Foreclosures Help Information

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Question: Will i lose all my homes and jobs ect to foreclosure of just one home?

I moved to a new town from chicago 7 months back. we bought a new home here. We kept our condo in Chicago for sale since april. we changed two realotors, went 20K below the average price, did everything we can. but it just doesnt sells. Now all my savings are exhausted and i cant pay two mortgages (new home and old home). I was thinking of foreclosing the old home as i cant pay the mortgage anymore and iam not even living there.

Answer: I recommend that you hire an attorney who specializes in real estate law before you talk to the lender.

Follow the advice of your attorney.

Some of the other responders have given you advice that I suspect may not be in your best interest.

Your attorney will be able to give you a much better answer and it will not cost all that much compared with what you have to lose if you do not talk to an attorney.
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Foreclosed Homes In Michigan For Sale

Question: Michigan tax tribunal?

I was wondering for the state of Michigan I was told by the city I live in that the state tells them they do not have to recognize foreclosed home sales for the tax assessment. I was wondering if this is true or if their blowing smoke up my rear. I had looked up and down on the internet and I cannot find anything. Thanks in Advance

Answer: They are telling you the truth. Assessed values are at least loosely linked to Fair Market Value. FMV is determined using "arms length" transaction histories. Using figures from a distressed sale can artificially affect true FMV either upwards or downwards. This is a standard practice in real estate appraisals, whether it's for determining values for tax purposes or in delivering an appraisal on a property for commercial purposes such as qualifying for a mortgage loan or establishing an asking price for a property offered for sale.

When a distressed sale takes place it is not a good indicator of what the FMV of the property is. For instance, a home is purchased for $150,000 and is foreclosed upon 2 years later, with a balance outstanding on the mortgage of $140,000. However the value of the home has actually dropped to $120,000 due to the collapse in the real estate market. The foreclosure shows statistically as a "sale" for the $140,000 of the mortgage balance but is NOT an accurate barometer of values in the area. This would skew property values upward artificially.

A foreclosure could skew the numbers the other way as well, say if a property is worth $150,000 with a $100,000 mortgage balance and a $125,000 value. The sale would show as $100,000 and if it was used in establishing FMV for other property values in the area it would tend to bring them down artificially.

If you are attempting to challenge a tax valuation for property tax purposes, your comps must only include sales histories in the area that meet the "arms length" concept, i.e what a willing seller would accept from a willing buyer absent any outside economic influence.

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Foreclosed Houses In Maryland

Question: My house was foreclosed on. Has deed been transferred if I have not personally signed it over yet?

My house was foreclosed on in June of 07. 5 days ago I received a final eviction notice from the sherriff. Where do I call to find out if the house has actually been sold at autcion & deed has been transferred as I have not personally signed it over yet. I know that if you don 't sign it over they can go to court and get the deed that way. I live in Maryland.
First of all, thank you to the people who have answered my question. I need add a detail. I spoke with a realtor and she also told me if I did not sign the transfer of deed, the courts could still get it without my signature, this I know. However, she also stated that they HAVE to have the deed in order to put me out, that until they do, I technically still own the house. I'm trying to find out who to call to obtain this information. Does anyone know how I can find a number or if I can get this info online?

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Answer: If you have a mortgage what you have is a Warranty Deed, not the same as having a Deed. Your signature is not required. You no longer had any legal rights to the property when the clerk's representative said "sold" at the auction. Sold does not have to mean that another person purchased the property, it reverts back to the lender if the highest bid was not enough to cover the default amount plus costs of foreclosure.

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