Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Detroit : Real Estate Advice

  • All1K
  • Local Info92
  • Home Buying801
  • Home Selling80
  • Market Conditions70

Activity 132
Thu Dec 11, 2008
Maureen Francis & Dmitry Koublitsky answered:
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 2 answers Share Flag
Sun Nov 9, 2008
Sonya Loose answered:
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 a 30 day period. There will be a posting on the door or window if the house is found abandonded. Otherwise in Michigan the redemption periods are either 6 or 12 months and the bank should not be entering the property during this time. If there are more questions, please ask! ... more
0 votes 2 answers Share Flag
Wed Oct 29, 2008
Sonya Loose answered:
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 and County Clerks Office. The local library may have great neighborhood information as well. Is there something specific you want to research? ... more
0 votes 4 answers Share Flag
Tue Oct 28, 2008
Maureen Francis & Dmitry Koublitsky answered:
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 2 answers Share Flag
Wed Oct 29, 2008
Gordon Johnson answered:
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 foreclosures. There are many pitfalls along the way when dealing with foreclosures and it is best to have someone with the right kind of experience to guide you through the process. When you have the right buyers agent they will be skilled enough to point out potential issues with the properties you consider.

To find some of the specific issues to look for in a property when you are purchasing a foreclosure check out the free report that I have available on my website http://www.MIforeclosureDeals.com This report will help get you started in the right direction.

Good Luck!

Gordon
Gordon@MIforeclosureDeals.com
... more
0 votes 4 answers Share Flag
Thu Oct 13, 2011
Gordon Johnson answered:
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.

Gordon
Gordon@MInextHome.com
... more
0 votes 3 answers Share Flag
Thu Jul 20, 2017
Jeremy Sulak answered:
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_clea-74371-p_1-recent?answerId=291250#question_title


Best Wishes

Jeremy Sulak
... more
0 votes 125 answers Share Flag
Tue Sep 23, 2008
smith3gary answered:
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 options you have and exercise your legal options. Many lenders will try to work with you.

You will also find more information provided by the State of Michigan on the websites below.

http://michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html

http://michigan.gov/ag/0,1607,7-164-34391-180413--,00.html
... more
0 votes 3 answers Share Flag
Fri Sep 12, 2008
Chris Klebba answered:
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 lockbox and key and write an offer...beating others to the punch. Nothing new there. As far as getting answers/responses from the bank...there are a couple things going on there. 1) the banks are literally swamped with these files and far understaffed to handle the volume. 2) banks are pricing properties so they bid up, meaning they price them low and create a bidding war. Happens all the time lately. What you need is a couple things: first and foremost is patience. Dealing with a financial institution is nothing less than frustrating and a lot of red tape. Be prepared for the long haul. Second, you need a good buyer's agent working with you. Another idea I have is this: don't focus so much on foreclosures...what is the obsession with them? They are NOT always the best deal. There are TONS of houses out there that are "good deals" and no red tape to deal with. The media, and "word on the street" is that " you have to buy a foreclosure to get the best deal." NOT TRUE. The good news is this. If you've been looking since April, well rates have dropped a little bit, so you'll save some there. If you've been looking at "foreclosures" for 5 monts with no success, is that really the "best deal"? Broaden your horizons a little bit and you'll find your dream house. Let me know if you need help. ... more
0 votes 6 answers Share Flag
Wed Sep 3, 2008
Jeffrey Halpern answered:
Not at all. That mortgage no longer exists and the financial institution will just write it off.
0 votes 5 answers Share Flag
Tue Sep 2, 2008
LYNN Afton answered:
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/MSHDA_Neighborhood_Enterprise_Zone_166438_7.doc
Check with the governing tax authority for that neighborhood, for information specific to that property and new ownership NEZ requirements.
... more
0 votes 1 answer Share Flag
Tue Mar 9, 2010
Scott Godzyk answered:
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 mortgages as incentives to help small investors just starting out. Good luck with your sale. ... more
0 votes 12 answers Share Flag
Tue Sep 8, 2009
Maureen Francis & Dmitry Koublitsky answered:
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 the house. ... more
0 votes 9 answers Share Flag
Sun Aug 3, 2008
Jeff and Ginny Mitchell answered:
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 been especially hard hit because of cutbacks in the automobile industry. People are losing their jobs and losing their homes and I for one do care.

I am sorry that you did not try to work for a short sale which would be less damaging for your credit ratings than a foreclosure.

There is a new program in Philadelphia that will not process any foreclosure until the mortgage lender and owner have had the opportunity to try to resolve the problem through mediation. The news report indicated that many people are able to work out a collaboration for a solution, which may be a temporary payment reduction for several years while people try to get their lives back together. Have you tried talking to the mortgage lender directly to see if they would work out a compromise that might let you stay in your home. With so many foreclosure properties in Michigan, perhaps they will realize they cannot sell quickly and would be better off letting you stay there with lower payments.

Good luck to you and your family. Shame on anyone who blames the victims. Walk a mile in their shoes. There but for the grace of God go I. Do you have family and church and other support groups around you for support and encouragement? Bless you and your family.
... more
0 votes 3 answers Share Flag
Sat Aug 2, 2008
Dallas Texas answered:
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 have seen taken 4 months for county records updated.
http://www.lynn911.com, http://www.homes-for-sale-dallas.com
... more
0 votes 3 answers Share Flag
Wed Aug 27, 2008
Sonya Loose answered:
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 a look at it again. With banks so sometimes don't see the signed addendums bank from them until just before closing so that is not unusual that you haven't seen them. Did the banks agent tell you that? I would re-read the addendum as I think your answer is in there. Don't we always warn our clients to be sure before signing their name? You don't indicate you are changing your mind because of the home inspection or because you can't get financing so I think you may be forfeiting the deposit. Good luck! ... more
0 votes 12 answers Share Flag
Sat Sep 15, 2012
smith3gary answered:
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.gov/local/index.cfm?state=mi

There are also housing counseling agencies available on the site.

The State of Michigan may also be able to help.
http://www.michigan.gov/ag/0,1607,7-164-34391-180413--,00.html
... more
0 votes 6 answers Share Flag
Fri May 30, 2008
Debra Drummond answered:
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 forfeited, regardless of the reason, if the buyer is unable to purchase. Good luck! ... more
0 votes 6 answers Share Flag
Mon May 19, 2008
Don Tepper answered:
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. They buy low, rehab, and then (in a buy and hold situation) take some cash out.

Yes, of course the appraisal should be higher after you fix up the property. The appraisal will be based on what comparable properties are selling for. So, to use your scenario, suppose you buy a property for $15,000 and put $30,000 into the rehab. And after the rehab, it would sell for $80,000, based on sales of other nearby comparable properties.

Lenders have gotten a lot stricter with cash out refinance, which is what you're talking about. Another avenue might be a HELOC. Or you could even create a second mortgage and sell the note (though I wouldn't recommend that).

You should check with a mortgage broker to find out what lenders are willing to do these days. How much will they refinance for? (80%? In that case, you'd be able to refinance for $64,000, thus pulling $19,000 out). And seasoning is a big question. A mortgage broker should be able to help you with those questions.
... more
0 votes 3 answers Share Flag
Sat Oct 29, 2011
Aileen Heck answered:
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 before foreclosure. The most important thing to do is not wait. Call your lender that your mortgage is through. If you need help just email me at theheckteam@comcast.net ... more
0 votes 5 answers Share Flag
2 3 4 5 6 7
Search Advice
Search

Followers

268