Upcoming Foreclosures

Does anyone know if in Michigan a bank can come after personal assets after a foreclosure? I am considering foreclosing on a condo in Michigan. I paid $369K in 2005 and my it has been listed at $225K for over a year. I still owe about $280K. I now live in Colorado and have bought another house. The condo is sitting empty in Michigan and is costing me about $3000 per month. The right financial decision is to foreclose, but I have the cash to pay it off and I don't want the bank coming after me after foreclosure. I've heard that in some states, the bank has to file a different type of foreclosure in order to come after assets and banks don't do it because it's very expensive and time consuming. Does anyone know what Michigan foreclosure law dictates? Thanks.

Foreclosure help manufactured home in Michigan, bank in Ohio now live and work in Alabama? I purchased a manufactured home in Michigan. I had to move to Alabama to get work. After trying to sell the house and keep it going for over a year I had to let it go. I got myself in credit card debit trying to maintain two places to live. The manufactured home was in a park. I finally let the bank take it back and they sold it. I now have a deficiency amount of $37,000. The bank is Huntington in Ohio and I was contacted by an attorney's office in Ohio (Weltman, Weinberg & Reis Co) stating they are now handling the case. I told them I couldn't pay as I am still living in Alabama and having to live with my father and trying to pay down my debt to get back on my feet. They stated that they would send this on for further review. If they bring suit against me, and from what I read about this group they will, do I get an attorney in Michigan and/or one in Alabama since this is where my income is from and my bank accounts. Also will I be given a chance to be present at the court preceding and given enough time to be served out of state and get there? Any information will be helpful. Thanks

Given Michigan's bad economy, if we lose our jobs (not unlikely), will the bank work with us to save our home? (there are 4,500 homes for sale in one county, about 25% of which are foreclosures). I mean, with a backlog of repossessed and abondanded homes, it should take over a year to sell ours. Any info on this process will be appreciated

How much should I offer on this Foreclosure/Bank Owned Home? The house was built in 2000, was sold in 2002 for $144k and is now listed at $132k. The bank took ownership of the home in October of 2007 so they have been holding onto for a long time. It is owned by Wells Fargo. Comps in the area are ranging from $130-$160. What should I offer and what should I expect to pay for the home? It is located in Rockford Michigan which is north of Grand Rapids.

Questions about buying a foreclosure home in Michigan.? My cousin is thinking about buying a foreclosure home to live in, not flip. She has the neighborhoods picked out and will wait until one of those houses go into foreclosure. How much cash do you need to come up with? Is it like taking out a regular loan for a home? There are a lot of stages to foreclosure which one will give you the better price (pre-foreclosure, bank owned…) ? Is the price you see the total price or are there hidden cost? Could you end up buying a place with a lean on it? Thanks.

reo property contractor? How would I ,as a contractor go about becoming a contractor for reo properties or for bank foreclosures in the state of michigan. I believe it is referred to as a 3rd party contractor.Your help is appreciated!!

our house is in foreclosure. can we rent it from the bank that bought it. we are in michigan?

I'm having a problem finding someone to finance a loan to purchase a Manufactured/Modular Home in Michigan? Its 5 years old, 1584sqft 3 bedroom, 2 bath and sits on a 4ft crawlspace. It is sitting on 2.75 acres. Another catch is, there is an old 800 sq ft farm home on the property too. Its a Bank Foreclosure and listed with a local Real Estate Agent. THe asking Price is 87,900. The assessed value of the Parcel is $58000, True Cash Value of $116000. THis is including land and both houses. Any ideas of what i can do.. Its the only House in the area I'm interested in..

Equity LOC is through the bank where I work. What happens if I foreclose? My mom has a condo. Her original mortgage is through Bank A. She works at Bank B where her Home Equity Line of Credit is through. If she goes in foreclosure....because she works at Bank B...do they have any rights to garnish her wages for payment? Or would it be legal for them to jepordize her job in any way? I would hate for her to lose her house and her job. P.S....we are in Michigan if that matters.

For Realtors and Brokers...can a bank owned foreclosure be sold during the grace period? Our builder/developer declared bankruptcy on the model home and remaining lots in our neighborhood. It went to Sheriff's auction in January. We have found buyers willing to pay MORE than what the bank paid for the model home at the auction but our builder won't sell it. I've asked the bank and they told me it has to go through him? Weird, since they own it now and you'd think would want to sell it. He says that he has a six month grace period to come up with the money and buy it back...he's already declared personal bankruptcy as well, so unless he wins the lotto, its not going to happen. So even though he knows there's a buyer out there, he refuses to give the asking price until July and says it's off the market until then. I've never heard of such a thing...and wonder if any experienced realtors or brokers out there can shed some light on this for me? BTW - we live in Michigan.

How far below Value are Foreclosures selling for in Ann Arbor Michigan? We are looking at purchasing a home this month. We have found one we like and I just found out today that the bank foreclosed on it for 75k and they have it listed for 229k. The area is a good area and in a strong market they may get it, but that's not the case. There is work that needs to be done, it's not in turn key condition by any means. The layout is a little weird, the carpet needs replacing, the fireplace needs restoring, the outside needs some serious paint, there's not even a mailbox or house numbers! No appliances or even shower heads in the bathrooms. It's a 2200sqft home with air and heat, 4bdrm, 2ba. How low of an offer would anyone suggest we throw out there? I had an idea until I learned the bank didn't have to pay hardly anything to get it back. The house was originally priced at 299k. Most comps in the area are pricing in that price range but they are in good shape. The house is totally liveable the way it is, after you add appliances, it just needs "some TLC" as you realtors would say. But, I can buy a house the same sqft with a smaller lot for 180k and it has updated appliances in the kitchen, updated baths and is total turnkey condition. Does it sound right to pay the same amount for a house that is not in turnkey condition but on a 2 acre lot instead of a .25 acre? (yes in the same school district, and both houses have been on the market for the same amount of time) Also this home we want doesn't have high efficency anything. I was thinking 175k w/ 7800 towards closing, but I'm wondering if that's too high to start?

I'm renting a condo in Michigan, but found out it is in foreclosure. Should i continue to pay rent? The landlord keeps telling me not to worry he is trying to buy it back from the bank, but is unable to show me any paperwork. What should i do concerning the rent, pay, or possibly be evicted.

Should I begin talks with the bank? I live in Michigan, and cannot sell me home for the life of me. I leave for a new job out of state at the end of the month, and my realtor is discouraging me from starting a conversation with the bank about doing a deed-in-lieu of foreclosure. She's saying she will attempt a short sale. I'm wondering if it is time to start talks with the bank about either of these options. I can't sustain a double payment for more than a month, and all of the furniture will be out of the house before the end of this month. It will be harder to sell if it is empty, and I'd rather save one months mortgage payment for the moving costs. "Try financing the mortgage payments until the house is sold." Can anyone explain what this means?

Can bank take money out of my account if I'm on the mortgage only? I am in Michigan.My house is going to foreclosure. My name is on the mortgage but not on the deed nor the note, am i liable for the payment? Since I am not on the loan, will the foreclosure affect my credit once it's completed? Some told me yes some told me no, now im confused. After the bank takes the house back, if they sells it less than what we owe, can bank take money out of my bank?

