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. Continue reading
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.
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.