Comments on: What Really Happens after I “Give it Back to the Bank”? http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/?utm_source=rss&utm_medium=rss&utm_campaign=what-really-happens-after-i-give-it-back-to-the-bank Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Michigan Tue, 15 May 2012 18:53:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ken Mascia http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-70270 Ken Mascia Wed, 11 Jan 2012 22:41:07 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-70270 Luann, Glad to hear some things in your life are turning around! Unfortunately, I am not an attorney and I do not offer legal advice. For sure, the first thing to do is you should list the house and try to sell it. Good luck Luann,
Glad to hear some things in your life are turning around! Unfortunately, I am not an attorney and I do not offer legal advice. For sure, the first thing to do is you should list the house and try to sell it. Good luck

]]> By: Luann Jenison http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-70269 Luann Jenison Wed, 11 Jan 2012 22:36:20 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-70269 Ken, My husband passed away approx. 4 years ago we had some property and a home they all had very little equity...(and he had no life insurance) I am now down to just my home and the mortgage is about what the apprasied value is....My income has never been close to what is needed to pay my mortgage so I have been working from my life savings and I will be running out by summer...the house will soon be listed and I am about 2 months behind in payments...I have met a wonderful man and we would like to be married but I have to find away to get rid of this debt that is holding me back from moving forward with my life...what is the best solution to do ...return the house ...deed in lieu or wait for forclosure ...etc...what would you recommmend? Not sure how long the bank will continue to hold on.... Ken,

My husband passed away approx. 4 years ago we had some property and a home they all had very little equity…(and he had no life insurance) I am now down to just my home and the mortgage is about what the apprasied value is….My income has never been close to what is needed to pay my mortgage so I have been working from my life savings and I will be running out by summer…the house will soon be listed and I am about 2 months behind in payments…I have met a wonderful man and we would like to be married but I have to find away to get rid of this debt that is holding me back from moving forward with my life…what is the best solution to do …return the house …deed in lieu or wait for forclosure …etc…what would you recommmend? Not sure how long the bank will continue to hold on….

]]> By: Maureen Francis http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-70102 Maureen Francis Tue, 12 Jul 2011 23:02:26 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-70102 If no one is biting after 6 months, you should revisit the list price. You have established that it won't sell where it is currently priced. Keep reducing until you find a buyer. Make sure you have a strong negotiator to work with the bank on your behalf. Stay on it and do not give up. If no one is biting after 6 months, you should revisit the list price. You have established that it won’t sell where it is currently priced. Keep reducing until you find a buyer. Make sure you have a strong negotiator to work with the bank on your behalf. Stay on it and do not give up.

]]> By: Jessica http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-70101 Jessica Tue, 12 Jul 2011 20:14:27 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-70101 i am in trouble of loosing my home, i am 7 mnths behind, divorced and underpaid, of course my credit is already crap, but idk what to do!!! its listed as short sale for dirt cheap and no bites for almost 6 mths, idk weather to foreclose or give the keys to the bank, i don't want them to sue me for the loan remainder esp. when my x is on the loan and i don't have the money. he could care less he wants to file bankruptcy and i cant afford to....i've checked with the bank but they wont really give a straight answer on what they can and will do to me......any suggestions???? help! i am in trouble of loosing my home, i am 7 mnths behind, divorced and underpaid, of course my credit is already crap, but idk what to do!!! its listed as short sale for dirt cheap and no bites for almost 6 mths, idk weather to foreclose or give the keys to the bank, i don’t want them to sue me for the loan remainder esp. when my x is on the loan and i don’t have the money. he could care less he wants to file bankruptcy and i cant afford to….i’ve checked with the bank but they wont really give a straight answer on what they can and will do to me……any suggestions???? help!

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-70068 Ken Mascia Tue, 07 Jun 2011 18:23:28 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-70068 Down on Luck, You are correct in that you should immediately call your mortgage company and tell them exactly what is going on so you can work through getting the house sold in a short sale as opposed to a foreclosure. I can't provide you with any type of legal advice. Good luck to you. Down on Luck,
You are correct in that you should immediately call your mortgage company and tell them exactly what is going on so you can work through getting the house sold in a short sale as opposed to a foreclosure. I can’t provide you with any type of legal advice. Good luck to you.

