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Foreclosure in Dearborn Heights : Real Estate Advice

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  • Home Buying39
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Activity 18
Sun May 7, 2017
Jennifer answered:
I am currently in this same position. I have rented for 3 years, have a valid lease but the homeowner let the house foreclose. I had no idea and didn't know until I got a knock at the door from the new homeowner that bought the house at the sheriff sale, 6 months earlier. Although he could have evicted us, he chose to let us stay for a years time BUT he increased the rent by $200 and he charged me another security deposit. I was devastated! I can't really afford the increase in rent and the money that I had finally saved to get a car ($1300), is now gone b/c I had to pay a $1300 security deposit. The new owner wasn't nice nor did he care that I couldn't really afford the rent increase. We live humbly, I don't even have a nice car so it's not like I have money to pay all of these increases. I am beyond upset that there are NO laws in place anymore to protect the tenant in a foreclosure. That law expired in 2014, so we are back to having no protection. I want to make a change so that no families have to go through this too. ... more
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Tue Feb 14, 2017
Bernard G. answered:
Hello,

I have emailed you regarding this concern.

Regards,

Bernard
Consumer Care Advocate
0 votes 1 answer Share Flag
Thu Feb 26, 2015
Ryan Rivera answered:
It is possible. There are many factors that come in to play to obtain a mortgage loan. I would recommend contacting a loan originator in your area. They can dig deeper and point you in the right direction. ... more
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Thu Feb 26, 2015
Ryan Rivera answered:
Wed Feb 25, 2015
Tim Moore answered:
What sort of auction? Foreclosure auction? Private auction? Online auction? They all advertise the upcoming auction so it's not hard to find. Online auctions advertise the opening bid as marketing to those thinking they will get it for cheap. Becarefull with those. Lots of rules to follow. ... more
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Mon Feb 23, 2015
Jeffrey Parks answered:
Short answer is yes. However, the instrument or document would be a "Deed in Lieu of foreclosure"
whereby the Homeowner would sign the property back to the mortgagee and have no further rights to the property. Each case has its own quirks, if you are considering this option I recommend you seek information from a local "experienced" or a "qualified" Real Estate Attorney. ... more
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Mon Nov 18, 2013
Andy Hargreaves answered:
Let me ask you this -- so, you haven't paid for something in almost 4 years, have lived for free and expect to get it for that cheap?

You'll have to check with your local jurisdiction, but likely no -- you'll have to reinstate your current mortgage note plus the fees you've accrued in order to sell it. Someone else might be able to purchase it for an amount above the auction amount, but you don't have a lot of time to figure that out.

You will want to consult a local attorney to advise. But based on rules here in Michigan, I'd start packing if I were you.
... more
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Sat Jun 1, 2013
whitealeasewhite answered:
Thu Dec 27, 2012
Michael Delaware answered:
It is not quite a bad as you think. You just need to better understand the subject of seller financing. I wrote an eBook that is available in Kindle format on Amazon. It is called: Understanding Land Contract Homes: In Pursuit of the American Dream. It also covers how to repair your credit, and use Land Contracts as a bridge to being able to get into a mortgage again in the future: http://www.amazon.com/Understanding-Contract-Pursuit-American-ebook/dp/B00ASCTJQG/ref=sr_1_1?s=books&ie=UTF8&qid=1356629666&sr=1-1&keywords=land+contract+homes ... more
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Wed May 30, 2012
Kathy Persha answered:
Public records are not updated immediately, especially in Wayne County. Your best solution would be to call the county clerk and ask about the sheriff's sale or call the office of the foreclosing attorney. Another option would be to call you lender directly. All of these three entities should be able to tell you if it sold and for how much.

Kathy Persha, Realtor
Keller WIlliams Realty
248-930-0198
... more
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Tue Jan 25, 2011
Larisa Jackson answered:
I would direct you to consult with your legal counsel who is handling your closing and follow their advice. The extra money that they may charge is well worth it in the long run to protect yourself and your assets. Good luck! ... more
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Sun Jan 3, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
I my opinion you need to take one issue at a time. First address the issue with your property. You can let the property be foreclosed or try a short sale. The short sale has some benifets over the foreclosure, so it does not hurt to try. The foreclosure will hurt your credit , but if you are not worried about, getting a new loan or what your paying for interest on other installment loans and credit cards you can let the bank foreclose. If you are concerned about paying higher interest rates and not being able to get a loan I would try the short sale. The bankruptcy filed in 2007 will limit your options and is already hurting your credit for at least another 2-3 years. It is a decision you need to make, but if you purchase another property with your ira funds it most likely will hurt your ability to get a short sale approved and maybe deficiency rights of the bank.

If you want to purchase a property with IRA funds do it after the first loan is resolved! People trying to beat the system can get hurt more than if they let the system go through the normal process.


Good Luck!


Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee
... more
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Sun Jan 11, 2009
Bob McClure answered:
hi....do you have a friend or relative that would buy it for you?...you could close and then be deeded back on to it with them..qualifying to re-purchase it yourself won't work.i hope that helps.bob mcclure.... ... more
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Thu Dec 11, 2008
Sammy asked:
concerned

--
This question is about this property: http://www.trulia.com/homes/Michigan/Dearborn_Heights/sold/2532622-5661-BEDFORD-ST-DEARBORN-HEIGHTS-MI-48125
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Fri Nov 21, 2008
Bob McClure answered:
good morning......your husband can qualify by himself.....since you are married and live in michigan....you will be on the home as co-owner, and must attend the closing and sign the truth-in-lending statement, the mortgage (not the note) and the hud-1 closing statement with him......actually, the seasoning requirement for fha on a foreclosure is three years from the date for the sheriff's sale and two yrs. from the discharge date of the ch7 bk....must also show re-established credit....i hope that helps....bob mcclure- mortgage now- farmington, michigan..... ... more
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Tue Sep 2, 2008
Ed & Cindy Knight answered:
Heather more than likely the bank made the bid at auction. These days most people owe more than what their home is worth, so the bank makes the bid to protect their interest. You can call them and see what the bid date was. But you still have rights until the redemption is over, unless you abandon it.

Have you talked to an attorney? Have you talked to a real estate agent? Have you talked to a housing counselor?

If your credit is bad you probably can't get another loan to redeem yourself. But you may be able to sell the home short to at least satisfy the debt before the redemption is over. Just make sure you get a very good agent experienced in them.

Your best bet is to get assistance now, you can check the site below offered by MSHDA and the "Save the Dream" program.
... more
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Wed Apr 16, 2008
Lkjad answered:
Actually, Gary is incorrect. Any good realtor can talk to you honestly without a buyer's agency agreement, and if you do sign one, it can be rescinded at any time by you. In Dearborn, I have only met one decent realtor. I have lived in multiple states and bought and sold 14 homes myself in the last 15 years. This one we bought here in the Dearborn/Dearborn Heights area, was the first one we used a realtor for. If you want his name, let me know here, and I'll give it to you. Be careful in general in DH as there are lots of ethnic neighborhoods you may not want to live in. Clear divides, unfortunately, in this city. Whites, blacks and muslems all live separately. If you don't care, that is fine. but some of the neighborhoods are very gang oriented. I don't know enough about Rosevelt to be able to tell you much, but you would be better off regardless, living in Dearborn as opposed to DH. Good luck, and let me know if you want Jeff Darwish's name.
Thanks!
... more
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