If we have to foreclose on our house would the bank be able to take our vacation property? I live in Michigan. My husband lost his job a year ago and we aren't sure how much longer his unemployment will last. The bank says we can't do one kind of modification because we can't show his unemployment will last 9 months. We have a vacation property with a small cabin on it, if we loose the house to foreclosure what will happen to the cabin? We have a first and second mortgage on the house. We did not list the vacation property on any of the loan documents for the house. Thanks for your help

What is the typical amount of closing costs a bank-owned home that is $60,000? I put a full asking price offer down on a foreclosure going for $60,000, and asked the seller to pay 4% closing costs ($2,400). How much do you think I will have to pay in closing costs? I live in Michigan, if it makes a difference. Thank you much!

Spouse in Foreclosure - Michigan? My spouse purchased a home in Michigan before we met/married so I am not on the mortgage or the deed. We rented the house for about a year but have not had success renting it again. We listed the house for sale and are currently working with a Realtor on a short-sale. Her lender has started the foreclosure process, even though they have had a short-sale offer on the table for the past 5 months. After we met (but before we married) I also purchased a home in Michigan. I purchased the home on my own credit and I am the only person on the mortgage. My spouse did "gift" me a small sum of money for the down-payment, but her name is not on the deed or the mortgage. As I understand it, her lender cannot come after my assets or my credit if her house does end up being foreclosed on. Is this true even with the fact that she gifted me a small amount of money for the down-payment? Additionally, it gets confusing to me when I start hearing about joint assets due to marriage. What can her lender consider joint assets and go after? If I leave her name off my bank accounts, etc, will that protect me from any future judgements? If I do buy another house in the future, even if I do it completely in my name, can this be considered joint assets that her lender can go after (since we are now married)? Is there a period of time where her lender can no-longer sue for money that they do not fully reclaim for a foreclosure sale? Are there any steps I need to take to make sure I am protected? Thank you

What to do about this mess? What to do? First off this story is so long, ill cut it down but ask questions if you need to. I am not about to be foreclosed on. I am current on everything , me and wife have a great credit score, never late. When I got married both of us wanted to move out of Michigan but stuck around because of my parents. 10 years later, my mother passed a few weeks ago and dad about 1 ½ years ago. Dad was not stupid about money. Will be acted on in a few weeks and I stand to inherit a small, barely 6 digit amount. Well, you guessed it, nothing holding us back Except the bath I would take EVEN if I could sell my house. I have NO PLANS on spending %60 of my inheritance paying off my upside down mortgage. Short sell is so far upside down the mortgage company would NEVER go for it. And no houses are selling anyways. I could be wrong but I think my next door neighbors are going to walk away from that house and my neighborhood has a few bank foreclosures up for sale already. What to do? What not to do, if I walk, I will have a tidy sum in my bank account—should I not bother depositing my inheritance—can the mortgage company come after me? Note: I will be posting a second question later concerning my inheritance and some property. Renting out not even on table i think, i will not be around to take care of property.Have other homes in area for rent--not moving.

Will the bank try to take away my IRA money if I foreclose? Another Michigan tragedy. I'm leaving for another state, never to return again, and will be leaving a home that doesn't seem to rent, nor sell. I will be doing a deed in lieu or a full out foreclosure soon.

How do I buy an unlisted foreclosure from the bank? I've had my eye on a home that's been on the market for over 2 years. It finally went into foreclosure and the owners gave the keys to the lender in April of 2008 here in Michigan. I'm interested in finding out whether I can make an offer on the property as it sits vacant, not on the market, as the house is still under recission. Can you put a "short sale" offer still in? Do I need to get in touch with the owner that gave the house back to the bank? I'm assuming I can get a deep discount, as logic would say the bank would rather get it off their books than hold on to it for another 3 months as they wait out the recission period... Thanks in advance for any help...

Purchaser of foreclosure property responsible for 2nd mortgage forgiven in bankruptcy? 2nd mortgage relieved in bankruptcy & home is now in foreclosure with 1st mortgage bank. If someone buys the property, will they have to pay the 2nd mortgage or is it gone because it was part of the bankruptcy? BTW, the property is in Michigan.

Will the bank accept this offer? Yesterday I placed a 74,900 bid for a house that was listed for 79,900. It has been listed for only 8 days and it is bank owned. Do you think that the bank will consider this bid, being that it is less than they want and I am their first offer? I live in Michigan where there are a lot of foreclosures and short sales. The comparsion of the area is 91,000 and the house is appraised @ 98,000.

Shopping for my 1st home? I thinking about becoming a first time home owner. I've heard of foreclosures and bank owned property, but I don't want to have to pay for this information. Are there free services available to the public? I'm looking to move in the Southeast lower peninsula - Michigan.

Should I foreclose or short sale my investment property in Michigan? I'm in a situation where I cannot afford any costly repairs or vacancy on my rental property. I receive $1300/mo. rent, and monthly costs are $1400. I'm $70k upside down. I'm current on all of my bills and have not missed any payments. I've invested $40k into the property, which is lost at this point. I know that a foreclosure affects my credit more than a short sale. Either way you will still get a 1099C and have to pay taxes on the difference in sale price vs what you owed. Here's my question. If your credit is screwed either way, and foreclosure home owners have been living rent free in their homes until they get kicked out...why can't I stop paying my mortgage and keep all of the rent money until I lose the home? If it takes a year for foreclosure, then I can bank $15600 to pay towards the 1099C and any other costs and recoup some of my money. If I do a short sale, then I have no extra money to pay the 1099C and I'll be losing every month it takes to sell. Tell me why I should not foreclose, stop paying, and keep the rent money as long as I can. Don't tell me my credit won't be hurt as bad, because my bank account will be hurt bad if I go the short sale route. I don't care about some silly number that they give me. My credit will bounce back. If you agree or disagree, or if you have actually done this, please post . I would like to hear your opinion. Thank you. **Let me add that I used to think that I agreed to pay and I should be responsible just like everyone else. The FACT is that the government allowed banks to be greedy and lend to anyone and that is why people have upside down mortgages. All of the people that have good credit and make their payments get screwed royally. It turned into a bad investment and corporations go bankrupt all the time and cut their losses. Foreclosure is legal. So don't give me that lame ethical excuse, if you do, you are a fool! Open your eyes. **Also, my personal life situation has changed and that is why keeping the property is bankrupting me. Try having your wife lose her job and have to go back to school full time. It's really tough for people, so don't question my ethics. I'm taking care of me and my family first. **Maybe I can make another note: I am not eligible refinance my property because my loan is more than 125% of the value. I'm upside down by about $60k which means that I'll probably owe 25% taxes on that which is $15k. I see it as a stop loss rather than I'm pocketing $15k. I lose in the end, it's just how bad do I want to lose? I could short sell and keep losing $100/mo and hope I don't need repair or have vacancy and still owe $15k at tax time. Or I can stop losing $100/mo now and possibly have the money to pay the taxes. I think the answer is obvious, but I have not seen a reason otherwise by intelligent posters. Come on peeps, think about this one and give me a good answer.

How long after you stop making your house payments until you get kicked out? A friend of mine lives in Michigan and told me they stopped making thier house payments 4 months ago and the bank hasn't even started the foreclosure. They also tell me that once they get the notice they have 6-8 months before they actually have to vacate the house. Is that true? Can they really live there for free for a year?

