Loan Modification Blog » Michigan Foreclosure

U.S. Foreclosures nears the 4 Million Mark

admin — Sat, 12 Dec 2009 09:54:27 +0000

According to RealtyTrac, the U.S. is now reaching the 4 million mark in foreclosure with currently 3.9 million foreclosure notices all ready in motion. That is a whole lot of families/people looking at possibly having to relocate or even become homeless. With the unemployment rate, things are not looking any better either. Overall, this doesn’t fair well with lenders either. The cost to even set a foreclosure in action, little lone follow through is quite high and more lenders are losing out greatly by initiating foreclosures than they are saving their skin. Lenders fair better by negotiating a loan modification with borrowers than they do foreclosures. 1st Foreclosure Prevention can do that for homeowners facing foreclosure. Currently there are four states that are account for more than 50% of the foreclosures in the United States – California, Florida, Illinois, and Michigan. If you live in one of these states, or anywhere in the U.S. and are looking at facing foreclosure or have already been served with foreclosure notice, contact us and let us help you keep your home out of the statistics.

To read more current facts regarding foreclosure and the U.S. foreclosure rate nearing the 4 million mark, read the article attached below.

Ice House Detroit

forclosure — Tue, 10 Nov 2009 17:53:22 +0000

Imagine a house totally encased in ice – frozen solid – well that is exactly what Gregory Holm and Matthew Radune pan to do to a foreclosed home in Detroit to draw attention to the damaging effects foreclosures have had on the Detroit region. Holm and Radune plan to call it the Ice House Detroit.

Foreclosures rates in the Detroit region are amongst the highest in the U.S. causing population loss, industrial decline, and homeless families. Holm’s, a photographer intends to capture the transformation on camera while Radune, a free-lance architect gradually sprays the house down with water as temperatures lower until over time, the entire house is encased in ice. In the spring, what can be salvaged from the house after thaw will be reused and the rest demolished. The lot will then be donated to provide a community garden.

Holm and Radune are actively working towards gaining funding for the project to the tune of $11,000.00 to cover the cost of demolition. The actual house in Detroit being used for the project has not yet been secured.

If you would like to follow the Ice House Detroit Project, Holm and Radune make regular updates on their blogger site here: Ice House Detroit: http://icehousedetroit.blogspot.com

Wayne County Michigan Foreclosures

admin — Wed, 30 Sep 2009 16:46:20 +0000

Wayne County Foreclosures on the Rise

An astounding 125,000 properties were foreclosed on in 2008 in Wayne County Michigan. The listings for 2009 tax foreclosures in the Wayne County paper alone is 137 pages deep with approximately 150 listings per page! For anyone who does not believe that foreclosures are a rising problem only need to look in their paper.

If you live in Michigan and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home. Do not become part of the statistics. Stop foreclosure today.

Michigan Foreclosure

admin — Mon, 24 Aug 2009 11:25:48 +0000

The state of Michigan primary method of foreclosure is non -judicial foreclosure. Although in Michigan, the foreclosure process does not require court action it does require that the lender follow the power of sale clause, which by default gives an attorney the right to foreclose on property in default. The attorney acts as the lenders representive. Foreclosures are generally done by auction that is conducted by a sheriff.

Prior to foreclosure, the lender must publish in a local paper within the county where the property is located, for four consecutive weeks the intent to foreclose. Within 15 days of publication, a public notice must be posted at property in default. Public notice must include the name of the mortgagor the name of the mortgagee the name of any party or assignee, the date of the mortgage and it’s recordation, the delinquent amount, a legal description of the property, the length of any applicable redemption period and the place and date of foreclosure sale. The foreclosure sale must take place between the hours of 9 am and 4 pm and the property will go to the highest bidder.

Secondary form of foreclosure in Michigan is the judicial. The Judicial foreclosure procedure is used when there is no power of sale clause. In a judicial foreclosure, the courts must issue a final judgment of foreclosure. Michigan has a statutory right of redemption, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. A lender has the rights to a deficiency judgment when a property in foreclosure is sold at a public sale for less than the loan amount, which the underlying mortgage secures. The borrower can claim that the foreclosure sale was not for fair market value of the property as a defense.

If you live in Michigan and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.