The rising prevalence of foreclosed property in Oakland county Michigan

The problem of foreclosed property in Oakland County, Michigan is a very serious one. There are numerous properties that have been in foreclosure or pre-foreclosure for several months.

Mostly, causes of these conditions can be attributed to two factors.

First, the failure to comply with monthly mortgage payments. Usually this results from unfortunate circumstances: the bad economy, job loss, medical emergency, etc.

Failure to comply with property taxes is the second reason for foreclosure in Oakland County, Michigan. Where a home owner fails to make regular payments on their mortgage loan for three consecutive months in Oakland, Michigan, the lender then gives them notice of pending foreclosure of their property.

The local paper, The Legal News usually runs this notice for 4 weeks.

Twenty eight days from the notice of default is the sherriff’s sale, after which the homeowner has six months to redeem their property.

Prior to this period if acceptable arrangements between borrower and lender are not agreed on the home enters foreclosure.

Your Options Pertaining to Oakland County, Michigan Foreclosures

Options to Consider

There are several options open to stop foreclosure by the mortgage debtors.

Like: short sales, lease options, buying the property through refinancing, and bankruptcy.

There are pros and cons to each option. The choice comes down to current finances and what the defaulter thinks will be likely in the immediate future.

Where an owner of a pending foreclosed property in Oakland County, Michigan chooses the option of a short sales or FSBO (For Sale by Owner), they have to ensure that they are able to get a buyer for their home before it goes to auction. Real estate investors may contact you regarding executing a short sale for your property.

The investor will get a signed understanding with you that you want their assistance, and they will try to work with your lender to buy the defaulted mortgage note at a discount.

The bank may allow the short sale to happen to avoid having to take the property back at the sheriff’s auction and save itself tens of thousands in various fees.

Lease Options

When defaulting debtor chose leasing their property to save it they can make agreements for leasing with option to purchase.

There are numerous benefits for the homeseller when going with lease options, sinde typical credit issues may stand in the way of the tenant buyer they are willing to pay higher monthly rents.

This rent helps offset the loan payments the debtor defaulted on.

The problem with lease options is they usually take some time to locate a tenant-buyer for the property. And when you are facing foreclosure, time is of the essence. That’s why it benefits you to work with investors, like our selves, who may find tenant-buyers more readily in addition to executing the transaction for you.

Another option to consider if you have a lot of equity is refinancing a pending foreclosed property in Oakland County, Michigan. You will create a new mortgage and lower your monthly obligation. This only works for those that can afford to pay for it and have income to pay the monthly payments.

Causes of foreclosed Property in Oakland County, Michigan.

The depressed property market is the blame for the recent spate of foreclosures. A lot of homes went into foreclosure in Oakland County, Michigan, because of the loss of jobs by the owners of these homes as a result of the recent downsizing by the automobile manufacturing companies. The most employees of automobile manufacturing in America is a title held by Michigan.