Are the politicians telling you YOUR ON YOUR OWN if so what is your economic survival strategy? California -- once the 8th largest economy on the planet --- the political masters of the federation have expanded wars but California is just on its own now --- insolvent Katrina the oil spill that saw workers being denied respirators --- you are on your own So --- oil leaks in Michigan the Gulf of Mexico -- hurricanes that still haven't been fully recovered from nor have any of the asbestos trailers been dismantled -- just stored empty 100 banks or so in bankruptcy foreclosures and so on If it happens it is about sinking and swimming So what is your economic strategy

Michigan Short Sale / Foreclosure Repercussions? I'll try to make this short with the facts.....I was involved in a motorcycle accident, surgeries, lost job, declared disabled. My home has no main floor bathroom or bedroom which required me to struggle to use the stairs. I received my settlement from the accident and I purchased a different home that offered me main floor living and amenities. I have now listed my old home with a realtor for a short sale and yesterday a offer was made on the home. I made it clear to the realtor that we wanted to walk away from this owing nothing and for her to make sure that the mortgage company if they agree to the short sale that they agree NOT to pursue me for a deficiency balance. I lived in the old home for 15 years, I estimate that the bank has made 90k in the interest alone.....so my question is this. If the bank rejects the offer and the people walk away.....I can no longer afford to manage both homes due to my hardship.....so if I allow the home to go into foreclosure, should I let it and then file a bankruptcy......or can the mortgage company come after my assets, my current home which I have paid cash on and have no payment? Thanks CAT LOVER.....I don't know if you have dealt with Green-path personally, but I went to the link you sent me, submitted the same question and received an automated response to call them, so I did.....automated system that kept mentioning through the options for people that have "purchased" programs with them......so I'm unsure if they are free services as you suggested......so I hung up, thanks anyway.

Why did the bank try to foreclose? My friend is very underwater on her house. She lost her job and negotiated reduced payments in writing for a while and when she obtain work she began making her full payments again according to written agreements. None the less she received a foreclosure notice recently and the bank would not talk to her claiming she failed to provide paperwork, none of which was true. She hired an attorney and received notice out of the blue yesterday that her mortgage was being reset at 4% and with a 25 year note. Without an attorney my friend would have been railroaded. I live in Michigan and Wells Fargo was servicing the loan.. Does anyone have any insight?

Can a bank come after the assets I've acquired if my wife's house goes into foreclosure? I have assets that I acquired before my wife and I were married and they are still in my name only. She already owned a home at the time. I don't know how she ever got the loan because she really couldn't afford it. She has tried to sell it for the last 4 years and recently the most she was offered is less than 1/3 what she paid for it. I had to move out of state for job reasons and my wife moved with me. Can the bank come after my assets if her house goes into foreclosure? I used to live in Michigan, but now live in Ohio.

Why did bush's top banking officals say that the community investment act had nothing to do with the crisis? Bush appointees Fed Chairman Ben Bernanke and FDIC Chairman Shelia Blair, both republicans, have stated that the CRA had nothing to do with the housing crisis. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in a speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to repay "consistent with the safe and sound operations"? No, of course not. CRA always recognized there are limitations on the potential volume of lending in lower-income areas due to safety and soundness considerations. And, that a bank's capacity and opportunity for safe and sound lending in the LMI community may be limited. That is why the CRA never set out lending "target" or "goal" amounts. That is why CRA supporters, many of you here today, have labored for three decades to figure out how to do it safely. It makes no sense to give a loan to someone under terms you know they can't pay back. That's a set up for failure. Despite our current problems, the homeowner is still one of the best credit risks in the world. Today, the delinquency rate on all home mortgages is only 3.6 percent. For subprime loans, there is a stark difference in the type of loan. The rate of seriously delinquent subprime fixed rate loans is a little more than one-third the rate for subprime adjustable rate mortgages. Any family willing to work, save money, pay the mortgage on their house is a sound basis of credit and a sound basis for America. So let the record show: CRA is not guilty of causing the financial crisis.

Why did bush's top banking officals say the CRA had nothing to do with the crisis? In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to repay "consistent with the safe and sound operations"? No, of course not. CRA always recognized there are limitations on the potential volume of lending in lower-income areas due to safety and soundness considerations. And, that a bank's capacity and opportunity for safe and sound lending in the LMI community may be limited. That is why the CRA never set out lending "target" or "goal" amounts. That is why CRA supporters, many of you here today, have labored for three decades to figure out how to do it safely. It makes no sense to give a loan to someone under terms you know they can't pay back. That's a set up for failure. Despite our current problems, the homeowner is still one of the best credit risks in the world. Today, the delinquency rate on all home mortgages is only 3.6 percent. For subprime loans, there is a stark difference in the type of loan. The rate of seriously delinquent subprime fixed rate loans is a little more than one-third the rate for subprime adjustable rate mortgages. Any family willing to work, save money, pay the mortgage on their house is a sound basis of credit and a sound basis for America. So let the record show: CRA is not guilty of causing the financial crisis.

How slim are my chances of securing this Paralegal position at a Bank? I currently work as an assistant at a globally recognized law firm in Michigan and my job is pretty secure, flexible and I work with great people. However, I am wanting to move into my Paralegal field soon. I got a call a few moments ago from a woman from People's State Bank who saw my resume online and wanted to set up an interview to assist an attorney who deals with foreclosures and defaulted loans. I do not have actual experienced with real estate law but i'm a fast learner. That's not my worry. My concern is the rigidness of working at a Bank, as well as the detailed credit checks, criminal background checks, character checks, driving record checks etc that i'm supposed to sign off on. I have had a suspended license in the past and had traffic tickets before (years ago) almost $1000 (paid off). I also got nabbed for retail fraud for eating a popsicle before paying for it at a Meijer in a small town in Northern Michigan while at College. Also, I do NOT have A-1 credit. My husband and I just purchased a home though, so our credit is good enough for that, however, there have been issues in the past with late pays and collections that are now rectified, but still....it happened. Should I even waste my time trying to get a job at a Bank? Be frank.

Should I go to this interview for a Paralegal job at People's State Bank? I currently work as an assistant at a globally recognized law firm in Michigan and my job is pretty secure, flexible and I work with great people. However, I am wanting to move into my Paralegal field soon. I got a call a few moments ago from a woman from People's State Bank who saw my resume online and wanted to set up an interview to assist an attorney who deals with foreclosures and defaulted loans. I do not have actual experienced with real estate law but i'm a fast learner. That's not my worry. My concern is the rigidness of working at a Bank, as well as the detailed credit checks, criminal background checks, character checks, driving record checks etc that i'm supposed to sign off on. I have had a suspended license in the past and had traffic tickets before (years ago) almost $1000 (paid off). I also got nabbed for retail fraud for eating a popsicle before paying for it at a Meijer in a small town in Northern Michigan while at College. Also, I do NOT have A-1 credit. My husband and I just purchased a home though, so our credit is good enough for that, however, there have been issues in the past with late pays and collections that are now rectified, but still....it happened. Should I even waste my time trying to get a job at a Bank? Be frank.

Missing title for manufactured home in MI? I'm looking to buy a manufactured home in Michigan. The home is a foreclosure and the previous owner and title are nowhere to be found. The bank won't offer financing without the original title. What options do I have?

