Forclosure In Michigan
My husband and I just bought our home 2 1/2 years ago and we filed bankruptcy after we moved in. After doing that we ran into so many problems with our morgange company not accepting our payments in which pushed us into a forbarence aggreament for 1 year. After that we tried to get into another and failed. We intrusted a local morgage company who PROMISED to finance us and don't worry about anything. SInce this is our first home we are new to everything. We trusted theses jerks and help on to our payments even after we got a forclosure notice- when they tolds us don't worry about it... sherrif sale happened and 2 weeks later the morgage guy tells us that the only option we had was a private investor who would do it but we have to pay to fix his credit so he can get the loan. We kinda woke up then and started making some calls and found out that the morgage company he worked for doesn't have private investors... he was scamming us and his company. We have been trying ever since then to save our home. I have had a not so good upbringing and We have two small children age 3 and 5 and I really want to save the first house I have ever lived in. We are not sure where else to turn to, Does anyone have any advice or help they can share with us? Please, this is the most important thing to us beside our children right now and the stress of losing our home is unbearable. We don't have anybody in our family who can help us.. we have been that route. Somebody be our Angel and shine some light our way? Thank you and GOd Bless
helplessinMI
Look I understand you are looking for help in saving your home and that is clear. This forum requires the ability to read. I know how to read.
You asked for help and we are trying.
How can one help you without details? You give a story of hardship and that's all fine but it does not provide anyone what direction to go.
I am starting to get the impression you posted this in hopes to get money and if that's the case you have violated one of TCI's rules.
If you are really looking for advise on what you can do then you need to provide details! Not hardship details but details on the subject property, details on your finances does this make it clear enough?
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So what are you looking for?
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I am looking for any help in saving my home. Like I stated we are new to this and I was hoping someone else maybe had some direction to point us into so we can save our home.
I am sorry if you have misunderstood my post. I am not asking for money I am looking for someone who may have more experience in this situation. Our sheriff sale was September 16, 04 and we have 6 months for redemption. In which we have until March 16th to eaither sell it , refinance it or give it back to the bank with forclosure. I am at home with my children with a small buisness. My husband is a Print Room manager at a Local Print shop and make about 55000.00 to 60000.00 a year. It is not that we can't afford the payments of the home. It just we were trusting the wrong person and gullable. The house is worth between 186000.00 to 200000.00 The amount we are getting for payoff from the lawyers is 172000.00 and we are trying to work on that amount to get it lowered.... the orginal amount of loan was for only 139000.00. We are looking for any special companys who does this kind of refinancingof such or anything out there that can help.. I don't know what else is out there and was hoping that someone else would know something we don't. I am not trying to make anyone mad or violate anything. Thank you
I am confused, if you can afford the payments than how did you loose the home in foreclosure?
Did the bank buy the property back or did another investor?
Your pay off is 172k and it may be worth 186 to 200k. So you are looking to get a loan of 86 to 92% loan to value this will be most difficult as you have a less than favorable credit score.
You are telling me that the original loan was 139k and we have fees, cost, interest and so on in the amount of 33k sorry but this does not work, you are not giving all the facts you are trying to make this all one sided in your favor!
Investors need all information, no sunshine, and forgive me no hardship because we know you are facing hardship, as this is why the home was foreclosed on.
I have helped a many in foreclosure, but only those that are up front.
Why did your mortgage jump 33k, did you not pay taxes, did you not pay the insurance, did you file bankruptcy and delay the foreclosure or was the 172k the top bid at the sale and it a third party purchased the property the 172k is not negotiable.
I really am trying to see if you may have some hope in keeping your home, but you are leaving out so many details that you are making this difficult and it does not have to be.
I will try this with you one more time, I am not trying to be harsh or even rude but I need facts now how you believe you have been taken advantage of, how the bank would not work with you, how many kids you have or even how good you may be as this will not resolve the problem and most importantly none of this would have happened if the mortgage payment were being made, you were in foreclosure simply because you did not pay! Plain and simply.
So you really need to sit back read your post and see where I am coming from as an investor - You have painted a vary sad story and it really is but to tell me you can afford the monthly payment tells me that you are not ready to accept the fact that you just can not afford the house!
Therefore, bottom line, just the facts and I will be happy to give some suggestions and think of it this way my return is zero profit and just a good deed. I will tell you that you should let go of the pride, realize you can not afford the house, cut your losses and start fresh again and this is the way I see your situation based upon what you have provided.