]]> By: Down on luck http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-70067 Down on luck Tue, 07 Jun 2011 17:01:57 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-70067 Me and my husband have recently decided to seperate and divorce. He recently decided to move in with his girlfriend, leaving me with the house. Grant it both are names are on the mortgage, but there is no way I can afford the mortgage on my own and must walk away as well. This is the first house I owned and not sure what to do. I would like to do this properly and could use some advice. I am worried about the bank/mortgage company giving me a hard time. I doubt the house will sell considering the street is lined with abandoned homes. I want to talk with my mortgage company explaining the situation and explain to the them i must let the house go. Previously we also tried to claim bankruptcy but was stuck in a chp 13. The payment option given to us was more then we could afford month to month regardless of what we make. I am not to sure about my lawyer anymore regarding the bankruptcy...If there is someone that is willing to give me advice on this I would be highly appreciative. Thank you for your time... Really down on my luck:( Me and my husband have recently decided to seperate and divorce. He recently decided to move in with his girlfriend, leaving me with the house. Grant it both are names are on the mortgage, but there is no way I can afford the mortgage on my own and must walk away as well. This is the first house I owned and not sure what to do. I would like to do this properly and could use some advice. I am worried about the bank/mortgage company giving me a hard time. I doubt the house will sell considering the street is lined with abandoned homes. I want to talk with my mortgage company explaining the situation and explain to the them i must let the house go. Previously we also tried to claim bankruptcy but was stuck in a chp 13. The payment option given to us was more then we could afford month to month regardless of what we make. I am not to sure about my lawyer anymore regarding the bankruptcy…If there is someone that is willing to give me advice on this I would be highly appreciative. Thank you for your time… Really down on my luck:(

]]> By: Estamos Cagaos http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-69985 Estamos Cagaos Wed, 02 Feb 2011 01:08:55 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-69985 The main problem here is the US laws were written to protect the people of the USA NO MATTER WHAT!. The very USA cant even comprehend their own laws when issues like these arise, and therefore we are in a hard situation. Don't worry folks, keep fighting for your home, dont give up, dont walk away. As long as you have the intent to negotiate, and in good faith, the home is going to be yours. If they dont want to negotiate, well then take it through ADVERSE POSSESSION!!!!!!!!!! The main problem here is the US laws were written to protect the people of the USA NO MATTER WHAT!. The very USA cant even comprehend their own laws when issues like these arise, and therefore we are in a hard situation. Don’t worry folks, keep fighting for your home, dont give up, dont walk away. As long as you have the intent to negotiate, and in good faith, the home is going to be yours. If they dont want to negotiate, well then take it through ADVERSE POSSESSION!!!!!!!!!!

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-69459 Ken Mascia Tue, 28 Jul 2009 21:45:39 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-69459 Dear Rebuilding- Sorry to hear about all of your troubles. You guys are definitely due for a streak of good luck! Unfortunately, I cannot give you specific advice on filing bankruptcy - but, you could make a payment plan with the creditors you owe money to and pay them over time instead of filing BK. After a 1st lien foreclosure, typically, the bank does not go after the borrower, but, it is possible. If you plan on being homeowners in the future you must begin to re-establish credit. A bankruptcy after a foreclosure is not going to make to many creditors interested in offering you new debt though. You can try a "Secured Credit Card". This is where you deposit a sum of money in the bank issuing the card with the agreement that they can take it if you do not make your monthly payment. You deposit the same amount as the limit on the card. The bank is protected and you get to re-establish credit. If you're interested in this then just do a Google search on it and you'll find banks that offer the program. Good luck to you Dear Rebuilding-
Sorry to hear about all of your troubles. You guys are definitely due for a streak of good luck! Unfortunately, I cannot give you specific advice on filing bankruptcy – but, you could make a payment plan with the creditors you owe money to and pay them over time instead of filing BK. After a 1st lien foreclosure, typically, the bank does not go after the borrower, but, it is possible. If you plan on being homeowners in the future you must begin to re-establish credit. A bankruptcy after a foreclosure is not going to make to many creditors interested in offering you new debt though. You can try a “Secured Credit Card”. This is where you deposit a sum of money in the bank issuing the card with the agreement that they can take it if you do not make your monthly payment. You deposit the same amount as the limit on the card. The bank is protected and you get to re-establish credit. If you’re interested in this then just do a Google search on it and you’ll find banks that offer the program. Good luck to you