What is the difference between bankruptcy and foreclosure? We have been trying to sell our home since last summer. We purchased a condo in September for half it's value. We have wondered if we just quit making the payments on the house will the bank come after our condo and any other assets (we have no more investments or cash reserve...we used it to pay cash for the condo)? We both have good paying jobs could they come after our paychecks? We live in Michigan.

Foreclosure consequences on my rental property in Michigan? I moved to Oregon 3 years ago. My home in Michigan never sold. The rent income has been below my mortgage the entire 3 years. I can no longer afford the mortgage and my renter is moving out in 1 month. I am considering letting the bank foreclose on the house since I can't refinance and can't afford to pay someone to manage the property for me. I have a 80/20 split loan thru Countrywide (now B of A) I know that the lenders can come after you and there are tax consequences but...the house is valued at $63,000 and I owe $63,000 on it. Any idea how much I may be penalized or responsible for if they foreclose? This is SO stressfull. Any help is appreciated.

How to get more time to evict a home? Hi, If a home is in foreclosure and the redemption period is up..the bank will get a court summons to evict the owner. However, is there a way to ask the judge for more time to move out? How does MICHIGAN law work?

Am I liable for the payment if my name is on the mortgage only? My house is going to foreclosure. My name is on the mortgage but not on the deed nor the note, am i liable for the payment? I just check my credit report it is not affected at all, does that mean i'm safe and the bank won't come after me??? I am in Michigan. Thanks.

Why do republicans avoid questions that prove them wrong? I have seen dozens of posts about how "dems forced banks to make bad loans" but when I provide proof, they won't respond. In fact, bush's own top banking appointees have said the "cra had nothing to do with the crisis" Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to repay "consistent with the safe and sound operations"? No, of course not. CRA always recognized there are limitations on the potential volume of lending in lower-income areas due to safety and soundness considerations. And, that a bank's capacity and opportunity for safe and sound lending in the LMI community may be limited. That is why the CRA never set out lending "target" or "goal" amounts. That is why CRA supporters, many of you here today, have labored for three decades to figure out how to do it safely. It makes no sense to give a loan to someone under terms you know they can't pay back. That's a set up for failure. Despite our current problems, the homeowner is still one of the best credit risks in the world. Today, the delinquency rate on all home mortgages is only 3.6 percent. For subprime loans, there is a stark difference in the type of loan. The rate of seriously delinquent subprime fixed rate loans is a little more than one-third the rate for subprime adjustable rate mortgages. Any family willing to work, save money, pay the mortgage on their house is a sound basis of credit and a sound basis for America. So let the record show: CRA is not guilty of causing the financial crisis.

Didn't the Chairmn of the Fed/FDIC both say the"Community reinvestment loans had nothing to do with the crisis? I keep hearing how dems forced banks to make loans to poor people which caused the housing crisis. Dozens of economic experts have stated this is a lie. In fact, bush's own top banking appointees have said the "cra had nothing to do with the crisis" Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to repay "consistent with the safe and sound operations"? No, of course not. CRA always recognized there are limitations on the potential volume of lending in lower-income areas due to safety and soundness considerations. And, that a bank's capacity and opportunity for safe and sound lending in the LMI community may be limited. That is why the CRA never set out lending "target" or "goal" amounts. That is why CRA supporters, many of you here today, have labored for three decades to figure out how to do it safely. It makes no sense to give a loan to someone under terms you know they can't pay back. That's a set up for failure. Despite our current problems, the homeowner is still one of the best credit risks in the world. Today, the delinquency rate on all home mortgages is only 3.6 percent. For subprime loans, there is a stark difference in the type of loan. The rate of seriously delinquent subprime fixed rate loans is a little more than one-third the rate for subprime adjustable rate mortgages. Any family willing to work, save money, pay the mortgage on their house is a sound basis of credit and a sound basis for America. So let the record show: CRA is not guilty of causing the financial crisis.

Why do republicans keep repeating the lie that "loans to minorities" created the crisis? Almost all economic experts have said this is a lie. Even bush's top 2 banking appointees have said this is a lie. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to repay "consistent with the safe and sound operations"? No, of course not. CRA always recognized there are limitations on the potential volume of lending in lower-income areas due to safety and soundness considerations. And, that a bank's capacity and opportunity for safe and sound lending in the LMI community may be limited. That is why the CRA never set out lending "target" or "goal" amounts. That is why CRA supporters, many of you here today, have labored for three decades to figure out how to do it safely. It makes no sense to give a loan to someone under terms you know they can't pay back. That's a set up for failure. Despite our current problems, the homeowner is still one of the best credit risks in the world. Today, the delinquency rate on all home mortgages is only 3.6 percent. For subprime loans, there is a stark difference in the type of loan. The rate of seriously delinquent subprime fixed rate loans is a little more than one-third the rate for subprime adjustable rate mortgages. Any family willing to work, save money, pay the mortgage on their house is a sound basis of credit and a sound basis for America. So let the record show: CRA is not guilty of causing the financial crisis.

Why do republicans keep lying about the community reinvestment act. Bush ordered 440 BILLION in subprime loans? Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms the

In 2002, why did Bush order 440 BILLION in subprime loans from fannie mae/freddie mac? Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the s

Why did republicans give everybody a free house, then bet that they would not pay the mortgage? In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"? Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It e

In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"? Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in a speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to

I live in Michigan where the economy is bad. How is the economy in other states in America? We have led the country in foreclosures two years in a row. Last year Oakland county, which is the 2nd richest county per capita in the US, had 8,000 foreclosures alone. Many communities are littered with empty retail, commercial and industrial buildings. The "Big Three" are downsizing, moving operations and giving buyouts at record numbers. Comerica Bank & Comp USA are at the top of a long list of businesses that have either closed all stores or moved corperate headquarters. Taxes are through the roof and climbing. My coworker owns a 900 square foot home, on a small lot, 1/2 mile from Detroit and pays $2,200 a year in property tax.

What should I read up on if I am seeking a job assisting an atty who deals with defaults and foreclosures? I have an interview Monday with a Bank and the job is assisting an attorney who deals with defaulted loans and foreclosing properties, and the reselling of those properties. I know their will be on the job training, but what specific things should I research that would pertain to this area of law? I want to have a little knowledge of this area of law so I won't look completely clueless at the interview. This is in Michigan, btw, if that matters. This is for a Paralegal position so there is a strong likelihood that I will be doing research...

Short Sell Help Needed (Michigan) - Experienced Responses Please? We recently put in an offer on a Michigan home that we were told by our agent was a foreclosure. We found out after putting in our offer that the home is actually a short sale - so we do not have a short sale addendum. We put up earnest money which we were told by our agent was required and would not be cashed until the offer was accepted. The seller accepted our offer but the bank has not approved the short sale. However, our earnest money check was cashed this week? So I have several questions that I hope someone experienced with short sales can answer for me: - Without a short sale addendum, can we back out of this purchase if the bank takes too long (several months) to give us an approval? - Was it right for our real estate agent's office to cash our earnest money check prior to lender's approval of this short sale? No provisions were made to the contract so we had to get an inspection already - before the lender's approval. Do we have an inexperienced agent? Please help Our agent is not the listing agent. The acceptance deadline in our contract was only put in place for the sellers acceptance. Nothing is listed as an approval date for the bank - as when the offer was written, we were told it was a bank owned property and not a short sale. In regards to Trulia, I had not yet seen those responses. I posted my questions to both sites but I will check Trulia now. Thanks for the responses.

