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Foreclosure in Farmington Hills : Real Estate Advice

  • All146
  • Local Info2
  • Home Buying61
  • Home Selling6
  • Market Conditions6

Activity 13
Fri Mar 29, 2013
A. Edwards answered:
I head up credit coaching for my company and I would be happy to assess your situation and help you game-plan accordingly. Our credit coaching is free of charge.
0 votes 2 answers Share Flag
Thu Jan 20, 2011
Jerry Thomas answered:
The short answer is YES, you can sell this home to your brother and you do not need the approval of your lender to do so, if you are paying off the Sheriff's Deed.

As others have stated, the payoff letter for the sheriff's deed will be higher than $80,400. The attorney handling the foreclosure will add a fee for their work (about $200), there is a per day interest charge at the same rate your were paying on your loan, if the holder of the sheriff's deed pays property taxes or forced coverage homeowner's insurance, they can add that to the payoff.

This is not the same thing as your lender saying that they will settle the debt for $80,400. They can pursue you for the balance. But they can pursue you for the balance if you do nothing, they take title, and sell the home for a loss. You should speak to a lawyer about your situation. I have experience in closing these deals. Feel free to email me if you have any other questions. jthomas@1stselectrealty.com.
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Mon Oct 18, 2010
Desari Jabbar answered:
Either a financial relocation agreement will be offered if the property is owner occupied or tenant occupied and the tenant does not have a lease.
If there is a valid lease, the lease will most likely be honored by the bank and the tenants have the right to stay.
Worse case scenario, the bank will evict them.

Best of luck to you!
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Sun Jul 4, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
You are in the process of doing a short sale and typically the owner is not making payments and is trying to do a work out to improve his credit or allow him the opportunity to buy another home in the future quicker than if it went to foreclosure.

There will be two departments working the transaction. The foreclosure department and the loss mitigation department. A short sale is more than a real estate transaction and you need to understand that if the mortgagor does not meet the banks requirments that the deal might not be approved. The property can still go to foreclosure but if the real estate agents involved understand the process, they should keep everyone in the loop and communicate with all involved. The short sale is complex but can be a good thing for everyone.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert

Metro Milwaukee

http://www.milwaukeebailout.com
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Mon Mar 29, 2010
Maureen Francis & Dmitry Koublitsky answered:
Though we have done it, I would say it is very difficult for a buyer's agent to do anything to accelerate the short sale process, especially without cooperation from the seller.


Whether your offer is void or not is impossible for anyone here to say as nobody here has reviewed your contract, right? Your broker or your attorney are better qualifed to make that kind of determination.

As for the bank dealing directly with you, I have seen that happen but not often. Once they have decided to proceed with the foreclose the deal is handed off to a different department who will have little communication with the short sale team. Especially at Bank of America, where nothing is easy. More likely they will insist that they go through their process of listing and selling it.
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Mon Mar 15, 2010
Dismayed Buyer answered:
The home does sit on 3.5 acres so we know that it is a 12 month redemption. I verified that with the attourney's office that handled the sherrif's sale.

What will happen after the sellers refuse to sign for that 20K? Would the bank maybe offer us the house at our original offer? What is the usual process after this kind of event?

We are willing to wait a little longer because this house is so amazing and the price is right. We're just trying to think ahead and figure out how to make this deal work one way or another.
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Thu Feb 18, 2010
Tom Boos answered:
The ball is in the Bank's court here. The Bank will have to take possession of the property which will make this home an official REO. It WILL be vacant at the time of your purchase. ... more
0 votes 10 answers Share Flag
Wed Nov 11, 2009
Wendy Valko answered:
Dear Tina,

I have read all the above answers and agree with all of them. Although, I would like to add a little something.

Professional Realtors are legally bound to represent the sellers unless we are representing you directly as a buyer's agent . Once you have authorize a Realtor to represent you as your "buyers agent" is when a Realtor legally can tell you everything & anything that is known about that or any other Real Estate.

Should you have any further questions, feel free to contact me directly at 248-762-5290

Cordially,

Wendy Valko, CDPE
Certified Distress Property Expert

RE/Max Platinum
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Fri Sep 18, 2009
Dmgre answered:
Call Desert Management Group at 877 572 4466
They have GREAT cheap houses, with property management in place, to make
everything easy for investors out of town.
0 votes 7 answers Share Flag
Wed Sep 16, 2009
Carlina Boji answered:
Be patient, your agent sounds like she is doing all she can to help. The short sale process is a long one.
0 votes 6 answers Share Flag
Mon Jun 1, 2009
Bob McClure answered:
good afternoon..2 years from a chapter 7 discharge and three years from the sheriff's sale on a foreclosure...assuming you have re-established credit....i suggest you papertrail your principle residence rent history in the meantime.....i hope that helps.bob mcclure- success mortgage partners- plymouth, michigan....... ... more
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Thu Jan 3, 2008
Carlo Gobba answered:
Only you can really and truly answer your own question. It's a lifestyle decision maily. Yes, budget is a major factor but what you get in return for what you payfor and what you are allowed to do with what you own is an even bigger factor. In many cases, a condo association fee would buy you $20,000 to $40,000 worth of home.

I am an expert in Troy, Royal Oak, Clawson, Rochester, etc...
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