Close to five million homes in the US are worth less than 75% of what is owed on them.
What if you live in one of them?
You owe $200,000, your home is worth less than $150,000?
Over half a million Americans have walked away, or taken the “jingle mail” option, mail the bank your keys.
I believe, [...]
Category Archives: foreclosure
Should I Stop Paying My Mortgage?
Another Foreclosure Wave Coming
Another Foreclosure Wave Coming
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Will I Still Owe Money To The Bank After Foreclosure?
Michigan allows foreclosure by publication, an auction process, or through a lawsuit in a court.
If the mortgage company bids the amount you owe at the foreclosure auction, you owe them nothing, no matter what they may get for selling the house later.
However, if the mortgage company bids less than what you owe, and it [...]
Foreclosure Crisis Deepening
American homeowners now $745 billion underwater on their mortgages, according to First American CoreLogic.
Sounds low to me.
2.8 million properties foreclosed in 2009.
And the trend? Bound to get even worse. Record high default rate now, as over 13% of homeowners are behind on their mortgage payments.
Why? More ARMs (Adjustable Rate Mortgages) resetting this year and next, [...]
Citibank Suspends Foreclosures
Or, Scrooge has a heart!
Foreclosure sales will be suspended by Scrooge, er, Citibank, for 30 days, starting this Friday, December 18, until January 7, 2010.
I suppose they don’t want the pipes to freeze on homes they take back.
They will also suspend evictions on houses they have already foreclosed on!
No doubt you, like me, is bowled [...]
Fight Foreclosure! Fight Eviction!
A big shout out to attorney Paul Nicoletti for an imaginative legal argument that is halting evictions and foreclosures in Wayne County.
Mr. Nicoletti has found that deputies conducting foreclosure sales, were not deputized by the Sheriff, as required by Michigan law.
Therefore, the foreclosure sales were not valid, did not transfer title to the home from [...]
Foreclosures Still Increasing
Trans Union released a look at the last quarter statistics, and foreclosures continue to increase.
So, there has been no noticeable impact from the mortgage modification programs, either by the mortgage companies or the government.
None of the bad trends has turned around yet:
Unemployment is rising.
Home values continue to go down.
Mortgage money, for refinancing, is harder to [...]
Foreclosures Still Going Up
Trans Union released a look at the last quarter statistics, and foreclosures continue to increase.
So, there has been no noticeable impact from the mortgage modification programs, either by the mortgage companies or the government.
None of the bad trends has turned around yet:
Unemployment is rising.
Home values continue to go down.
Mortgage money, for refinancing, is harder to [...]
What Happens In A Michigan Foreclosure?
Foreclosure is the way the mortgage company takes your house if you do not pay them.
There are other names, used for marketing purposes, like home equity loan, equity line, but the name has no legal significance.
Mortgage just means debt secured by real estate. That is, you pledged your house as collateral for a loan.
For there [...]
Can I Get A Short Sale On My Home?
Not if George Soros has anything to say about it.
The Mandelman Matters blog has a great post detailing with how our government, through the FDIC, helps the rich get richer and hurts homeowners who want to stay in their homes.
How?
We all see the FDIC taking over more and more banks.
Debts, like mortgages, owed to a [...]
