Foreclosure in Detroit : Advice

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Maureen Fran…, Real Estate Pro in Birmingham, MI
Maureen Francis, Birmingham MI answered:
Bank wnts 47k to re-instate mtge. (int. & pen's) plus make monthly pmts on 53k mtge balance.
How would you gain access to the escrow money? Glad you are planning on paying cash for the next house because it will be hard to get a mortgage.
0 votes Share Flag Thu Dec 11, 2008 Foreclosure in Detroit
Sonya Loose, Real Estate Pro in 48612
Sonya Loose answered:
During the redemption period of a vacant house foreclosure can the foreclosing bank enter the property for....
Shawn, the redemption period of a home can be shortened if the house is "deemed abandoned" by the lender. If the house is deemed abandoned the redemption period is usually shortened to ... more
0 votes Share Flag Sun Nov 9, 2008 Foreclosure in Detroit
Sonya Loose, Real Estate Pro in 48612
Sonya Loose answered:
Can i find out informnation on a home myself?
Courtney, if you want to research the home and area try the public records that are available...sometimes sites like Trulia and Zillow may have info but also the local Register of Deeds ... more
0 votes Share Flag Wed Oct 29, 2008 Foreclosure in Detroit
Maureen Fran…, Real Estate Pro in Birmingham, MI
Maureen Francis, Birmingham MI answered:
How long to vacate after short sale in MI?
Depends on what is written in the contract. Typically the buyer will want you out at close in a short sale as they would have to evict you after if you do not get out on time.
0 votes Share Flag Tue Oct 28, 2008 Foreclosure in Detroit
Gordon Johns…, Real Estate Pro in Canton, MI
Gordon Johnson answered:
what should in i look for in a foreclosed home?
There are many things that you should look for when purchasing a foreclosure. The first thing that you should look for is a Buyers agent that is experienced in helping buyers of forecl ... more
0 votes Share Flag Wed Oct 29, 2008 Foreclosure in Detroit
Gordon Johns…, Real Estate Pro in Canton, MI
Gordon Johnson answered:
Interested in purchasing investment properties in Detroit but was curious about couple of aspects...
Hi Sean,

Send me an e-mail at Gordon@MInextHome.com and I can help you with a couple of these questions and give you a good suggestion on where to get the rest of the answers.

Gor ... more
0 votes Share Flag Thu Oct 13, 2011 Foreclosure in Detroit
Jeremy Sulak, Real Estate Pro in Michigan
Jeremy Sulak answered:
HOW CAN I GET A CLEANING CONTRACT FROM FORECLOSURE HOMES?
You may want to check out a previous post, its brief but sums up how I got my start 3 years ago

http://www.trulia.com/voices/Foreclosure/How_do_I_get_contacts_to_get_into_foreclosure ... more
0 votes Share Flag Tue Oct 7, 2014 Foreclosure in Detroit
Gary Smith, Real Estate Pro in Michigan
Gary Smith answered:
I have a horrible mortgage. I'm nearing the completion of my MA in economics. Due to the dismal outlook in
Mark,

As an economics major, I'm sure you covered mortgage fraud in your classes and understand the implications.

