Foreclosures Help Information

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Bank Foreclosure Michigan

Question: Given Michigan's bad economy, if we lose our jobs (not unlikely), will the bank work with us to save our home?

(there are 4,500 homes for sale in one county, about 25% of which are foreclosures). I mean, with a backlog of repossessed and abondanded homes, it should take over a year to sell ours.

Any info on this process will be appreciated

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Answer: I would try to lower all your payments and save as much as possible while you are still employed.

You could talk to the bank and refinance the balance on your house, but only if you have equity and a job. Do not re-fi and increase the principle ( cash out ), only that may lower your monthly payment.

Have you considered looking for a more secure job now, instead of waiting for yours to disappear?

Good Luck

Bank Foreclosures in Ada Michigan/Ada Bank Foreclosures

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Bank Foreclosure Departments

Question: Is it normal for a bank to foreclose after a 30 day late?

Our home was foreclosed on after a 30 day late in the state of Missouri. Is this common practice or is it because we had $220,000.00 equity in home? This loan was only active for 5 months. We did not receive anything stating we were in arrears from the bank until the day after the foreclosure sale and that was just a form letter from the bank asking to make up a missed payment or they would send it to the collections department. Doesn't this normally occur before it goes into foreclosure?

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Answer: No it isn't. And yes you are/were entitled to due process. Somethings fishy. You should really have talked to an attorney. Perhaps you still can.

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Bank Foreclosure Procedures

Question: How do you get a loan if you want to buy land with a house on it that you plan to demolish so you can rebuild?

Recently I found a great, great deal on a bank foreclosure home that is selling in the area I'd like to live. However I am not interested in the small home that sits there now. I'm more interested in the land. Is there something to know ahead of time besides the usual mortgage procedure and would I qualify for a different kind of loan if I don't want the house itself?

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Answer: The easiest way is.. if you have equity in your current home.. take it out to purchase the house and lot. Then demolish the house and take out a loan on the land (usually a certain % you can borrow against raw land).. then get a builders mortgage to build the house.

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