Foreclosure in 48030>Question Details

C. Kingsbury, Other/Just Looking in 48030

My home was sold at auction on April 29, 2008. My 6 months is almost up. What happens now???

Asked by C. Kingsbury, 48030 Tue Sep 16, 2008

What happens now? How much time do I have after the 6 month period? How do I find out who bought it? Is there a chance they will let me stay if I continue to pay utilities and keeping the house up?

Help the community by answering this question:

Answers

11
BEST ANSWER
Most likely the bank bought it at the sheriff's sale. It is not likely that they will let you stay. They will probably have someone come and offer you some small amount of cash (say $500 to $1,500) to move out and leave the house in decent condition when you leave at the end of the redemption period. If you do not accept then they will probably begin eviction procedures.
1 vote Thank Flag Link Tue Sep 16, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
"C",

Sadly, I would have to agree with previous comments that it's time to move. However, I'm not an expert so visiting the State of Michigan website below might give you additional information or places to go for assistance. Oakland County also offers Housing Counseling (I believe it's free) to residents. Look on http://oakgov.com

I wasn't able to find your home in Oakland County Public Records for the banks name. I suggest contacting your lender for the information.

This website will have more information about the foreclosure process, timelines, and possible rental assistance if you qualify. http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--…

I wish you luck, remember everyone is only one step away from where you are now, things will get better.
Web Reference: http://mi-living.com
1 vote Thank Flag Link Wed Sep 17, 2008
Most likely the bank bought it back and they will begin eviction proceedings. No matter who bought it, even if it is an investor they will want you out before closing. Your best bet is to try to negotiate with the bank for cash for keys. the bank will set a date for you to move out and leave the property free of personal belongings, for that they will pay you usually around $1500 but it differs from area to area. You should start looking for a new place now to be ahead of the game. good luck
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Sep 16, 2008
And, by the way, it would be interesting to see how many of those 10% of the modifications were
granted to family members. Nepotism is alive and well in the banking business, as well as hidden
fees, late fees, 0% interest on your money. A smile when you enter, notice how much friendlier they are while they squeeze every penalty they can out of you. Who needs them? Buy gold.
0 votes Thank Flag Link Wed Mar 20, 2013
It seems Derek, that you are a bit of a shark, preying on short sales to pad your pocket book. You give all realtors/brokers a bad name.

The banks have shamelessly turned their backs on the very people who helped them. I am a broker and have seen first hand how many homeowners have been turned down, as the banks robo-stamp
most modification requests as denied. It is similar to Rain Man, where the insurance companies stamped "DENIED" on all claims, except it is the banks this time.

Fight, go to every court hearing, write your own brief. I looked on line and wrote my own brief which bought another 90 days, quoting the modification was in process. If you are in the midst of a HAMP modification, the judge can not allow a comittment of the sale of your property, even if it has been sold to your bank or a third party. Banks are the scum of the earth. I wouldn't be caught dead with my money in a banking institution.

As for your comments, Derek: (and others)

You are a pompous jerk that thinks it can't happen to you. I hope you and your spouse get your pink slips on the same day. Kids in college, mortgage on your home, everyday expenses. Try getting another job. Even more difficult, try to
get a modification on your home. Wells Fargo has only granted 10% of the
MANDATED number ordered by the Treasury department. If you haven't walked in someone's shoes, or been close enough to see your friends or family go through the banks farce , then shut your smug, arrogant, non-informed mouth. You haven't a clue. Watch the class action suits fly. Mark my words.
0 votes Thank Flag Link Wed Mar 20, 2013
I don't think that you can get your home back if they have already sold it at an public auction. Not even! if you if the utilities bills are paid in full and the house is upkeep. The best advise is to check with the Oakland County treasury office (248)858-0612 or the Hazel Park treasury office (248) 546-4062
0 votes Thank Flag Link Sat Jun 2, 2012
You are asking what happens. Depends on your loan and state laws. I'm not sure about your loan and your state laws. But it some states, after the house has been reposessed by the bank, it is sold. If there is any money left over after paying the loan(s), foreclosure costs, fees, etc, etc, then you will get it. Sorry to hear about your situation. I agree with you, they're bailing out wall street not main street. Good Luck
0 votes Thank Flag Link Mon Sep 22, 2008
I AM NOT LOOKING FOR FREE RENT. I have owned this house for 27 years. I have NEVER refinanced out of my income range. I only refinanced once and that was at 40% of the home value, and then it was to drop my interest rate of 12% to 6%. I worked for a company for 15 years, until they sold out to Canada, and lost that job. Not being able to find a job at my age now. Funny how the government bails out some big bank, but can't put together something to help long time home owners from losing something they worked all there life for. And have to sit back and watch the government let their jobs leave the county.

I have done everything possible to keep my home.

I do hope that all the people who have smart a** answers, self centered and assume I am just a bum and lazy, that this never happens to you. I would not wish it on anyone. And truly hope you think twice about how you answer next time, and make someone feel like they are just trash.

Remember not everyone is lazy, I have worked since I was 18, and raised 3 kids here, with NO state aide of any kind. I never was on welfare............................

I am not looking for a hand out, just looking to find work, so I can have a place to live. And to know what happens next.
Remember if you can't answer intelligently, don't bother to answer and keep your rude comments to yourself.
0 votes Thank Flag Link Sun Sep 21, 2008
read my 2 reply's to Door to Dreams Team. I think he does a lot of distress sales
and is happy to collect on someone else's misery.
Flag Mon Mar 18, 2013
It sounds like you got "free rent" for 6 months, that will end at some point when the new owners ask you to leave. Maybe look for a rental it's probably half the cost of owning. Good Luck
0 votes Thank Flag Link Sun Sep 21, 2008
Derek Bauer said:

"So you want to be able to stay in the house, but not pay for the privilege of being allowed to do so??"

Yeah Derek, some people get foreclosed on and they don't know what to do. They ask questions. They don't want to be foreclosed on but they get in that situation. They never learned to be just another marginal, self-aggrandizing, real estate "professional" with suppressed inner rage.
0 votes Thank Flag Link Sat Sep 20, 2008
So you want to be able to stay in the house, but not pay for the privilege of being allowed to do so?? I encourage you to begin looking for a place to live, today.
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Tue Sep 16, 2008
Are you for real? You are the Tin Man of today. If you only had a heart.
Flag Wed Mar 20, 2013
Are you for real? You are the Tin Man of today. If you only had a heart.
Flag Mon Mar 18, 2013
For the pompous folks that think it can't happen to them, I hope you and your spouse get your pink slips on the same day. Kids in college, mortgage on your home, everyday expenses. Try getting another job. Even more difficult, try to
get a modification on your home. Wells Fargo has only granted 10% of the
MANDATED number ordered by the Treasury department. If you haven't walked in someone's shoes, or been close enough to see your friends or family go through the banks farce , then shut your smug, arrogant, non-informed mouths. You haven't a clue. Watch the class action suits fly. Mark my words.
Flag Mon Mar 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer