Foreclosure - Garden City,MI

Updated on December 08, 2009
M.O. asks from Canton, MI
10 answers

My husband and I need to foreclose. We dont qualify for a loan mod and our bank is not working with us to short sale our house. we can no longer afford it either because my income has been cut in half. This question mostly goes out to those of you who've already went through this or are going through it currently.....How long where you able to stay in your home? And afterwards where did you go? We have 2 children and I am very worried about them. The only things I can find in our price range are appartment homes which bother me, because in a perfect world I'd really like to be in a home. The only plus side to the apartment homes is that some of them are in great neighborhoods with great schools.

thanks guys!

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K.M.

answers from Detroit on

You might want to consider talking to a Bankruptcy Lawyer the first visit is free and they can help you decide what action is best for you. I know a lot of people that have done this if you would like I can find out who they went to just email me and I can email the info to you. Good Luck.

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A.M.

answers from Saginaw on

Get a banruptcy lawyer, my husband did this (married before) and he was told that if you just foreclose on your own, then the bank etc., can garnish your wages, and taxes. Got with a lawyer.

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S.C.

answers from Detroit on

Hi M.. Have you and your husband ever considered getting assistance from an outside mortgage modication company?

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L.K.

answers from Detroit on

Amazing that these banks won't work with the homeowners to do short sales, since they get screwed on price once the house goes to auction or change their qualifying criteria for loan mods so more of us can keep our homes! Idiots! Anyway... lol

I've been through the same thing (can you tell? LOL). You will have at least 6 months in the house once the process is started. My husband, son and I ended up in a double-wide mobile home in a decent community, but I wouldn't recommend this route to anyone else. You pay quite a bit ($400+) for "lot rent", which doesn't include squat (no utilities or anything - just the so-called amenities that the park offers), and that's money you could be applying to a "real" house, with a yard & a garage! Since a foreclosure & bankruptcy stay on your credit report for the same seven-year duration, you may want to consider that route & sock away as much cash as you can to get into another house.

I wish you the best of luck with this, M.. I know how stressful it can be! Don't let it get you down... stuff happens. You & your family will have a new start & you'll do great from here on out! Happy Thanksgiving!

L.

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P.H.

answers from Lansing on

oh i feel for u M.. we too are at this point and wow u know there are suppose to be plans out there to help us but we have yet to find one. we have been told by Chase u know the bank that has been in the news for making 3.5 billion dollars profit after they paid back taxpayers money. anyways we either don't make enough money or we are behind. please my husband was laid off for quite awhile and then when he found a job it paid less then half of his other job but better then unemployment.
then he got sick and almost died of respitory failure and the bank wants to know when we will come up with the back payments while he was in the hospital not knowing if he would live or die.
chin up lots of prayer and a positive attitude that one way or another us little people will fianlly get the right help to stay in our homes.
P. h

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K.S.

answers from Detroit on

M., I work with investors who buy homes. e-mail me because if things are not too far out of wack I maybe able to help. K.

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J.N.

answers from Detroit on

We rent a townhouse now. We didn't wait for the bank or the sheriff to throw us out. Once we made the decision to go into foreclosure (situation similar to yours), we used the money we would have paid on the mortgage to move while we still had good credit. (It takes a few months for the foreclosure to hit your credit record.)

As for being in a home, you can still rent one (if it's in your price range). There are also people who are trying to do "rent to own" deals because their houses aren't selling, so that could be an option if you found the right homeowner/situation.

If you take control of the situation and prepare the kids for it, then you should be fine. It was so stressful to move (and we did it without kids!); however, knowing that we were working "the plan" made it a lot better.

After 3 years, the foreclosure comes off of your credit report. Three years isn't really that long.

I also know a couple who has 6 kids who went through the foreclosure process and they found a house for rent and the kids are thriving now.

Good luck to you.

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M.P.

answers from Detroit on

Hello M.,

I can be able to buy your home cash let me know.Also after sheriff sale you can be able to stay in your home for 6 months. Are you already past the sheriff sale or not?I specialize in short sale process with the bank .Email or call if i can be any help on your situation at [email protected]____.com or ###-###-####

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A.G.

answers from Minneapolis on

Foreclosure is not a big deal...its the trend right now. Make sure you answer the banks calls, that helps prolong your stay. Usually its 6 months, but in this market, I've been seeing some of my real estate clients stay for over a year. Also, this is a great time for you and your husband to stock pile as much money as you can. I'm not sure if your thinking about filing bankruptcy to wipe out any other debt you have as well (might as well since a foreclosure will hurt your credit for about the same length of time)so you can stop paying on everything except for your utilities, save that cash, go on craigslist, put an ad out that your looking to rent a home and what your price range is and/or look for homes to rent and negotiate the rent (always negotiate!). You'll have a stash of cash, a new home, no debt and a brand new start for your family!!! Be strong for your family!!! I'll be praying for you!

B.B.

answers from Salt Lake City on

Promodela is right. You should probably quit making any payments to your mortgage company. Use that money as a deposit on something else.

Jo has some good advice, but foreclosure will stay on your record for seven years. Not three. Make sure that you find somewhere to stay for a while. You may have a hard time buying a home for several years to come.

good luck to you!

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