| The rising prevalence of foreclosed property in | | | | The investor will get a signed understanding with you |
| Oakland county Michigan | | | | that you want their assistance, and they will try to |
| The problem of foreclosed property in Oakland | | | | work with your lender to buy the defaulted mortgage |
| County, Michigan is a very serious one. Foreclosed | | | | note at a discount. |
| homes in Oakland County, Michigan are numerous and | | | | The bank may allow the short sale to happen to avoid |
| some of them have been in foreclosure or | | | | having to take the property back at the sheriff's |
| pre-foreclosure for the past many months. | | | | auction and save itself tens of thousands in various |
| The causes of foreclosure of properties and homes in | | | | fees. |
| Oakland County, Michigan are mainly two. | | | | Lease Options |
| The major one is the failure of home and property | | | | Where a defaulting mortgage debtor chooses lease |
| owners to meet up with their monthly mortgage loan | | | | options to redeem their foreclosed property in Oakland |
| payments to their lenders. Often, this is not due to any | | | | County, Michigan, and save it from the auctioneer's |
| fault of their own but simply bad circumstances: the | | | | hammer, they can make arrangements by finding |
| bad economy, job loss, medical emergency, etc. | | | | tenant-buyers who are willing to lease their property |
| The second cause of foreclosed property in Oakland | | | | with an option to purchase it. |
| County, Michigan is failure of an owner to meet up with | | | | Lease options are a great way to avoid foreclosures, |
| their property taxes. Where a home owner fails to | | | | and they also have numerous benefits to the |
| make regular payments on their mortgage loan for | | | | homeseller because the tenant-buyers, due to typical |
| three consecutive months in Oakland, Michigan, the | | | | credit issues, are willing to pay a higher rent per month. |
| lender then gives them notice of pending foreclosure | | | | The higher rent collected is now used to offset the |
| of their property. | | | | mortgage loan payments by the defaulting debtor. |
| This notice is usually placed in a local newspaper called | | | | The problem with lease options is they usually take |
| The Legal News for the span of 4 weeks. | | | | some time to locate a tenant-buyer for the property. |
| The defaulting homeowner has about six months to | | | | And when you are facing foreclosure, time is of the |
| redeem their home after the home is auctioned off at | | | | essence. This is why you may also want to work with |
| the sheriff's sale, which happens 28 days after the first | | | | real estate investors like us who may be able to find |
| notice of default. | | | | you a tenant-buyer more quickly for your home if you |
| If they do not make adequate arrangements with their | | | | are facing foreclosure and execute the transaction for |
| lender before the expiration of this period of grace, the | | | | you. |
| property or home goes into foreclosure.foreclosed | | | | Another option to consider if you have a lot of equity |
| homes in Oakland County, Michigan: Your Options | | | | is refinancing a pending foreclosed property in |
| Options to Consider | | | | Oakland County, Michigan. This may allow you to lower |
| There are several options open to stop foreclosure by | | | | your monthly payments and create a new mortgage. |
| the mortgage debtors. | | | | However, this option will only work for people who can |
| Some of these options are: short sales, lease options, | | | | afford to pay for the refi, and have income coming in |
| buying the property through refinancing, and | | | | to actually make the new lower monthly payments. |
| bankruptcy. | | | | Causes of foreclosed Property in Oakland County, |
| Each of these options has their pros and cons. The | | | | Michigan. |
| choice of what option to take depends on the present | | | | The causes of the recent spate of foreclosed homes |
| financial position of the mortgage defaulter and his | | | | and property in Oakland County, Michigan can be |
| perceived immediate future prospects. | | | | traced to the depressed property market. A lot of |
| Where an owner of a pending foreclosed property in | | | | homes went into forclosure in Oakland County, |
| Oakland County, Michigan chooses the option of a | | | | Michigan, because of the loss of jobs by the owners |
| short sales or FSBO (For Sale by Owner), they have | | | | of these homes as a result of the recent downsizing |
| to ensure that they are able to get a buyer for their | | | | by the automobile manufacturing companies. The |
| home before it goes to auction. A real estate investor | | | | State of Michigan has the highest number of |
| may contact you (or you can contact a real estate | | | | automobile manufacturing workers in America. |
| investor) to execute a short sale for you. | | | | |