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Orginal loan amount 139,000.00. We bought in May of 2002. We tried to file a chapter 13 bankruptcy in July of 2002 and file payback of 100%. We then realized we couldn't afford the whole payback so we let it go and we had to wait adn refile a chapter 7 bacnkrutcy in September of 2003. In the meantim in between those dates. We tried to pay the morgage company the house payment and they wouldn't accept our money, we tried over the phone, through our lawyer and through registered mail. So instead of putting the money aside and paying it when they did accept it yes we spent it on other bills. (to this we know was our mistake) Anyways in July of 2003 we finally came on a Forberance aggreement to pay our orginal payment and 600.00 more a month for a year for the backed payments not made plus 4000.00 down. We had this aggreeement for 1 year which takes us to the end of June 2004. In which we tried to sign in another forberance aggreement but the lady who we were working for was really busy and didn't return our calls until we got a forclosure noticed and at which time we were contacted by a morgage company who could "save us" as they said. We gave them our info on Aug 2004 and we were told it would take 2 weeks at the most for an answer back. Our sherriff sale was on Sep 16 2004. We were in contact with this moragage company three or four times a day, with still no answer. Later to find out on Sept 21, 2004 we were turned down-= After the sherriff sale. We asked them many times before this what were our chances and they said if they could get a loan company to do it they had other route not to worry.. about the sherriff sale, they told us "oh you have 6 months redeption period and we can do something within that time. " Well after we were turned down with the loan morgage companys the loan officer told us he had something else for us but dragged us for two weeks.. then we demanded an answer. He met with us and the lady who came to our house orginally , and told us that he had a "private investor" but we had to pay 400.00 to fit this "privat investors credit in order for this guy to get a loan. We were going to have to pay 2% above (in which we understood and were willing to pay 2% more than his loan percentage including what he had to pay) then he told us that on top of thet we had to pay the guy 16,000.00-20,000.00 and we had to come with that upfront but the "private investor" would finance it for us. We were very leary of all the things we were just told by him and started to look into it and found out the company (loan guy) he worked for didn't have private investors... and didn't fix anybody credit reports. Basically the loan guy was scamming me and 6 other as we know it now. Using the office to run his so called own buisness. Needless to say we are past our sherriff sale and I called the morgage company to try to make a deal and they told me they didn't hold the morgage anymore that I was to call ERA and gave me a number. I called it and spoke with somebody and they told me they send me a packet telling about the sale and ect. Never got anything. Called back and now get the run around. Finally we called the city to find out who it had been sold to and they gave us a laywers number in which we called and left a message 33 times and no calls- in which it sounded like a cell phone. We have since got a different number from the city to try and in the past two days have talked to the lawers and was told today it never sold at the sherriff sale and it was turned back over to the orginal lender. So that is where we are right now. I hope this is enough info. If not I will try again I guess. Also we have some room to bring the home value up if we finish off the basement( about 400 sq feet to finish) the rest is all finished. It is a single family 1 story ranch home. We were the first house on our road and now there are 17 house and two more in the build. Most of the houses are two story and were sold at 230,000.00 to 260,000.00 . It is a new development. The house is 5 years old. We have 3 bedrooms two bathrooms , kitchen livingroon and dinning room with attached two car garage upstairs and a deck off the slider door in dinning room. The basement is 2/3 finished with drywall ceiling and then we have a unfinished section that one room is a to be bedroom and the other is a large utlity room. The acres is under 1 I believe. We live on the corner of a main road. and have alot of landscaping done. The reson we had to go in to a forbanrence in July of 2003 is because we couldn't come up with the 16000.00 in backed amount because we didn't put the money aside when they weren't accepting payments like we should have. So we though we could just refinance the whole thing and intrusted in the scam artist. Not because we can't afford the house payments. that is how the number morgage went from 139,000.00 to 166,000.00 is the Aug 2002 to June 2003 payments and intrest charges. 166,000.00 to 172,000.00 is the so called lawerts fees and intrest is what we have been told. That is where we are. I hope this is enough. Thank you.
Here is your options as I see it.
Sell the house.
Refinance the house to redeem the property. Doubtful with the two bankruptcies and foreclosure on your credit. If you had more equity than it would be possible.
Try to work out another forebearance agreement. Sounds like you will be dealing with another company that owns your note. So maybe they will entertain a forebearance and waive the foreclosure. Doubtful but worth a try. I am still not sure if this will help your financial situation. To me it seems like you are just digging yourself into a bigger hole.
Not much else anyone can do.
Regardless of the "jerks" you would still be in the same situation with the same options as you are in now. Luckily you saw through their game before you gave them any money.
Good Luck,
Tom
helplessinM
I hate that this has happened to you folks - but I will be vary blunt with you - of course, you know that.
You are done with ownership of the property as the bank took ownership of the property subject to your redemption rights. You no longer own the property, you need to plan to save and move.
If you do not do this you will be faced with a removal by force - this will not be pleasant!
You need to step up and go forward as fast as you can to bring order back to you, your spouse and your children.
Please keep in mind that this may be a tuff time but the good news is when one is down their is only one way to go and that's up.
Please do not let this keep you down, keep your faith! All things will work for the good it's just some times it does not meet with our schedule.
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