How to appeal property taxes assessment value for Michigan? My husband and I bought our house in June 2009, we paid $122K for our house, it was a foreclosure. Recently our house was assessed by our bank for $140K. My assessed value for property taxes is 82,800 (which I am guessing that is half the value of the house?) So my question is, if they are saying the value of our house is actually 165,600, and the bank is only assessing the house at 140,000 I am assuming we are paying too much for property taxes. How do I appeal this, I realize I must go in front of the board, but what proof do I need and is it worth my time? Thanks!

I need a good Real Estate Attorney in St Joseph, Michigan!? We put a written offer w/ earnest money and preapproval loan letter to our agent to buy a foreclosure home. We got a counter offer from the bank with a $ amount we like. So, we accepted the counter offer, signed the addendums and handed it to the seller agent. We thought that the contract was done and all we got to do is get the loan. HOUSE IS SOLD! Now the bank wants to raise the price of their counter offer! Because they now think the house is worth more! Else we pay their new price or they wont' honor the contract. My agent thinks that is totally unethical. If we were the ones to back out of this contract, we get slap and kick all over! We would loose the earnest money and probably have to pay commissions and who knows what else. BUT NOT THE BANK! Everyone affected by the bank’s unethical behavior said that many banks are doing this to everyone trying to buy a foreclosure home. So there it is! We need a GOOD attorney, maybe a GOOD reporter too! Any suggestions!

bank sent our mortgage to attorneys to start forclosure proceedings. What are our options? I live in Michigan & have been out of work since January & have been unable to pay my mortgage. During this time I have been in constant communication with my lender (Citimortgage) about my status. I was told that they were unable to provide any assistance to me until I had more income. I have just accepted a new job and will begin working next week. This morning I called Citimortgage to inform them of my new employment and to make arrangements to pay my delinquent payments. I was told that as of today, they have sent my account to an attorney to begin foreclosure proceedings. I spoke to the attorney's office today & they have yet to receive it. My questions are: What are my options now that the account has been turned over to an attorney? Does this mean that the bank is not interested in keeping me in my home? If you have experienced this, could you share your experience?

What happens if I rent a home that is being foreclosed? in Michigan? Hi I just rented a home in Michigan as I was moveing my stuff in the new place a neighbor came and told me that she used to live there and that she moved out because the house is being foreclosed then later another neighbor came and told me that he just put in a cash offer on the house because it is for sale by the bank and that in about a week a sheriff would be there throwing my stuff in the street. I called the rental agency that belongs to the sister of the (owner) of the house and she said that it is not true that the house is not being foreclosed I checked online and I did not find anything saying that the house is in foreclosure I do not know what to do. Can they really throw me out? What can I do? HELP!!!! I have 3 kids including an infant. I dont know what to do!!!! If the house is foreclosed what if the house was already foreclosed before I signed the lease? Because I just signed the lease last friday.

How come Republicans lie when they say the Community Reinvestment Act was responsible for economic collapse? In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." http://www.frbsf.org/publications/community/cra/community_reinvestment_emerging_from_housing_crisis.pdf#page=3 Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. http://www.traigerlaw.com/publications/addendum_to_traiger_hinckley_llp_cra_foreclosure_study_1-14-08.pdf#page=2 Bernanke: Experience "runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." http://menendez.senate.gov/pdf/112508ResponsefromBernankeonCRA.pdf SF Reserve Bank's Yellen: "[S]tudies have shown that the CRA has increased the volume of responsible lending to low- and moderate-income households." "Most of the loans made by depository institutions examined under the CRA have not been higher-priced loans, and studies have shown that the CRA has increased the volume of responsible lending to low- and moderate-income households." http://www.frbsf.org/news/speeches/2008/0331.html I can't take anyone seriously who gives me You Tube videos as a counter argument.

Sheriff's sale is cancelled in Wayne county Michigan, what happens to my house? My sheriff's sale was scheduled in Feb. But our county sheriff stopped foreclosure sales before the sale, I have not heard anything after that. I tried to contact my bank, but no response. Does anyone know what is going on? I am scared that they could throw my stuff out of my house before giving me any notice. Is it possible? Or they have to give me some sort of notice before they take any action? SINCE THE SHERIFF'S SALE WAS CANCELLED IN THE WHOLE COUNTY, I IMAGINE MY HOUSE WAS NOT IN THE AUCTION WHICH MEANS THE REDEMPTION PERIOD HAS NOT STARTED???

I have an investment property in Garden City, Michigan? that I am truly upside down in the mortgage balances. I am due for the July 2009 payment for both mortgages (1st and 2nd). The first mortgage is held through Bank of America and second is held through Green tree. I have three tenants living in the house and they are struggling with making the rent payment. There has been problems with the house as to the plumbing. One of the tenants has put over $600 to redo the PVC piping. I understand about budging for the plumbing in my part of my responsibility, however I know I will not be able to keep up with the mortgage payments due to the tenants are struggling. I told the tenants that I don't want to be the landlord after the lease is up in November 2009. I plan on selling it or if the tenants can qualify for a mortgage to sell it to them. As it comes down to it, I would prefer to do a deed lieu of foreclosure. I just need some advise of what to do at this stage and what the outcome will be.

Are deed in lieus still happening? I understand the banks are getting better at foreclosure. Do I have a chance? I am from Michigan and we're second only to Louisiana in economic health. My property value has tanked below what I owe and I start a new job in another state by end of month.

My husband's name is not on my deed. Is he legally responsible if it forecloses? My home may go into foreclosure. I purchased the home while I was single and I am married now. My husband's name is not on the deed and has never been added to anything pertaining to my mortgage. Can the bank come after any assets that are in his name only? I have no assets in my name only. What about assets that are in both our names? We live in Michigan.

When should I try to talk to my bank about deed-in-lieu option? It was on the market for a year with no luck. Nothing is selling in Michigan so please don't suggest a short sale. It's either going to be a foreclosure or a deed-in-lieu. I know Countrywide won't take my seriously (I've heard) until I"m past due. Only past due 3 weeks right now. Thanks! I have no interest in keeping the house. I know that if I am not delinquent that the bank won't even talk to me about doing a DIL. All advice appreciated. This is a difficult time -- I'd like to be able to stay in the house for 6 months. Will a DIL allow me to stay this long?

how does a deed in lieu affect my husbands credit? We've had an impossible time selling my house -- it's been on the market almost a year and not moving... I can't compete as I'm surrounded my foreclosures at rock bottom prices. I bought it 5 yrs before I got married, and the deed is only in my name. If we ask the bank to take a deed in lieu, will it also affect my husbands credit or just my own? (I'm in Michigan) Thanks. (that should say "surrounded BY foreclosures")

lawyer question foreclosure&bankrupcy need help fast? do to job loss had to relocate to another state. home in michigan has been on market for 6 months no takers yet even after multible reductions in price. can't afford two homes any more so have'nt paid for the home in michigan (taxes are due also) recieved notice of foreclosure to take place 30th august. with bankrupcy laws that have changed what do you do first? talk w/lawyer or take pre bankrupcy class/ I never in my 50yrs thought I would have to do something like this. is foreclosure worse than a bankrupcy? can't even do a short sale no lookers. if I give the bank the deed back I also have a equity loan and have no equity left in the home. the auction will take place on the 30th I don't know what to do first. I'm humiliated at the thought of all this happenning. will I ever get a loan again? how much upfront to file bankrupcy? any help is appreciated.

