The Bouma Group can help you avoid Ann Arbor Foreclosure!

Chances are that you or someone you know in the Ann Arbor area is facing the possibility of foreclosure. Please understand that you/they are not alone. Today, 1 out of every 10 homeowners in America is behind on their mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at The Bouma Group, I’ve found that homeowners today have more questions than answers about their circumstances. We have created a website www.avoidannarborforeclosure.com to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners. On the website, I’m offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. Read the rest of this entry

Homeowners here in Ann Arbor who have been following the news during the past week, know that many banks have called for a moratorium on foreclosures. Bank of America, one of the major mortgage lenders here in Michigan, was the first to extend their review of foreclosure documents to all 50 states. As of yesterday (10/25), Bank of America resumed  foreclosure activity in 23 states, while continuing their nationwide review. Here are some questions and answers which will help to shed some light on the current foreclosure situation. Answers have been provided by Bank of America:

What is a foreclosure sale?
After a severely delinquent customer goes through the foreclosure proceedings, their home becomes the property of the investor or bank. At that time, the home is sold at public auction. It is only after that time that a customer may be evicted from their home.

What does this mean for customers currently in the foreclosure process?
Bank of America will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time. Foreclosure sales which were scheduled for October 9 or later were stopped and will be rescheduled at a later date.

Why are banks taking this action?
Due to questions raised about the foreclosure affidavit-signing process, steps are being taken as a precaution. Most lenders are reviewing their processes for handling foreclosure documents.
Read the rest of this entry

Over Easter weekend, over 1,000  University of Michigan  students participated in Detroit Partnership Day and helped demolish hundreds of abandoned homes in the area, as well as cleaned parks and painted murals ion 20 sites in northwest and southwest Detroit.

The problem of abandoned homes is an interesting dimension of the housing crisis in Detroit, as well as in Ann Arbor and around the country.  With so many homes being foreclosed upon, the “orphaned” properties that remain have created difficult legal disputes as to who should care for the properties while the foreclosure process occurs. In many cases, the homeowners abandon their homes upon receiving their first notice.

Read the rest of this entry

Ann Arbor Area Board of Realtors Numbers are In!

Well, the numbers just came in from the Ann Arbor Area Board of Realtors – Ann Arbor area real estate values are down 15.5%. This is a great figure, however, it’s much like saying the temperature in the USA is 82 degrees. What does that mean? Not a lot, because it doesn’t take into account the fact that the temperature can range from 10 degrees – 102 degrees depending on where you’re located. Well, home prices are just the same. Depending on where you live in Washtenaw County, your rate of decrease can vary dramatically.

Data collected from the Ann Arbor MLS shows that depending on the school district, there are large differences in market stats. Comparing data from the 4th Qtr of 2007 to the 4th Qtr of 2008, using price/Sq Ft as the true indicator of price, the chart below shows that the depreciation has ranged from a low of -7.1 in Chelsea to a high of -38.8% in Willow Run. Ann Arbor saw a drop of -7.6% putting it in the lower range.

  Read the rest of this entry

Because bank owned Ann Arbor properties are becoming more commonplace and foreclosures are on the rise the proliferation of scam artist are also on the rise here in Washtenaw County. These unscrupulous people are trying to take advantage of Washtenaw County homeowners who are in a very difficult financial situation. Many unknowingly fall prey to these scam artist who poss as so-called legitimate organizations.

Ann Arbor Foreclosure Danger Signs!

Read the rest of this entry