vent. As a very distressed homeowner that has been struggling to sell for the last 2 years, I am sick and tired of hearing how the lending companies are eager to work with sellers in effort to avoid foreclosure! Anyone actually suffering through this crisis knows this isn’t the case. I call my mortgage company 3 times a week and go over the exact same barrage questions and nothing has gotten even remotely better. In fact, they have pretty much thrown us off a cliff buy giving us a “loan modification”. This meant doubling our mortgage payments for 6 months……. Does this make sense to anyone? We struggled bigtime, but we did it for 4 months and then experienced yet another Michign lay-off. Fair market value on my home went from $275,000 in 2006 to a lowly $200,000 in 2008. We are living in St. Clair County and we have a beautiful home.
    Like too many other Michiganders, we have suffered lay-offs and fell behind a few months, but have always worked with our lender and sent what we could. We haven’t been able to sell our house at any price, nor get the darn bank to agree on any short sale price. We, in no way, can compete with the prices of beautiful foreclosed homes in the area.(You can get a foreclosed house that looks very much like mine for less than $150,000 now!) So,what are we supposed to do? We’ve fought for so long to hold onto our home, sunk every bit of our savings into getting through and now we are tapped out.
    The abundance of foreclosures is seriously hurting the market for sellers. Something needs to be done. They are making it completely impossible for others to sell and are creating an excruciating snowball effect. If you need to sell but can’t, at any price… you soon find yourself facing foreclosure as well. Perhaps the banks should come up with a plan that will allow displaced homeowners, due to foreclosures or bad credit, the ability to purchase one of these much less expensive foreclosed homes. If these displaced homeowners have proof of income, wouldn’t it be better to get them into these foreclosures right away and get darn things off of the housing market? As it is now, these beautiful homes are just sitting until they rot, all the while destroying the market. This would get the foreclosures off the market quickly and allow people to live well below their means. This will help to put money back into the economy as well because these people will be able to afford again to become “consumers”, paying for haircuts, visit the dentists, restaurants, or what have you.
    As for our family, it looks like renting is in our near future. I’d just like to say… this isn’t only happening to foolish homeowners who bit off more than they could chew. Our mortgage didn’t adjust on us, we HAD savings, we did have plenty of equity in our home ($75,000 of it) but thanks to the foreclosures, we have lost every penny of it. If you are living in Michigan, lay-offs abound. This could happen to anyone!

  6. Tired Mama,

    I am so sorry to hear your plight. Your story is increasingly too common. It can happen to anyone, and it is happening to lots of good people.

    Banks won’t typically approve a short sale until you have an offer. Price your home to get an offer and then send the comps in the neighborhood along to the bank with the offer. If you are not working with a Realtor, find one who knows how to do short sales.

    I hope things get better for you soon.

  7. Thank you for this great knowledge.
    This will be certainly help me.

  8. Tired Momma is right – we live in Dearborn MI and we fought like heck to short sale our house. We finally succeeded last week and closed on it. Our lender was Wells Fargo. Our home value dropped by over 50% in 5 short years because of the MI market. We were like TM – never financed more than 80%, had good credit, yadayadaya. It took WF 6 months from start to finish and we lost 2 buyers and still had to come to the closing table with funds. The lenders don’t care – at least WF doesn’t – it was almost as if they wanted it to go into foreclosure.

  9. Oats, congratulations on your recent sale. Short sales are truly a challenge for everyone involved, but I am glad you got yours done!

  10. Luana Hodges says:

    This question is for Mike Dillon. What is your website called?

  11. Accidentally come here , I am incomparable to enjoy myself when i appreciate your beautiful article from my deep heart!

  12. i miss my girlfriend.

  13. I just hope foreclosures will lessen, but i don’t think if its favorable to other investor.

    Scott@Financially Free Landlord

  14. Its a very nice blog.thanks for sharing.iAccording to legal definition foreclosure stands as a legal process which is being used by the lenders to claim the property which was used as collateral against a particular amount of mortgage loan.Hopes more from you…..

  15. The Fighting Foreclosure group on facebook.com is a forum for foreclosure victims to share their stories, look for solutions, post solutions and find support among others in the same mess.

    Fighting Foreclosure

  16. Correction of the link for Fighting Foreclosure group on Facebook

    Fighting Foreclosure

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