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 Sun, 12 Oct 2008 07:26:10 +0000 http://wordpress.org/?v=2.6.2 By: Tim http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69076 Tim Sat, 11 Oct 2008 04:29:01 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69076 My son and his family are relocating back to Oakland County after 4 years in the military. Their financial situation is fairly strong. They have a serious interest in a house listed as a short sale. The listed price for the home is about half the price of other listings in the neighborhood. The house is only 3 years old but has not been well maintained and needs some work. The question: How long can a home linger in a short sale status before it moves to the Sheriff's Sale and ultimately foreclosure? It seems like a short sale is kind of in a twilight zone....neither here nor there. The home is currently occupied by the homeowners. Thanks, Tim My son and his family are relocating back to Oakland County after 4 years in the military. Their financial situation is fairly strong. They have a serious interest in a house listed as a short sale. The listed price for the home is about half the price of other listings in the neighborhood. The house is only 3 years old but has not been well maintained and needs some work. The question: How long can a home linger in a short sale status before it moves to the Sheriff’s Sale and ultimately foreclosure? It seems like a short sale is kind of in a twilight zone….neither here nor there. The home is currently occupied by the homeowners. Thanks, Tim

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69064 Ken Mascia Wed, 01 Oct 2008 15:21:57 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69064 Steve S - sorry I did not get notification of your question. Unfortunately, your question is beyond my ability to provide an answer. You'll need to consult an attorney. Joe - my recommendation is that you hire a real estate agent to find you a qualified tenant to rent out your home. Steve S - sorry I did not get notification of your question. Unfortunately, your question is beyond my ability to provide an answer. You’ll need to consult an attorney.

Joe - my recommendation is that you hire a real estate agent to find you a qualified tenant to rent out your home.

]]> By: Joe http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69062 Joe Wed, 01 Oct 2008 03:10:42 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69062 I have bought a new house that I have just moved into. My brother was suppossed to be moving to Michigan and renting my old house for the amont of my mortgage payment. Now he is not and will not be able to make the payment for my old house after purchasing a new one. What do I do? What are my options? I have bought a new house that I have just moved into. My brother was suppossed to be moving to Michigan and renting my old house for the amont of my mortgage payment. Now he is not and will not be able to make the payment for my old house after purchasing a new one. What do I do? What are my options?

]]> By: Steve S http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69052 Steve S Tue, 23 Sep 2008 20:57:49 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-69052 Ken, I'm currently living in my late mother's home. I moved back to Michigan when my mother fell ill. Her reverse mortgage lender is due to start foreclosure proceedings on 10/11. With her prior credit cards bills and now her medical bills, the value of the house is not enough to try and go through probate. The house appraised for $90k she owes $87k on the motgage and another $20k-$25 in unpaid credit card debt and unpaid medical bills. I guess my question is, how long can I stay in the house? Do to my own financial situation, moving, up to now, has not been an option. Thank you. Ken,

I’m currently living in my late mother’s home.
I moved back to Michigan when my mother fell ill.
Her reverse mortgage lender is due to start
foreclosure proceedings on 10/11.
With her prior credit cards bills and now her medical bills, the value of the house is not enough to try
and go through probate. The house appraised for
$90k she owes $87k on the motgage and another $20k-$25
in unpaid credit card debt and unpaid medical bills.
I guess my question is, how long can I stay in the house? Do to my own financial situation, moving,
up to now, has not been an option.
Thank you.

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68996 Ken Mascia Wed, 20 Aug 2008 21:15:28 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68996 Russ, All of these deals are unique so there is no way to know exactly what the bank may do. Typically, the bank will buy the house at the sheriffs auction unless there is a bid that is high enough to get them out of the property with a loss that they find acceptable. It's impossible to say what that amount may be, however, I think we can be fairly certain that $500 is not going to be that number. Can't hurt to attend the sale, throw out an offer, and see what happens though. Good luck with it Russ,
All of these deals are unique so there is no way to know exactly what the bank may do. Typically, the bank will buy the house at the sheriffs auction unless there is a bid that is high enough to get them out of the property with a loss that they find acceptable. It’s impossible to say what that amount may be, however, I think we can be fairly certain that $500 is not going to be that number. Can’t hurt to attend the sale, throw out an offer, and see what happens though. Good luck with it

]]> By: Russ http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68995 Russ Wed, 20 Aug 2008 20:51:40 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68995 Ken, I am looking at buying the house across the street from me. The Notice of Foreclosure went on the door and the mortgage says it's for $112,000. I have been in contact witht the realtor and the asking price is down to $59,000. My problem is that I don't think this property will continue to appraise at even that level as it has fallen into a terrible state of disrepair, needs a furnace, appliances, etc. It is a house that would really only qualify as a renter - 2 bdrm, 1 bath, no basement or garage. Here's my question: Should I go to the Sherrif's auction and make a bid or should I wait until it's an REO and deal with the bank? Someone needs to realize this place is a dump and needs at least $20,000 of fixing up even to rent. I was going to go and make a bid of $500 to start, but I am guessing that until the bank owns it, they are going to protect it. Is that right? Ken,