Seller Not Paying Mortgage on Land Contact Home I purchased? I brought a home over a year ago on a land contract. The terms of our written contract were that I would pay the seller for three years on a land contract. And at the end of the third year would seek financing for the home. This week I received a letter in my mail boxe with no envelope from the bank the seller purchased the home from. The letter stated the seller's Mortgage was in default and if the past payments and payment due next month weren't received house would be placed in foreclosure. All of my monthly payments have been paid on time and I have paid my March Payment at this time. What recourse do I have at this time? I have contacted the bank regarding the foreclosure status of the home I reside in. But since i am not the buyer they weren't able to provide me with any information. I feel that I should retain my monthly house payment for April. If he is losing my home why would I be paying him to have him pocket my money and not pay the mortgage company. I reside in Michigan and I am not sure of what the laws are concerning the Land Contract buyers. Please I need advise as soon as possible. I can tell you that I haven't contacted the seller because I talk to him every month and not once has he mentioned his lack of paying on the home I am purchasing from him at this time

Is this a fair bid price? Yesterday I placed a 74,900 bid for a house that was listed for 79,900. It has been listed for only 8 days and it is bank owned. Do you think that the bank will consider this bid, being that it is less than they want and I am their first offer? I live in Michigan where there are a lot of foreclosures ans short sales.

Foreclosure: do we have to pay income tax on the whole amount? I have a tax question. We now live in Michigan but our January 2008 foreclosure was a property in Utah. We were unable to sell it and had to let it go back to the bank. They told us that it would be auctioned and we would get a 1099 tax form for the short sale amount (their loss). They were unable to auction it off, so we got a tax form for the ENTIRE amount of the mortgage, as if this is income! On top of everything else we have been through, are we gonna have to pay tens of thousands of dollars on this? The property became a HUD home and now belongs to SOMEONE... why should we have to pay tax on the property amount as if the whole thing was our income? This is so screwed up and unfair. Plus, we had mortgage insurance, so how on earth can they say that this is our income?? The mortgage insurance is in place to pay off the bank in case of default! Please, no ignorant comments. We TRIED to save this situation but we were victims of an unfair mortgage like many others, PLUS my husband suddenly became disabled and unable to work while I was very pregnant with our 3rd child in a very dangerous pregnancy. We had to move out of state to save our family and were forbidden by the bank to rent out the property, which was worth $30,000 less at the time than what we paid for it 5 years previously. We had a pile of medical bills the size of a mortgage and had to move in with family for help with this difficult situation. So to anyone wanting to post some snarky remark about paying bills, don't. The last thing we wanted was to end up in a situation like this! If there's anybody out there who can help us with this tax question, we would appreciate the input or advice. We are having our taxes done Monday so I guess we will find out at that time, but we're extremely anxious about the situation and any information will help. Thank you. Thank you, Jss and Stephen for your helpful answers! I will print out the links you gave me to bring to the tax accountant. The cancelled amount was around $75,000. I only earned $23,000 last year (husband $0). Yes, we lived there for 5 straight years and it was our primary residence. I have high hopes that we might come out of this unscathed, or at least just a bit singed. Thank you from the bottom of my heart for the helpful and non-judgmental information. Stephen - I do not know what insolvent means but it sounds pretty serious so... yeah, we probably were/are insolvent. We didn't go through a bankruptcy though, just hell. Travelguruette, we did not refinance. When listing assets and debts... as of when? At the time of the foreclosure we had a WAY negative net worth. Today's story is a bit better. But we're talk ing about last year. I think we have a reasonable assurance here that we will find some mercy at the end of this tunnel. Thank you all so much! Marisa... you make yourself look bad when your message is spammy and self-promotional, when your network and Q & A are suspiciously "private" and YOU are set up to make money off your web site. I'm not stupid! Find other ways of advertising your scam!!!

Lender says PMI company won't allow for a deed in lieu if property is vacant? We've moved from Michigan and we have a home there that is now considered vacant and most likely will be going into foreclosure. After speaking to loss mitigation the guy is stating that they can't accept a deed in lieu of foreclosure because the PMI company has some issue with vacant property. The lender is pushing that we seek out a short sale. Is he just saying this because the bank doesn't want to own and market the property?

Buying a foreclosure home. Need a little advice.? My husband and I are looking to buy our first house. We have found a few foreclosure's we like. We are wondering what do we offer on it. They are nice homes and homes in that area are selling in the range of $180,000 - $200,000. The two homes we are looking at the bank's are asking $180,00 0 for one and $170,000 for the other. One needs a little more work then the other. So my question is, how low should our offer be if we were to make one? Someone told us 20% but I thought that was really low. Now I live in Michigan where there are lots of houses for sell and it's really a buyers market here. Oh, both of these homes have been on the market, in foreclosure for 3 months now if that matters. Thanks for your help! There both in a very nice subdivision. They are just about 10 house's apart from each other. There both in a great area and there were both built in 2003

Foreclosure and a Second Home? Foreclosure and a Second Home - State of Michigan I have a mortgage fixed rate with a balance of 115000.I am currently laid off temporarily but am expecting much more layoff time.I am just starting to have trouble(no lates)with my mortgage payment,Was told by a loan officer that he could not refinance me but based on the info i gave him even floating my other loan i could qualify for a loan for a new home.If i buy another home and let the other loan go into foreclosure can they sieze my new home? Garnish my wages? Sieze my bank accounts or future bank accounts?My wife is not on the actual promise to repay but is listed as an occupant she signed some papers for that but nothing as far as finances go.Can they go after her?Destroy her credit?Even though she is not on promise to repay?Since i know my situation is going to get worse i am trying to move proactively relative to MY finances as in buy while its cheap and stay where its cheap

Is there a website or list of non foreclosure homes? Does my realtor have a nice handy list? I could really use such a list! I am pre qualified for an FHA approved home (not a bank owned, not as is, not foreclosure, not repo)... and not a lot of acres (shame really, I might like acres.). Also, I'm having a difficult time finding honest to goodness stick built or block homes in a rural area. All I can find are mobile homes that sell for $9,000 up to $69,900. I might consider a bargain mobile home (on acres) if I had financing. I would not like a $69,900 mobile home. who would? when I have the option to buy a house at the same price? can someone please, please, help me??! I need a house fast. I've been looking at houses forever. I had no idea that I needed FHA approval. It keeps getting more and more frustrating to find a house. I am in Michigan. Thank you so much for your help! I really need it! I'm busy mom chasing a toddler around all day while daddy is away! He's busy and can not help me look for a house (he says it's basically my choice, anyway, sweet, ,nice, huh? sorta, anyway : ) PS. I have $15,000 down, and not the best credit score, 609 , I believe. I was indeed pre approved for up to $65,000. Thank you everyone! Thank you!!! I have lived in mobile homes and I have lived in houses. I don't know what to do. If I choose a 1984 mobile home, it will need to be replaced when it is 30-40 yrs old. OK. yes, that's reasonable. But why buy another one? why bother? why not just get the $60,000 house in the first place? Will a new mobile home add to the cost of my bargain mobile home, add up to the $60,000 house in time? yes? or no? I'm so confused. I won't live but another 50 yrs anyway. Maybe the mobile home can last that long? By the time that happens, hopefully, my kids will already be in college or have bought a house of their own, they will not need the proceeds of my mobile home or house sale to benefit them.

