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Foreclosure in Northville : Real Estate Advice

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  • Local Info2
  • Home Buying22
  • Home Selling2
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Activity 5
Sun May 20, 2012
Eric Michael answered:
Steven, I hate to answer it this way, but this question needs to be addressed by a real estate attorney.

Any agent that would answer something like this might be doing more harm than good because we're not allowed to answer legal questions.

Real estate attorney. That's your best way to get this answered.

Eric Michael

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Sat Oct 30, 2010
Anna M Brocco answered:
I believe this is a duplicate question--Since no link is visible and no address given, you may wish to ask your question again so that it may be answered accordingly--in the meantime any local agent can help you--contact any realty office(s) and inquire. If you are referring to a short sale, whoever owns the loan is the third party. ... more
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Wed Feb 29, 2012
Garrett answered:
Hell yeah (recourse); debt collection practices are laws on the books in every state.
Lender's recourse is to foreclose. Foreclosure banishes you from a Freddie/Fannie-backed mortgage for at least 5 years. A sheriff's auction of the property (a step along the way to the property becoming bank Real Estate Owned) is one of the worst notations you can have in your credit report -- it will cause you problems in getting credit cards, renting, possibly employment ... more
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Wed Apr 24, 2013
Lorie Gould answered:
It is very difficult to call banks regarding their foreclosures. If you are looking to buy foreclosures then I would contact an agent in your area that specializes in foreclosures.

Foreclosures are typically advertised prior to the sheriff's sale or court house sale. This advertisement is usually located in the county newspaper. There are many foreclosures listing within the MLS.

Keep in mind that the best deals are not always foreclosures.
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Fri Mar 2, 2012
Maureen Francis & Dmitry Koublitsky answered:

Typically the bank pays. If it is listed that is the case. I would carefully review the bank's addendums with your Realtor so that you understand everything, especially any fees or costs to you.

The brokerage fee might be something like a few hundred dollars. I am seeing that more often right now.
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