I am looking at buying the house across the street from me. The Notice of Foreclosure went on the door and the mortgage says it’s for $112,000. I have been in contact witht the realtor and the asking price is down to $59,000. My problem is that I don’t think this property will continue to appraise at even that level as it has fallen into a terrible state of disrepair, needs a furnace, appliances, etc. It is a house that would really only qualify as a renter - 2 bdrm, 1 bath, no basement or garage. Here’s my question:

Should I go to the Sherrif’s auction and make a bid or should I wait until it’s an REO and deal with the bank? Someone needs to realize this place is a dump and needs at least $20,000 of fixing up even to rent. I was going to go and make a bid of $500 to start, but I am guessing that until the bank owns it, they are going to protect it. Is that right?

]]> By: William http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68638 William Wed, 09 Jul 2008 16:10:03 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68638 I agree with Linda, Banks could care less and I'm done jumping through hoops to keep my house. William I agree with Linda,
Banks could care less and I’m done jumping through hoops to keep my house.
William

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68550 Ken Mascia Mon, 28 Apr 2008 13:59:59 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68550 Linda, I am truly sorry about your financial problems. These cases are all handled by banks on an individual basis so the outcomes of every case are different. Good luck to you. Linda, I am truly sorry about your financial problems. These cases are all handled by banks on an individual basis so the outcomes of every case are different. Good luck to you.

]]> By: Linda http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68549 Linda Mon, 28 Apr 2008 11:50:08 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-68549 You say the bank doesn't want the house? Really. I had unfortunate situations arise and my home is currently in foreclosure. I knew that this could more than likely happen and contacted my lender immediately telling them of the situaion. I provided them with every bit of information they requested and they still denied any loan modification, payment plan, etc. And now, there is a sheriff's sale set and the lender still isn't willing to work with me. My opinion...they really don't care about buyer situations, they just want their money. Well, they can have the house. I'm not a bum, I busted my butt to keep bills current and I'm a victim of the economy in MI. So, people can think whatever they want. I'm a firm believer that all things happen for a reason. You say the bank doesn’t want the house? Really. I had unfortunate situations arise and my home is currently in foreclosure. I knew that this could more than likely happen and contacted my lender immediately telling them of the situaion. I provided them with every bit of information they requested and they still denied any loan modification, payment plan, etc. And now, there is a sheriff’s sale set and the lender still isn’t willing to work with me. My opinion…they really don’t care about buyer situations, they just want their money. Well, they can have the house. I’m not a bum, I busted my butt to keep bills current and I’m a victim of the economy in MI. So, people can think whatever they want. I’m a firm believer that all things happen for a reason.

]]> By: andrew http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-66572 andrew Thu, 13 Mar 2008 12:35:38 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-66572 Really , we have to know the complete details about the foreclosure that helps us in taking a wrong step that leads to loss of home in foreclosure. Really , we have to know the complete details about the foreclosure that helps us in taking a wrong step that leads to loss of home in foreclosure.

]]> By: credit report com » The Foreclosure Process in Michigan http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-42148 credit report com » The Foreclosure Process in Michigan Sun, 04 Nov 2007 06:07:22 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-42148 [...] EmilyDavidson wrote an interesting post today onHere’s a quick excerptYou want to avoid being foreclosed on at all costs because of the severe damage to your credit history and credit score. A foreclosure can stay on your credit report for up to 10 years and can lower your credit score by 100 points and … [...] [...] EmilyDavidson wrote an interesting post today onHere’s a quick excerptYou want to avoid being foreclosed on at all costs because of the severe damage to your credit history and credit score. A foreclosure can stay on your credit report for up to 10 years and can lower your credit score by 100 points and … [...]

]]> By: auto insurance » The Foreclosure Process in Michigan http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-42147 auto insurance » The Foreclosure Process in Michigan Sun, 04 Nov 2007 05:55:31 +0000 http://mioaklandcounty.com/blog/2007/11/03/the-foreclosure-process-in-michigan/#comment-42147 [...] Me wrote an interesting post today onHere’s a quick excerptYour credit score is used by credit card companies, auto lenders, insurance companies and many others to determine the rates you’ll be required to pay. So, a low credit score is going to cost you money in many other areas of your life … [...] [...] Me wrote an interesting post today onHere’s a quick excerptYour credit score is used by credit card companies, auto lenders, insurance companies and many others to determine the rates you’ll be required to pay. So, a low credit score is going to cost you money in many other areas of your life … [...]

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