Foreclosures Help Information

Posts Tagged ‘Michigan Foreclosures’

Hud Foreclosures Michigan

Question: Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time). He scored at approximately 600 on his credit reports due to old problems with his business. It shows $11,000 indebtedness on the report. How can he qualify to take advantage of Michigan's foreclosures and purchase a HUD home through FHA with the $100 downpayment program. Should he take the MSHDA pre-purchase credit repair course first? How long are these courses and do they make a difference to lenders? We need to get pre-approval for the mortgage in writing and will have the $1000 EMD and $100 downpayment as required by FHA. Unfortunately, since I'm still in Canada with the kids, I can't be added to the mortgage application until after November..and we have to be IN a new place by mid-January when the kids move over.

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Answer: I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.

They will be able to answer your questions and give you some options.

Homeowner Suit vs. Bank CEPersVid-22

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Chase Bank Foreclosures Michigan

DETROIT, MI – Wouldn’t it be fun to kidnap the CEO’s of Chase, Bank of America, Citibank and Wells Fargo, hold them somewhere with just the bare living essentials and force them to negotiate loan modifications and short sales with their own customer service departments to earn their freedom?

Imagine their frustration as they have to wait on hold forever, speak with poorly trained, clueless staff who can’t find the documents they’ve faxed or emailed for the umpteenth time and have to keep starting over.

It’d make a great movie! We could call it, “Groundhog Accountability Day for Bank Executivesâ€.

“Sighâ€. Unfortunately, that’s a fantasy and reality is what we have to deal with.

Why are the big banks so difficult to deal with? Why don’t they seem to understand that they lose more money when they foreclose on properties than when they negotiate a loan modification or short sale?

Perhaps it’s we who really don’t understand where the money is made.

Do you really think that banks are able to have 24/7 customer service for credit cards and other loans, but can’t seem to come anywhere near that for loan mods & short sales? Do you really think, given technology that can track a package mailed to Timbuktu online, that faxes and emails really get lost? How hard is it really to train someone to do a loan modification or short sale?

Consider this - Chase bought WAMU in September of 2008 for all of $1.9 billion dollars. For that they got a bank with almost $310 billion in assets, $188 billion of it bank deposits. Now Chase will tell you that the deal wasn’t that great as they had to absorb a hemorrhaging mortgage portfolio of $176 billion that they immediately wrote down by $31 billion. That’s true, but hides what really is going on.

If you ignore all the other debt and assets, Chase got $176 billion in home loans for $1.9 billion. That’s just over 1% of face value. Assuming an average loan balance of around $300,000, that’s almost 600,000 mortgages and corresponding homes. That means they paid an average of only $3,000 for each of those loans. Even if they foreclose on the ENTIRE portfolio, do you think they can make money by reselling houses they got for $3,000 each?

In January of 2008, Bank of America paid $4 billion for Countrywide. Countrywide serviced about 9 million loans valued at $1.5 trillion dollars. Do you really want me to run the numbers on this deal?

The failed IndyMac Bank was sold earlier this year to a group including George Soros and Michael Dell, under the name OneWest. Sheila Bair, the head of the FDIC, had made IndyMac her personal guinea pig project for testing out aggressive loan modifications to slow foreclosures. OneWest issued a press release at the sale, stating they would continue to pursue the FDIC’s loan modification and short sale strategy. How long do you think that lasted? Try calling IndyMac now for either and see how far you get. Better yet, call Dell computers and ask them how you can customize your loan modification online just like you can order a computer.

So what incentive do these banks really have to approve loan modifications and short sales?

Who created this financial bonanza for Wall Street? The financial geniuses in Washington D.C. They could have put in place restrictions and requirements tied to the purchase of these banks, but they didn’t. Is this something they could have mistakenly overlooked? Not likely. So, this means our wonderful administration in Washington is allowing the banks to make money off the tax payers that bailed them out.

Nice. Now what are you going to do about it? Probably nothing, as it’s easier to just tune into the latest reality show on TV.

About the Author:

In addition to real estate lending, consulting and investing, Drew Sygit writes & speaks about the mortgage & real estate industries. He holds mortgage industry designations CMPS, CMC, CRMS, CMLO, CALO, has an MBA and is an approved industry instructor. He’s presented, spoken or written for HUD, Financial Planning Association, Financial Planners Association of Michigan, Michigan Associations of CPA’s, Institute of Continuing Legal Education, Oakland Real Estate Investors Association, North Oakland County Board of Realtors and numerous industry publications. He also publishes his own blog: http://drewsmortgagenews.blogspot.com. He can be reached at [email protected].

Article Source: ArticlesBase.com - Reality NOT on TV – Banks Make Money on Foreclosures

People's Summit • Detroit, Michigan • RenCen Protest • 6/16/09

National City Bank Foreclosures Michigan

Knoxville, like many mid size US cities, is trying to reenergize itself amidst the recession. But it is difficult, especially with so many people out of work. But there are rare opportunities available. If you are in the market to invest in real estate, Knoxville has some promise.

But how long will the pain last? As the calendar turns to 2009, that's a crucial question for the local real estate market.

Last year's economic tailspin largely was driven by trouble in the national property market, as skyrocketing foreclosures led to tighter lending standards from banks and a nationwide slump in home sales that lingered into the end of the year. According to the National Association of Realtors, the annual rate of existing single-family home sales was down 8.8 percent in November, compared to the previous year, while the median price was down 12.8 percent.

Local real estate observers frequently point out that East Tennessee has fared much better than disastrous markets like California, Florida and Michigan, but 2008 was still a rough year on Rocky Top.

Besides taking a hit at the macro level - among local Multiple Listing Service, or MLS, listings, home and condo sales were down nearly 37 percent in November, and the median sale price of a three-bedroom home was down nearly 6 percent - the turmoil also was apparent in a range of individual projects.

Two of Knoxville's top local builders were sued by lenders over allegations of unpaid debts, while a pair of waterfront projects ran into heavy turbulence. In December, unsold lots and developer rights to Lowe's Ferry - a residential project in Blount County - were deeded back to Fifth Third Bank, after the developer's cash flow dried up. The developer estimated that 52 lots had been sold in the project and 88 were returned to Fifth Third, which retained many former employees of the developer to continue marketing the properties.

In Campbell County, Orlando-based development company Land Resource closed its sales office for The Villages at Norris Lake and stopped development work for the waterfront project near LaFollette. In July, the developer said buyers interested in lots had been unable to get financing and that as sales dried up, the lenders who financed his company's operations said they wouldn't continue to provide money and wanted to see a revised plan. In October, Land Resource filed for bankruptcy protection.

About the Author:

Michael Russell writes about a variety of subjects. This article discusses ArticlesBase.com - Knoxville Real Estate -- Trying to Gauge the Market's next move