Comments on: The Foreclosure Process in Michigan http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/ Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Michigan Fri, 30 Jul 2010 14:29:28 -0600 hourly 1 http://wordpress.org/?v=3.0 By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69911 Ken Mascia Fri, 30 Jul 2010 14:29:28 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69911 Hi Emily, I can't imagine any legal consequences of you giving your brother money so that he can keep his home. Hi Emily,
I can’t imagine any legal consequences of you giving your brother money so that he can keep his home.

]]> By: emily snaps http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69905 emily snaps Fri, 30 Jul 2010 00:24:55 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69905 My brother in law is losing his home the redemption amount is 25,000. Can I take a personal loan, give the money to him to redeem his home and have him make the monthly payments on the loan? Would there be any legal issues with me lending him the funds for the redemtion? My brother in law is losing his home the redemption amount is 25,000. Can I take a personal loan, give the money to him to redeem his home and have him make the monthly payments on the loan? Would there be any legal issues with me lending him the funds for the redemtion?

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69825 Ken Mascia Fri, 09 Apr 2010 14:21:33 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69825 Hi Concerned, That would just be a guess on my part. Most foreclosures in Michigan are by advertisement Hi Concerned,
That would just be a guess on my part. Most foreclosures in Michigan are by advertisement

]]> By: A Concerned Borrower http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69824 A Concerned Borrower Fri, 09 Apr 2010 03:44:39 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69824 My house just went into foreclosure after 10 months of battling two lenders, (the original lender and the lender they sold the loan to), for an attempted Deed in Lieu of foreclosure. I lost my job due to a layoff, and immediately contacted the original lender (they owned the loan at the time) about a deed in lieu. I did everything they asked of me, and then during their "waiting period" to determine if i am accepted for the DIL (deed in lieu) they sold the loan. The bank they sold the loan to had no knowledge of the attempt and none of the paperwork. I re-submitted the paperwork after threats of them collecting on the difference after foreclosing, and they promptly denied me the DIL due to the value of the house being too low. Since I moved out of state for a new job during this process, I am concerned about whether the foreclosure will be judicial or by advertisement, as I really cant afford to fly back and forth for court visits not to mention missing work. The amount owed according to them is 58,000 and I would guess the house isn't worth half of that after the economic turmoil Michigan went through. Do you think they would be attempting the judicial foreclosure given the information provided or by advertisement? My house just went into foreclosure after 10 months of battling two lenders, (the original lender and the lender they sold the loan to), for an attempted Deed in Lieu of foreclosure. I lost my job due to a layoff, and immediately contacted the original lender (they owned the loan at the time) about a deed in lieu. I did everything they asked of me, and then during their “waiting period” to determine if i am accepted for the DIL (deed in lieu) they sold the loan. The bank they sold the loan to had no knowledge of the attempt and none of the paperwork. I re-submitted the paperwork after threats of them collecting on the difference after foreclosing, and they promptly denied me the DIL due to the value of the house being too low. Since I moved out of state for a new job during this process, I am concerned about whether the foreclosure will be judicial or by advertisement, as I really cant afford to fly back and forth for court visits not to mention missing work. The amount owed according to them is 58,000 and I would guess the house isn’t worth half of that after the economic turmoil Michigan went through. Do you think they would be attempting the judicial foreclosure given the information provided or by advertisement?

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69791 Ken Mascia Mon, 22 Mar 2010 17:19:08 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69791 Sher, I am not a real estate attorney and I can't offer advice or explain your liability or potential liability in this issue. Sorry Sher, I am not a real estate attorney and I can’t offer advice or explain your liability or potential liability in this issue. Sorry

]]> By: Sher http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69790 Sher Mon, 22 Mar 2010 17:12:23 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69790 Ken, Then can you explain this to me- Page 2, g deficiency. In regards to the full credit bid rule? Thanks, Sher http://www.aaabor.com/downloads/Education/LegalUpdate/2008/foreclosures-shortsales-selectedissues.pdf Ken,
Then can you explain this to me- Page 2, g deficiency. In regards to the full credit bid rule?
Thanks,
Sher

http://www.aaabor.com/downloads/Education/LegalUpdate/2008/foreclosures-shortsales-selectedissues.pdf

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69789 Ken Mascia Mon, 22 Mar 2010 13:43:27 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69789 Sher, The bank bought the house at the Sherriff's Sale for what you owed on it - that's how it is done and marks the beginning of the redemption period. After the redemption period the bank sells the house (REO) and at that time any losses are recorded. So, the final sale of the property marks the deficiency. Sher,
The bank bought the house at the Sherriff’s Sale for what you owed on it – that’s how it is done and marks the beginning of the redemption period. After the redemption period the bank sells the house (REO) and at that time any losses are recorded. So, the final sale of the property marks the deficiency.

