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Foreclosure in Canton : Real Estate Advice

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  • Home Buying58
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Activity 9
Sun Apr 13, 2014
Haig Istamboulian answered:
Hello,

The answer to that is YES you can still short sell your home. I am guessing you are dealing with a Realtor? Have your Realtor send the offer and any necessary documentation, to the lender IMMEDIATELY and open a line of communication with them.

It is obviously too late to postpone the Sheriff sale (if it happened on the 12th). If for some reason it has not happened yet, talk to someone at the lender and ask them who you need to talk to, to postpone the Sheriff Sale.

If it is too late, don't worry, you still have a 6 month redemption period in order to try and accomplish this. It would have been better if you were trying to sell your home sooner than you did, what were you doing the past few months, was your home listed for a while and JUST got an offer?

Whatever you do, start on Monday and make some calls, or have your Realtor do it. You need to get the offer "in line" at the lender along with their other Short Sales to get the process started. There is still NO guarantee the bank will accept the offer but you never know with a short sale.

Best case scenario would be that the Sheriff Sale has NOT occured yet. Get on the phone and start making some calls to see which department you need to reach and who you need to talk too.

Good Luck!

HAIG
(248) 379-6547
realtorhaig@aol.com
... more
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Wed Apr 10, 2013
Jon Ruud answered:
a COUPLE OF DIFFERENT SCENARIOS in your question. Whoever bought the home at foreclosure must honer your existing lease. The former owner that lost the property can evict you during the 6 month redemption period. If the city owns your property as indicated in your question, they may have lost it at tax sale. You may want to check with the register of deeds to verify dates and who bought the property.

Jon Ruud
248-229-3203.
... more
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Tue Feb 5, 2013
stephen webber answered:
Yes they can. You will find a very good article on short sales at Your-Road-Home.com. Scroll down the colum on the left. Very informative. Stephen Webber
0 votes 6 answers Share Flag
Fri Mar 15, 2013
Jeanette Lucy answered:
This home is currently available. Information provided states that the septic system has failed and the property needs a new boiler. I wil be glad to help you place an offer, or send you a list of homes that are available in Canton with less issues, your call.

My office is located in Canton at 44698 Ford Rd. should you want to stop in.

Give me a call anytime.

Jeanette Lucy
313-333-5166
... more
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Sat Apr 5, 2014
Andy Hargreaves answered:
Generally speaking, it will be 3 years from the Sheriff sale date. That was the actual "sale" of the property, not the end of redemption period.

I list and deal with this situation often -- let me know if you want some help getting ready to buy your next place! I'm in Plymouth :) ... more
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Fri Mar 19, 2010
Wov asked:
I am divorced and have a lien on the property, I just saw it listed as a sherrif deed 12/9/2009. I was not contacted, I need to contact the attorney to tell him of my financial interes...
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Sun Nov 8, 2009
Grace Hanamoto answered:
Hello Netman and thanks for your post.

I'll have to leave much of this question to someone within the mortgage brokerage industry to provide you with the details, but a STIP letter is shorthand for a "Stipulation Letter" or "Stip List" (list of stipulations) from the mortgage company. Typically, when a buyer gets ready to purchase a home, and submits documents to the lender's underwriter for review, the lender will generate a list of the stipulations or "requirements" needed to fund the loan. Depending on the type of loan, the stipulation list can be very lengthy.

A pre-approval letter, on the other hand, can be something as simple as a letter from the mortgage broker stating that the buyer is qualified (for example) to purchase a home at 5.25% for $500,000 to a prequalification letter directly from the lender or bank. In most cases, REO purchases will require the direct letter from the bank. But it also appears that, in your situation, the lender/bank may want a bit more from the buyer--assurances that the buyer's specific loan qualifications have been vetted by a lender and that the loan's "stips" or stipulations are minor or accomplishable by the buyer. It's just another method for the bank to assure themselves that you, as the buyer, will be able to complete the sale transaction.

Talk with your mortgage broker or lender about obtaining the stipulation letter from the lender for this purchase. I suspect that to generate this letter, you will be required to submit your personal financial information to the lender for review prior to their generating a stipulation letter, so be prepared to have all of your documents ready.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
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Tue Mar 31, 2009
Andy Hargreaves answered:
Pete --

Rather than foreclose and experience the long term credit loss, I'd advise you consider a short sale. The differences between the two are vast, but trust me -- you'll be much happier for your long term credit save than by going through a foreclosure.

Please give me a call to discuss the difference(s) between the two and to help let you know what I can do for you.

As far as tax consequences -- I'll always advise you talk directly with your accountant. Yet, the Mortgage Debt Relief Act of 2007 linked here also helps to answer questions... http://www.irs.gov/individuals/article/0,,id=179414,00.html
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Fri Jan 2, 2009
smith3gary answered:
Tyson, Because of the liability, I cannot give you my opinion of the neighborhood. You are correct to investigate any area of interest. Yes, the market in Michigan is "volitile" right now. New laws coming through from Federal and State governments may decrease the number of foreclosures in southeastern Michigan and stabilize home values. In general, homes in the best locations and conditions are still selling with only a few days on the market. The remaining homes can take several months. Since you have some time, perhaps a short sale home would could provide a good bargain in this area. ... more
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