Comments on: The Foreclosure Process in Michigan

By: Richard Hall

Richard Hall — Mon, 16 Jan 2012 15:41:28 +0000

People here that dispute the often made statement “the bank doesn’t want to own your home” are correct. They do want to own your home. Otherwise they would not cheat and lie so much.
Everyone we contacted including Project Hope said we qualified for a “Home loan Modification”. Bank of America has draged this out for three years. We made one mistake in our paper work after all this time and they pounced within hours. They can do things quickly when they want to. They held a sheriff sale without posting a notice on the property and without contacting us by mail. One of their lies was to tell us not to call them during the reveiw period because it would delay the process. What a bunch of crap. They cancelled the program and sold our home without telling us. So, anyone tells you the “bank doesn’t want to own your home” is full of you know what!

By: tax deed sales oakland township michigan

tax deed sales oakland township michigan — Fri, 20 May 2011 07:17:18 +0000

[...] The Foreclosure Process in Michigan ??” miOaklandCounty.com Nov 3, 2007 … Notice of Foreclosure Sale is published. …. I was told by an individual in the Oakland County Sheriff's …. being ripped off on my property tax and a negative equity of $58000 … [...]

By: Debra

Debra — Sat, 14 May 2011 20:00:57 +0000

Hi Ken,
My sisters house sold at a sheriffs sale and the bank bought it back for $74,000 she owed over $200,000. My Dad has that amount the bank paid at sheriffs sale so where do we go to pay that amount? Is that all it takes is to pay that amount?

By: RICK

RICK — Wed, 30 Mar 2011 22:36:15 +0000

My mortgage is throught Citibank. For a year I have tried to refinance, and modify my loan. Due to my morgage being upside down a refinance way out of the question, and a modification is to complicated for them. They keep loosing paperwork, or messing up the numbers. My new job pays way less, and my mortgage in going from a interest only on a 20 year fixed at 6.6%. I was hoping to build some exquidy over the last 9 years, but that didn’t happen. We did payed a lot of money towards princable though. But the housing market took a crap. Now my loan is going to be way out of hand. I was hoping to get a 30yr fixed by now but can’t. Citibank wont help. Its like they want the house. Should I let them have it? There is no way I can make the upcoming payments. My credit is great, but knowone will help. I could afford it fine at todays rates on a 30yr fixed. Have I fought this long keeping up on my payments for nothing?
What kind of business would take a $100k loss over a helping someone out. Are they getting some type of kickback from the goverment on these foreclosures?

By: Ken Mascia

Ken Mascia — Fri, 25 Mar 2011 14:23:38 +0000

Amy, I suggest you get an attorney to help you with these questions. I do not give legal advice as I am not an attorney.

By: Amy

Amy — Fri, 25 Mar 2011 00:50:59 +0000

I lost my home like everyone else after a few years of fighting. I filed chapter 7 and let the house go. The sheriff’s sale was this week and citimortgage bid $75,000 and got the house back. I owed $260,000 on the first mortgage and $60,000 on a second. My will my redemmmption amount be? And if it is only the amount of the sheriff’s sale what happens to the difference and all the fees? Could a family member or bank actually loan me $75,000 to get it back? That seems crazy.

By: Ken Mascia

Ken Mascia — Wed, 16 Feb 2011 17:13:30 +0000

Dexter – you’ll need to ask a qualified tax accountant / attorney questions related to tax liability

By: Dexter

Dexter — Wed, 16 Feb 2011 16:27:46 +0000

My home has been foreclosed and gone thru a Sheriff’s sale. I’ve receive a 1099-A form that shows the loan balance of ~$140k … the FMV of ~$160k and it sold a the Sheriff’s sale for just over $170k. It ‘s also marked showing that we are personally responsible. I’ve been unable to get an answer from Chase (the mortgage holder) is on whether or not we still owe them any money since the house had both a higher FMV than we owed and also sold for more than we owed and was higher than the FMV. Seems like a straight forward question to me. A second question probably for the IRS is whether or not we owe any income taxes on the resulting foreclosure and sale???

By: Ken Mascia

Ken Mascia — Wed, 19 Jan 2011 16:29:44 +0000

Phillis,
As previously mentioned, I am not an attorney and do not offer legal advice. So I cannot answer questions about how your bankruptcy affects your rights or what course of action is best for you.

By: Phillis

Phillis — Wed, 19 Jan 2011 14:57:37 +0000

I fell behind on my mortgage and my home is pass the foreclosure state and my redemption period is just about up (February 24, 2011). In the process of this mess I found out that 5-6 years ago when i filed bankruptcy I signed a reaffirmation contract to keep my house, come to find out my bankruptcy attorney never sent it in cause he said he doesn’t recommend that cause the neighborhood could go down or I may decide I don’t want the house so just keep paying the mortgage as long I wanted to stay there, mind u if i would have know this piece of info i wouldn’t have gotten the basement refurbished or the roof>(back to present) now that I’m losing my home my mortgaging company is giving me options to keep my home, (short sale, ect.) according to my attorney I’m no longer responsible for this debt. Q1.Is this true? Q2. After 2-24-2011 do i wait for court dates to be evicted or should i be moved out by then?

By: LEN

LEN — Sun, 12 Dec 2010 17:10:40 +0000

IF ANY ONE OUT THERE IS DEALING WITH A.H.M.S.I. OR AMERICAN HM. MORTAGE FORGET IT THEY ARE ALL LIERS THEY TOLD ME FOR 6 MO. THEY WERE GOING TO KEEP ME IN MY HM. KEPT ASKING FOR THE SAME PAPER WORK OVER AND OVER AGAIN THEN EVEN THE THE LAST 24 HRS. I COULDNT EVEN PAY MY LATE PAYMENTS BOTTOM LINE SHERRIF SALE 39 YRS. DOWN THE SHITTER.///////////////

By: Ken Mascia

Ken Mascia — Thu, 04 Nov 2010 13:54:54 +0000

KSG, I can’t speak for your mortgage servicer so you’ll have to contact them about notifications, dates, actions, etc. As far as the co-signer, their credit will be impacted as if they have been foreclosed on and the entire payment history and outcome of your loan will show up on their credit report just like it will on yours. The purpose of a co-signer is to have an additional person be responsible for the payments on the loan, so, they are equally responsible for the outcome.