]]> By: Sher http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69786 Sher Mon, 22 Mar 2010 01:50:00 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69786 I was hoping someone could help me with a question. I have hit hard times like many here in Mich. My house went into foreclosure last year and went to a sheriffs auction. The bank got it with the highest bid, which was the amount I still owed on it. Now after talking to an attorney he said that if it sells at the sheriffs auction for what I owe on it then the bank cannot sue for any deficiency (even if it's the bank that bought it for that price). The bank then turned around and sold the house for a loss months later through REO. Basically what I'm trying to find out is if the deficiency is at the sheriffs auction or is it what the same bank sold it for later. Here are the figures; $112k owed on home (mortgaged through Chase) $117k sold at sheriff auction (bought by lender, CP Morgan) and supposedly sold to Fannie Mae for $1 after that??? $61k sold through REO. I was hoping someone could help me with a question. I have hit hard times like many here in Mich. My house went into foreclosure last year and went to a sheriffs auction. The bank got it with the highest bid, which was the amount I still owed on it. Now after talking to an attorney he said that if it sells at the sheriffs auction for what I owe on it then the bank cannot sue for any deficiency (even if it’s the bank that bought it for that price). The bank then turned around and sold the house for a loss months later through REO. Basically what I’m trying to find out is if the deficiency is at the sheriffs auction or is it what the same bank sold it for later.
Here are the figures;
$112k owed on home (mortgaged through Chase)
$117k sold at sheriff auction (bought by lender, CP Morgan) and supposedly sold to Fannie Mae for $1 after that???
$61k sold through REO.

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69665 Ken Mascia Tue, 02 Mar 2010 21:12:09 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69665 Sorry Worried, but I am not a real estate attorney and cannot answer your question about your legal rights. As far as her chances to modify the loan - it is possible for the landlord to get a loan modification. It is entirely up to her lender to determine if a modifictaion is feasible and only they can decide to either do it or not. I recommend you discuss your rights with an attorney. Sorry Worried, but I am not a real estate attorney and cannot answer your question about your legal rights. As far as her chances to modify the loan – it is possible for the landlord to get a loan modification. It is entirely up to her lender to determine if a modifictaion is feasible and only they can decide to either do it or not. I recommend you discuss your rights with an attorney.

]]> By: Worried http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69664 Worried Tue, 02 Mar 2010 20:38:05 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69664 I currently rent a house that's in foreclosure. The landlady won't tell me anything but to keep paying her rent (and if I don't she will take me to to court) and that she has been approved for a loan modification. The sheriff sales keeps getting rescheudled for next Friday. Can the landlord get a loan modification if they don't currently live in the house let alone the state? What are my rights in all of this? I currently rent a house that’s in foreclosure. The landlady won’t tell me anything but to keep paying her rent (and if I don’t she will take me to to court) and that she has been approved for a loan modification. The sheriff sales keeps getting rescheudled for next Friday. Can the landlord get a loan modification if they don’t currently live in the house let alone the state? What are my rights in all of this?

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69647 Ken Mascia Wed, 03 Feb 2010 20:22:27 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69647 K, These cases do not follow specific rules so it depends on the terms of your initial mortgage and the terms of your foreclosure. These are questions that I , unfortunately, cannot answer. The likelihood is that you are done with the first mortgage but I can't say with 100% certainty. K,
These cases do not follow specific rules so it depends on the terms of your initial mortgage and the terms of your foreclosure. These are questions that I , unfortunately, cannot answer. The likelihood is that you are done with the first mortgage but I can’t say with 100% certainty.

]]> By: k http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/comment-page-2/#comment-69646 k Wed, 03 Feb 2010 20:04:53 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69646 My husband bought a house in Michigan (was supposed to be with me, but my name for some reason was not on any paperwork). We moved out of state and put our home on the market. This was back when the market was just starting to fall. We had had our home appraised, and it was about 179k. We received a couple of offers that fell through (buyers side), and then the market tanked. We tried selling for 3 years. We finally decided upon advice from Lighthouse and our realtors to do a short sale. To make a long story short, we received over 30 offers on our home. The bank refused to accept a short sale of any sort. So we told them they could have the house, thank you very much. We went through with the foreclosure, and the house was sold at $109k. (mind you, we have written copies of offers; over 30 of them, all of them in the $135-$150k ball park). Since we had 2 mortgages, and had never missed a payment on anything else, the bank then sued us for the second mortgage. We settled out of court for some amount. My question is this: can this bank come after us still for the first mortgage? How long do they have? Or is this resolved finally? (It's been two years now since we settled out of court for the second mortgage, and they cannot come after us anymore for the second mortgage). Thanks! My husband bought a house in Michigan (was supposed to be with me, but my name for some reason was not on any paperwork). We moved out of state and put our home on the market. This was back when the market was just starting to fall. We had had our home appraised, and it was about 179k. We received a couple of offers that fell through (buyers side), and then the market tanked. We tried selling for 3 years. We finally decided upon advice from Lighthouse and our realtors to do a short sale. To make a long story short, we received over 30 offers on our home. The bank refused to accept a short sale of any sort. So we told them they could have the house, thank you very much. We went through with the foreclosure, and the house was sold at $109k. (mind you, we have written copies of offers; over 30 of them, all of them in the $135-$150k ball park). Since we had 2 mortgages, and had never missed a payment on anything else, the bank then sued us for the second mortgage. We settled out of court for some amount. My question is this: can this bank come after us still for the first mortgage? How long do they have? Or is this resolved finally? (It’s been two years now since we settled out of court for the second mortgage, and they cannot come after us anymore for the second mortgage). Thanks!

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