]]> By: rebuilding http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-69458 rebuilding Tue, 28 Jul 2009 20:20:00 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-69458 Hello Ken, My husband lost his job and though he did everything he could by working side jobs and with a landscaping company, it just wasn't enough to cover our $250k mortgage and so as a result, we lost our 1st home last October. We were heartbroken as we renovated this home with our own hands. We then went to Lake Village of Auburn Hills to rent an apartment. They convinced us into a two year lease of which we broke a year early due to the fact that it was infested with bugs and I had a baby that was going to crawl anyday. As if having my child on the floor with them wasn't enough of a justification to leave, when we started finding them in our bed, we couldn't justify staying ANY longer. We gave the complex one opportunity after another to try and rid these insects from our home but to no avail. We did get an attorney to see if they would be willing to let us out of the lease based on our situation and the fact that we had so much evidence but they wouldn't even take the time to look at all of the evidence that we had (pictures, video, personal testimony from other parties). Instead, they sued. We couldn't afford to pay the approximately $3k to $5k to move forward with it so our only option, or so we thought, was to file for bankruptcy in order to start rebuilding from there (we haven't actually done it yet). Lake Village is asking for roughly $17,000 from us of which we can't afford. I'm wondering about the foreclosure as well. I haven't heard anything from the 1st lien about repayment and such. Will they come after us for repayment? I guess I'm just not sure what to do at this point. At first, we wanted to honorably pay our debts one by one, but we've been served 3 times for 3 different debts (one for a $10k loan that we took out to help pay for our mortgage while my husband was laid off, one credit card for $5k again to help pay for living expenses and now $17k for Lake Village) and I fear we're just way over our heads, especially because of Lake Village. Can you give me any suggestions as to how we can set ourselves back on the right path? If at all possible, we would like to avoid bankruptcy and would like to honorably pay what we can. We want to be homeowners again and we're willing to do what it takes. Any help or direction you can give is greatly appreciated. Thank you! "Trying to rebuild" Hello Ken,

My husband lost his job and though he did everything he could by working side jobs and with a landscaping company, it just wasn’t enough to cover our $250k mortgage and so as a result, we lost our 1st home last October. We were heartbroken as we renovated this home with our own hands.

We then went to Lake Village of Auburn Hills to rent an apartment. They convinced us into a two year lease of which we broke a year early due to the fact that it was infested with bugs and I had a baby that was going to crawl anyday. As if having my child on the floor with them wasn’t enough of a justification to leave, when we started finding them in our bed, we couldn’t justify staying ANY longer. We gave the complex one opportunity after another to try and rid these insects from our home but to no avail. We did get an attorney to see if they would be willing to let us out of the lease based on our situation and the fact that we had so much evidence but they wouldn’t even take the time to look at all of the evidence that we had (pictures, video, personal testimony from other parties). Instead, they sued. We couldn’t afford to pay the approximately $3k to $5k to move forward with it so our only option, or so we thought, was to file for bankruptcy in order to start rebuilding from there (we haven’t actually done it yet). Lake Village is asking for roughly $17,000 from us of which we can’t afford. I’m wondering about the foreclosure as well. I haven’t heard anything from the 1st lien about repayment and such. Will they come after us for repayment?

I guess I’m just not sure what to do at this point. At first, we wanted to honorably pay our debts one by one, but we’ve been served 3 times for 3 different debts (one for a $10k loan that we took out to help pay for our mortgage while my husband was laid off, one credit card for $5k again to help pay for living expenses and now $17k for Lake Village) and I fear we’re just way over our heads, especially because of Lake Village. Can you give me any suggestions as to how we can set ourselves back on the right path? If at all possible, we would like to avoid bankruptcy and would like to honorably pay what we can. We want to be homeowners again and we’re willing to do what it takes. Any help or direction you can give is greatly appreciated.

Thank you!

“Trying to rebuild”

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-69454 Ken Mascia Wed, 22 Jul 2009 18:41:37 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-69454 Hi Don F. One of the first rules of Real Estate sales - never let the buyer move in until after closing and they own the house!! Not sure how your going to get out of that one . . . . . Maureen, any suggestions?? Hi Don F.
One of the first rules of Real Estate sales – never let the buyer move in until after closing and they own the house!! Not sure how your going to get out of that one . . . . . Maureen, any suggestions??

]]> By: Don. F http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-69453 Don. F Wed, 22 Jul 2009 14:45:59 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-69453 I am in the situation where after my divorce i tried to do a short, my buyer was pre-approved, met all terms,so I let them move in before our closing date. I recieved a call that the buyers credit for the strangest reason went bad. Mind you while I am waiting on a closing date, I went and got an apartment. My income level was 70% lower with the same job. just to much to put in an e-mail!!! I am in the situation where after my divorce i tried to do a short, my buyer was pre-approved, met all terms,so I let them move in before our closing date. I recieved a call that the buyers credit for the strangest reason went bad. Mind you while I am waiting on a closing date, I went and got an apartment. My income level was 70% lower with the same job. just to much to put in an e-mail!!!

]]> By: Detroit Foreclosure http://mioaklandcounty.com/blog/2009/04/08/what-really-happens-after-i-give-it-back-to-the-bank/comment-page-1/#comment-69403 Detroit Foreclosure Wed, 06 May 2009 05:08:02 +0000 http://mioaklandcounty.com/blog/?p=1362#comment-69403 Hello Ken, Thank you very much for your post on foreclosure information and I am agreeing with Dalton's comment. I also read your other post and your post are nice and good informative. Hello Ken,

Thank you very much for your post on foreclosure information and I am agreeing with Dalton’s comment. I also read your other post and your post are nice and good informative.

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