I suggest reading your mortgage contract carefully to see what op ... more
0 votes Share Flag Tue Sep 23, 2008 Foreclosure in 48236
Chris Klebba, Real Estate Pro in 28031
Chris Klebba answered:
Why is so difficult to get these foreclosed homes, when we get to the homes w/realtors, lock boxes are gone.?
The missing lockbox issue is an old trick: agent shows "hot" house to qualified buyer and they fall in love. To prevent any other showings for a short period of time, they heist the lo ... more
0 votes Share Flag Fri Sep 12, 2008 Foreclosure in 48221
Jeffrey David…, Real Estate Pro in Morris County, NJ
Jeffrey David Halpern answered:
If you buy a foreclosed house do you have to take over the existing mortgage?
Not at all. That mortgage no longer exists and the financial institution will just write it off.
0 votes Share Flag Wed Sep 3, 2008 Foreclosure in Detroit, MI
Lynn Afton, Real Estate Pro in Big Rapids, MI
Lynn Afton answered:
Once the NEZ status is granted to a property, does the reduction stay in place if the ownership changes?
It may be transferrable if the new owner meets NEZ requirements, and if taxes have been paid on time for that property. Click link for more info: http://www.michigan.gov/documents/MSHD ... more
0 votes Share Flag Tue Sep 2, 2008 Foreclosure in 48214
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
How can I sell 11 foreclosure homes in Detroit?
I would find a leading and trusted realtor in Detroit who specializes with investment property to assist you in selling. You could also offer incentives, first or disclosed second mortg ... more
0 votes Share Flag Tue Mar 9, 2010 Foreclosure in Detroit
Maureen Fran…, Real Estate Pro in Birmingham, MI
Maureen Francis, Birmingham MI answered:
In Michigan, can the bank enter my home during the redemption period?
Yes. You still own the house during the redemption period. They might have assumed you left and there were squatters. Either way, they should not have changed the locks or entered th ... more
0 votes Share Flag Tue Sep 8, 2009 Foreclosure in Detroit
Jeff - Ginny…, Real Estate Pro in Vero Beach, FL
Jeff - Ginny Mitchell answered:
Let's ask my question this way - Bank never filed forecloser papers.
Dear Vickie,
I am most sincerely sympathetic to people who face losing their homes. It is truly sad, and no one should try to put you down because you are suffering. Michigan has be ... more
0 votes Share Flag Sun Aug 3, 2008 Foreclosure in Detroit, MI
Lynn911.com…, Real Estate Pro in Dallas, TX
Lynn911.com Dallas Realtor answered:
Owned a rental, stopped payments 3/2007 and it was suppose to foreclosure. My name is still on title?
The banks & county offices are overwhelmed with all the paperwork of foreclosures. If the bank has completed all the legal proceedings it is matter of time for the records change. I h ... more
0 votes Share Flag Sat Aug 2, 2008 Foreclosure in Detroit, MI
Sonya Loose, Real Estate Pro in 48612
Sonya Loose answered:
I put in a cash offer for a bank owned property and put down a $1500 EMD. I changed my mind and told the
I think that you are saying that you signed all of the bank's addendums indicating your acceptance of their offer. I am sure it clearly stated in there what happens to your EMD - take ... more
0 votes Share Flag Wed Aug 27, 2008 Foreclosure in Detroit, MI
Gary Smith, Real Estate Pro in Michigan
Gary Smith answered:
If your home is going to be foreclosed on what is the best course of action to start over? Do you try to?
PrettySmart,

I'm not a financial planner and they might have a better answer.

I suggest trying everything you can to avoid foreclosure. This website might help.
http://www.hud.go ... more
0 votes Share Flag Sat Sep 15, 2012 Foreclosure in Detroit
Debra Drummo…, Real Estate Pro in Plymouth, MI
Debra Drummond answered:
The seller of a foreclosure refuses to refund the deposit after lender denied application. Do I have to sue?
Chris, Check the terms of the bank addendums you signed. Unfortunately, many of the banks selling foreclosures are writing into their addendums that the earnest money deposit will be fo ... more
0 votes Share Flag Fri May 30, 2008 Foreclosure in Detroit, MI
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
Appraiser question
I'm not a real estate appraiser, and I don't know Detroit (except by reputation). However, here are a few observations:

Real estate investors do what you're describing all the time. ... more
0 votes Share Flag Mon May 19, 2008 Foreclosure in Detroit, MI
Aileen Heck, Real Estate Pro in Brighton, MI
Aileen Heck answered:
stop foreclosure
Well, there are many differenet variables. Claiming bankrupty is one. There is also possible loan modification with your bank. Who is your loan through contact the asset manager be ... more
0 votes Share Flag Sat Oct 29, 2011 Foreclosure in 48210
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