Short sale and foreclosure process. Me and my fiance put in an offer on a house that was in the short sale process. However, the bank waited more than a month to do anything with our offer. In the meantime, the house went into foreclosure and now we have resubmit an offer and go through the whole process again. Why do banks do this? Is this legal. I am from the state of the Michigan. Thanks in advance.

Foreclosure? Not too many options...? My husband and I are having our home foreclosed on. We have been informed that the house already sold at auction and it willl cost more to buy back than we owed on the home. We are already resolved that we can in no way save the home from foreclosure and we are prepared to begin looking for new living arrangements. My question is should we sell our home and try to at least prevent the forsclosure from following us on our credit? If we do opt to sell should we sell to an investor? Are they reliable? I figure that it's better to take something than it is to just let the bank take it. With the market the way it is here in MIchigan we could never get a buyer in time. Looking for suggestions of any kind, or advice. Thanks.

Why would someone do this?!?! Foreclosure Rage... I just bought a home in Michigan that was foreclosed. I have since found out that the previous owners bought this property in late 2006 in the amount of $175,000. At some point the property, appraised over $200,000 while in their possession. During this time I can clearly see they have made a few updates before going into default. November 2007 the mortgage lender foreclosed and it was sold at Sheriff's Auction to another bank for $113,000 and that bank then went through court proceedures to evict the owners by March 2008. In this time frame, the home owner completely destroyed the home by: [ ] removing all fixtures: (toilet, sinks, lights, outlets) [ ] cutting all the electrical wiring in numerous places (and just left the wire hanging), [ ] destroyed the garage area and broke rafters, [ ] taking down all the mini blinds to threw them on the garage floor, [ ] ripped the door knobs from the doors (completely destroying the doors) [ ] then threw the door knobs on the floor, [ ] ripping out the baseboard heaters leaving gaping holes in the floors and walls, [ ] sawed off all the copper plumbing, tearing out drywall to get to it. The bank that won the auction ended up listing the home for a jaw dropping $33,000! Mr. AngryHomeOwner went through an awful lot of hard work to throw this temper tantrum after paying $175,000 just the year before and my questions are this: IS THERE ANY ADVANTAGE WHATSOEVER for this type of temper tantrum on the house owner in default was about to vacate? Obviously he needed to vent some frustration but does he GAIN anything from this type of behavior? Obviously the bank will now get a fraction of what they paid at auction at a massive $80,000 loss from just a few months ago. Who does this financially hurt? Him or the bank? Can this guy be held financially responsible for his destruction to the now bank owned property he was living in? Does the rightful owner, the bank, have a right to go after this guy for thier loss? Or does the bank just chalk this up to a "bad investment" and the home owner gets away with this vandalism free and clear? If this is the case why would a bank (or anyone) bid on a foreclosed home at auction with this type of considerable risk? Can anyone help me understand when the ramifications of this type of behavior would be? What would keep everyone from gutting their own homes when faced with eviction from foreclosure? I know there are several question here to be answered but I'm at a complete loss as to why someone would do this and at what cost they face for doing such a thing.... To Oh Yea: Yes, you are corrrect ---- however this questions isn't addressing what I have to pay for repairs. I am aware of the great bargain I stumbled upon. My question is WILL THIS GUY be held responsible by the bank for his damage he inflicted on this house and their loss because of HIS actions??? To v.b. You say he should be sued. I think I agree but would the bank actually go though that process or just chalk it up to as loss and bad investment? Why would banks bid on foreclosure auction if people can do this and get away with it???? SIMPLIFIED QUESTION: I guess the question really is: if a guy was down on his luck and about to lose his home to foreclosure, what would deter him from making a few bucks by ripping out all the fixtures and copper to sell on the street? Exactly WHAT does this guy have to lose at this point? I agree with the person who says that foreclosure laws EXPECT adult behavior but desperate times call for desperate means -- this guy was either extremely ticked off or was completely desperate for some cash.... but that wouldnt explain why the senseless vandalism to the doors and electric wiring. I am just wondering what can happen to this poor schmuck for taking out his frustrations on this house! I guess it's anyone's guess. TO iluvmyson6: You hit the head on the nail! I was speaking to a friend at work who told me that he has heard of something called "foreclosure shopping." NOt what you might think. A group of guys will cruise the "nicer" neighborhoods and look for the tell-tale orange foreclosure sticker you often see on the window or door of a vacant home. They then walk in and help themselves to whatever they need. OR strip the place and list the items on Craigslist. THIS is what has become of the American dream. With that said. I highly doubt theives would have wasted their time unbolting miniblinds to throw on the floor or cut wires and leave them hanging. But I hear ya! No wonder this country is in trouble.... TO Apple Pie: What are you getting at in referance to mortgage insurance? Or did you mean Home Owners Insurance? For me to file a claim for repairs would be fraud. I purchased the property AS-IS which means I knew before I bought it that it was in a state of disrepair. HOWEVER, your parents WOULD have a claim for repairs their renter inflicted since they owned the property at the time the damage was done.... Good luck to you. TO Oh yea: I can empathize his sadness at having to leave his home of just over one year... but I STILL just cannot understand what would make a person DESTROY his once lovely home. Still looking for the answer to what will the bank do to this guy who just cost them a cool $80 grand over an inmature temper tantrum? Like many have said in their answers: It was HIS home when he destroyed it. I know that I would not allow my mortgage lender to tell me which cabinets to install or which fixtures to tear out. And they could not tell me that I cannot rip out my miniblinds and dance a little happy dance on them in the middle of my garage floor while slicing all the electrical wiring to the beat of the music. So I guess when the bank bid on the property at sheriff's auction, they purchased it at $113,000 AS-IS which I guess means: AS-IS = destroyed. In hopes that the guy would have left it in livable condition. ALSO- How could the bank/legal owner PROVE that it wasn't theives that did the damage to this home after Mr. HomeOwner vacated the property? Right? This seems to make sense. Anyone have any other opinion on this subject? I'm surios to hear from you!

property assessed higher than it's worth? I'm buying a home in Michigan and found out that the property was assessed at about $86000 for taxes. Since it's a foreclosure I'm picking it up for $34500. The problem is I might be getting a good deal on it, but there is no way the it's worth $86000. The bank told me that the price of homes are going down faster then what they are assesed at for taxes because the city doesn't want less tax money than the pervious year. What should I do?

How long in Michigan does it take for the bank to foreclose on our home? We were told not to make payments until after the bankruptsy, and then catch up on our mortgage payments after the discharge. How long before the bank would start foreclosure?

