Foreclosures Help Information

Posts Tagged ‘Michigan Bank’

Bank Foreclosure Homes In Michigan

Question: How does a deed in lieu of foreclosure affect junior lien holders?

I was in the process of purchasing a home that was an attempted short sale. The primary lien holder had agreed to the purchase, but the deal was being held up by a bank through which the owner had taken out a second mortgage. The homeowner gave up hope and abruptly chose to go "the deed in lieu of" route instead.

My agent is telling me that the junior lien holder is now out of the picture and that they have no legal interest in the property. This doesn't sound right to me. Other than title insurance, what's to prevent this other bank from placing a lien on the property after I purchase it? (This is in Michigan, if that matters.)

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Answer: get a real estate atty.

Michigan Foreclosure Listings - MI

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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

Bank Foreclosed Homes In Michigan

Question: On a foreclosed home - Does the bank hire a driveway dumpster company or the new owner?

Also what is the timing? Does the bank hire the junk removal company before it goes on the market? Or does the new owner get to choose to clean it out their selves or hire a driveway dumpster/junk removal company? I'm in Michigan (MI). Thanks!

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Answer: I doubt there are any rules regarding this. Everything is negotiable. If the bank finds it has a buyer that is willing to handle the clean up, I'm sure they would consider the offer so they could be rid of the property.

Michigan Bank Foreclosures - MI