When a property is sold for an amount that is less than it is worth or less than the balance owed to the bank (with the approval of the lender), it is referred to as a short sale. The funds acquired during this sale are given to the mortgage holder and applied to the balance… [Continue Reading]
Buying a Home After Foreclosure
Although it is sometimes difficult to do so, it is possible for a person who has been through foreclosure to buy a house after the foreclosure is behind him or her. A person who wants to buy a home after foreclosure should consider the reasons that led to the foreclosure before, whether it was from… [Continue Reading]
Foreclosure With More Than One Loan Against Your Property
A foreclosure may not be the end of a homeowner’s financial problems if the homeowner has multiple loans secured by the home. These additional loans are generally known as junior liens, and they can take the form of second mortgages or home improvement loans. The lenders of these loans are usually behind the original mortgage… [Continue Reading]
Filing a Quiet Action Title
When a person acquires real estate under certain conditions, and there may be other people who can possibly lay claim to that property, under Michigan law, he or she may file a quiet title action in order to get the title to the property free and clear. In filing a quiet title action, the plaintiff… [Continue Reading]
Forbearance and Avoiding Foreclosure
There are several steps that homeowners can take in an attempt to avoid foreclosure and keep their homes. Some of these steps or programs can be temporary fixes, while others are more permanent and can work to restructure the terms of the mortgage loan in order to make the payments more affordable for the homeowner.… [Continue Reading]