Why haven't adjustable rate mortgages been outlawed? I have called my senators 100's of times over the past 5 demanding that these adjustable rate mortgages be outlawed and they haven't done anything. In addition, I want 100% loan to value ratio loans outlawed. We can thank the states of California, Michigan, Illinois, and Ohio for the current over-hyped foreclosure situation. Stupid headlines like Foreclosures up 68% are misleading as hell. Less than 1% of all the home loans nationwide are even in foreclosure. The U.S. had one foreclosure filing for every 617 households in November, RealtyTrac said. That is meaningless. During the attack on the United States oil industry between 1984 and 1992 one in five homes were posted for foreclosure in Texas and no one cared. Banks didn't do anything to help. I could care less how much homes have declined in California or anywhere else for that matter. Home values go up and down all the time. Rent homes and people who do not maintain they yards affect values more than foreclosures

Foreclosure/Short Sale advice...? I bought a condo 2.5 years ago in Michigan. The economy is so bad here right now and property is not worth what it was. I owe more then it is worth. I did an interest only, 0 down mortgage. I want out. I am about to be done with college and I think I may want to move out of state. I am very behind in my condo assoc. dues and they sent me a notice of lien. My place has been on the market for two months and I have only had one showing and they said that it was over priced, ha. I am trying to do a short sale. If that doesnt work that I want to try a deed in lieu (the place has to be on the market for 90 days from them to consider it). What I want is advice. I really don't want to screw myself with having a foreclosure but If the short sale doesnt work and the bank does not accept the deed in lieu, I may have to do foreclosure. Is this Lien going to hurt my plan? Any advice?

Educated info on foreclosure? My son's landlord repeatedly lied to him and the other tenants about their duplex going into foreclosure. Notices for the landlord were being mailed to their address, landlord claims he lives there and doesnt, and a friend of theirs that is a realtor told them it was up for foreclosure in Sept. When my son asked the landlord, he claimed it was all a mistake and he was taking care of it and not to worry. Today a realtor for the bank told them that it would be foreclosed on Sept 15 and not to pay the landlord for Sept. They are on a month to month lease, so I know the bank has to give them written 30 day notice. The realtor also told them that they could sue the landlord for 3 months rent as he mislead them AND that the realtor was going to make sure the bank gave the tenants a $500.00 buy out. Is this $500 per person? There are 5 people in the lower and 3 people in the upper and none are related. This is a 2 bedroom upper and 4 bedroom lower. All are friends. And does the buy out mean they waive their right to a written 30 day notice? My sons part (lower) is in perfect condition, but how do you get a deposit back from the landlord or do we get it back from the bank? I am a landlord of 14 yrs but have no education on foreclosure. Please help. Are there any websites to help tenants with forclosure laws for the state of Michigan?

How does a deed in lieu of foreclosure affect junior lien holders? I was in the process of purchasing a home that was an attempted short sale. The primary lien holder had agreed to the purchase, but the deal was being held up by a bank through which the owner had taken out a second mortgage. The homeowner gave up hope and abruptly chose to go "the deed in lieu of" route instead. My agent is telling me that the junior lien holder is now out of the picture and that they have no legal interest in the property. This doesn't sound right to me. Other than title insurance, what's to prevent this other bank from placing a lien on the property after I purchase it? (This is in Michigan, if that matters.)

Need to know how I should file taxes this year /1099 foreclosure issue? I got married in December of 2008. I'm trying to figure out if my spouse and I should file jointly or separately. We live apart, shes in Michigan, I'm in Arizona. I had my home foreclosed in 2008 and got a 1099. I'm not responsible for paying the bank back anything as far as the difference in what I owe and what it sold for in auction. The home sold for 30k less than what I owed on it. How should we file? Should I file separately? She made about 50k last year, and I made 30k. For recently married couples, is their advantages for filing jointly vs separately? I know I may take a big hit and owe taxes because of the 1099 issue, but I don't want her to lose her refund if we file jointly. If you're a CPA or tax professional, any advice would be helpful. Thanks.

Can I invest money in my wifes name if I have claimed bankruptcy? I walked away from my home in Michigan ( prop val. fell from 140k to 65k) and bought another home outright..... the bank has not come after me yet and I have not made a payment in 5 months nor have they foreclosed...... I know the foreclosure is coming and probably a deficiency judgement but I plan to file bankruptcy if they do...... but my question is...... the mortgage was in my name only and I have all my money in cash in a safe and would like to open an online trading acct. and put some money in the market in her name......... would it be a wise thing to do? Even though we are married , can the bank come after anything she has in her name even though her name was not on the mortgage?

Can realtors reneg on cash for keys after an agreemend has been signed? I live in Michigan and was renting a condo. My landlord went into foreclosure and a sheriff sale was held on Oct. 2nd. About 3 weeks ago a realtor contacted me saying he represents the bank which bought the loan and would offer me $1500 to be out by Nov. 14th - which was 3 weeks earlier than I was planning. I said I would make it happen and we signed an legit agreement. Today I contacted the realtor to confirm he would be coming out this Friday to get the keys and give me the money. He emailed me and said the property has not gone through redemption yet and he can not give me the cash for keys. Is this legal? I have a signed agreement. What should I do?

Can owner file forclosure on land contract if all payments were made? My husband and I have paid all monthly payments to the owner (a large residential and commercial contractor in Michigan) of our new condo (located in Michigan) which we moved into a year and a half ago on a Land Contract. We were planning to purchase the home by October 2009 (which is an agreement written in the Land Contract) but are unable to get a bank loan at this time. All payments have been made on time and in full, but the owner has been calling us asking when we will have the Mortgage ready. We would like to extend the Land Contract, but he may not let us and may foreclose on the property. Is the company legally allowed to foreclose if we have made all due payments and have kept the property in tip top condition? We are very worried about this because a foreclosure would disable us from buying a home in the next couple of years. Please respond to the best of your ability. We could really use the help. Thanks, NBP

What can someone do if realtor will not submit offer? My friends wants to submit a full price offer on a foreclosure and the listing agent is basically saying that there is no point because he has a "good cash offer" already....Well so is her offer. Her realtor believes that he likley has a relationship with the person making the offer, likely an investor, therefore, even if she presented it, her realtor thinks he will just sit on it anyway, to make sure the offer he wants to get accepted does. This is unethical and infuriating, is there anything she can do? Her realtor seems to just want to do nothing, I think she should do everything she can to fight him on this to make sure that the bank sees her offer too, as well as to bring this to his brokers attention. Other realtors, please advise! The property is in Michigan.

Legal issues regarding realtors? Hi the house I rent is up for sale (the landlord went into foreclosure) and is now owned by the bank. About the same time all the inspectors from the bank were doing walk throughs a woman came over to take pictures. She informed me that she was taking them "for the bank", about a month later I find out that she worked for the realtor. Well when I went on the realtor's website I find that all the inside pictures she took are now posted on their website, including my bedroom! I immediately contacted the realtor and they assurred me the pics were coming down immediately. A few weeks later I check again and they are still up! I call back, they say that they need to get in touch with whoever takes care of the website. Few more weeks go by, pictures are still up, I send an email giving them 24 hours to pull down pictures or I seek Legal advice. I was sent back an email stating that my computer must be storing them on my "cache" so it is just my computer not their website. So I had a friend pull the website up at her house and she can see all my stuff plain as day. I'm in Michigan and I know this falls under privacy laws somewhere, but I cannot seem to find any written law on this. Anyone in the legal field able to help me on this? (I actually do not have the money to go to a lawyer). Please cite where your info came from.

investors private michigan real estate? I am a licensed Michigan realtor specializing in placing people with weak credit into bank owned foreclosure homes. These homes are usually purchased for 30 to 50 % less than market value, and the purchasers come to closing with at least 15% down and first year taxes and insurance. Looking for private funding of these purchases. doug mandeville 734 271 5770