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Foreclosure in Royal Oak : Real Estate Advice

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  • Home Buying37
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Activity 5
David Chiles, Real Estate Pro in Los Angeles, CA
Thu Aug 26, 2010
David Chiles answered:
Thank you for your questions about a Pre-Foreclosure home. Your best resource for Foreclosure information is a good local agent. Pre-Foreclosure home information can be found at the County Recorders office because all liens must be recorded. There are subscription based websites that offer the information as well, but I do not recommend their use. ... more
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Keith Manson-…,  in Milwaukee, WI
Wed May 20, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
I can understand how you feel. The fees are high, however, I am guessing the contract would support your late charge fees and the otherer fees are most likely foreclosure fees. You can ask for documentation of the fees to identify the reason for the fees.

Late fees the bank can waive late charges and do all the time, usually when people reinstate the loans. If your doing a repayment plan typically the late charges don't get waived. A good question to ask is if you make your payments on the payment plan timely with you be billed for late charges (because you are still late if you are 6 months down).

The $1765 is most likely attorney fees but there could be other expenses too. However, I beleive that most of that charge is attorney fees. These fees are pass through charges. Typically the banks look to recoup the attoney fees up front and amortize the deliquency over a 6 month period.

You are not in a strong position to negotiate fees if you broke a payment plan! On a home equity loan there is not much help because none of them are associated with the stimulious plans and no strong reason why the lender wants to bend. It all depends on you other issues with loans on property and the value of the property.

If this is the only loan deliquent, I would suggest, get on the payment plan and stay current.

Sorry for the bad news, but if you fight this al I see is your fees get higher and you risk loosing your home.


Keith Manson
First Weber Group
Certifed Distress Property Expert
Greenfield,Wisconsin
... more
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Derek Bauer, Real Estate Pro in South Lyon, MI
Sun May 17, 2009
Derek Bauer answered:
Good morning, Jenn.

I am very sorry to hear about your situation ... but at the same time, I want to comfort you in that you DO have options. It is sad that two agents were not able to help you, but I likely can!

As a Certified Distressed Property Expert (CDPE), short sales / helping folks avoid and even reverse foreclosure is my specialty. As I type this, I have 3 offers at the bank on different properties awaiting acceptance, with a few more to be listed this coming week.

You do not have to be behind payments to get things going, and I encourage folks not to wait until they hit that point.

I am posting a link below to some information on my Blog that you may be interested in. It would be my pleasure to visit with you either over the phone, or in-person this coming week, at your convenience.

Enjoy the sunshine, and be comforted today in the knowledge that YOU DO have solid hope when represented by an expert.


Professionally yours,

Derek Bauer, Associate Broker / Realtor
Real Estate One - West Bloomfield
Derek@DoorToDreams.com
734.678.4745 - cell
... more
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Maureen Fran…, Real Estate Pro in Birmingham, MI
Sat Jan 31, 2009
Maureen Francis & Dmitry Koublitsky answered:
Gary,

That is a very good link. You give such helpful answers to consumers!

Maureen
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