Need help again...

[mama392]

I'm hopeful some one here can help shed some light on a few things for me. My house was set for sheriff sale 1/11/12. I still have no idea if it was actually sold or not, I guess I've been to worried to find out, but I'm going to have to some time. May be if I can get some answers here to my new questions it will make calling a little better. The day before the sale I checked Foreclosure.com and the min bid was set at $262K which is the balance of my mortgage. I have not heard if it sold or not, but today a real estate agent showed up at my house to talk to us about doing a short sale. He told us that the bank bought the note back at $107K. We live in Michigan and I was under the impression that Michigan had the "Full Credit Bid" rule that the bank bids the full amount that is due on the mortgage? Is this true, or can the bank set the min bid then they bid a Much lower amount? That would leave us with a 150k+ defeciency on the note. This is our primary home and has been for over 10 years. Another question I have is for our 12 month redemption period, if we are to redeem the house, is the amount we have to redeem the full mortgage amount of 262K or the total amount bid at sheriff sale of 107K (if that's correct)? I've read so many great post her on this forum, that I may be getting the law between states mixed up. Thanks to anyone who can help answer my questions.

[OverandDone]

Unfortunately I believe they can bid what they consider Fair market value. If you believe your fair market value is higher you can challenge that in Michigan. I would think the taxable amount by the county would be the FMV but I am not sure if its sufficient. Did it actually say the minimum bid was set on Foreclosure.com or did it just say that was the amount you owe? Did your sheriff sale notice say that they planned to bid less than the FMV in the language? I saw a video a few months back by a lawyer from Michigan that said you get to buy it back at the sheriff sale price (plus any fees added since it sold) and that you should call the courthouse and speak to the office that conducted the sale to get a price not only of the sale but of the redemption price also. Also this does not automatically mean they will try to collect. You could get a 1099-C cancellation form next year for taxes.

[mama392]

According to our county web site the assessed value/taxable value on the home is 96,400. I've always heard you double that to get the actual Fair Market Value of your home which would still be more then the $107K the market value. Yes, when I looked at Foreclosure.com it did say min bid was 262K. The notice of of trustee sale did not say anything at all about the amount bid, just the amount currently due before the sale. I think we should be ok with the 1099C due to this being our primary house and we have lived here for 10 years I don't think according to IRS rules we will need to claim on our taxes.

[shayl475]

I'm hopeful some one here can help shed some light on a few things for me. My house was set for sheriff sale 1/11/12. I still have no idea if it was actually sold or not, I guess I've been to worried to find out, but I'm going to have to some time. May be if I can get some answers here to my new questions it will make calling a little better. The day before the sale I checked Foreclosure.com and the min bid was set at $262K which is the balance of my mortgage. I have not heard if it sold or not, but today a real estate agent showed up at my house to talk to us about doing a short sale. He told us that the bank bought the note back at $107K. We live in Michigan and I was under the impression that Michigan had the "Full Credit Bid" rule that the bank bids the full amount that is due on the mortgage? Is this true, or can the bank set the min bid then they bid a Much lower amount? That would leave us with a 150k+ defeciency on the note. This is our primary home and has been for over 10 years. Another question I have is for our 12 month redemption period, if we are to redeem the house, is the amount we have to redeem the full mortgage amount of 262K or the total amount bid at sheriff sale of 107K (if that's correct)? I've read so many great post her on this forum, that I may be getting the law between states mixed up. Thanks to anyone who can help answer my questions.

You need to call the attorney's in charge of your foreclosure and find out the amount it sold for at auction. If it sold for less than the amount you owed and the bank bought it, they are reserving the right to pursue a deficiency judgement (doesn't mean they will, but they can.) If they bid the full amount, there is no reason to consider a short sale. If they bid less than the amount of your loan, you can consider a short sale providing your agent can get you a full release on a deficiency, but you could end up getting 1099c if you have taken a cash out refinance or have a second loan or if your sale isn't complete by the end of 2012. If they bought it for $107K you might be able to redeem it for that amount, but you would have to check with a real estate attorney.

[mama392]

You need to call the attorney's in charge of your foreclosure and find out the amount it sold for at auction. If it sold for less than the amount you owed and the bank bought it, they are reserving the right to pursue a deficiency judgement (doesn't mean they will, but they can.) If they bid the full amount, there is no reason to consider a short sale. If they bid less than the amount of your loan, you can consider a short sale providing your agent can get you a full release on a deficiency, but you could end up getting 1099c if you have taken a cash out refinance or have a second loan or if your sale isn't complete by the end of 2012. If they bought it for $107K you might be able to redeem it for that amount, but you would have to check with a real estate attorney.

This will be my last update. For some reason it's getting harder and harder to get any help on here. I do really appreciate the few that have chimed in and offered some help to me. I wish you all good luck in whatever you are trying to do, whether it be moving on or staying in your home. Still not sure what or if my house sold, county records should be updated within a couple days and I'll find out then. Good luck to you all!

[OverandDone]

Mama392. I hope that things turn out the way you want them to. If you get the time please let us know after you find out what your house sold for. My sale is coming up and I don't know anymore than you do about finding out things. I have a subscription to both realtytrac and foreclosure.com so if I had your address I might be able to find out something. Or at least the street name and city and date of sale I can try to research it for you.

[mama392]

Mama392. I hope that things turn out the way you want them to. If you get the time please let us know after you find out what your house sold for. My sale is coming up and I don't know anymore than you do about finding out things. I have a subscription to both realtytrac and foreclosure.com so if I had your address I might be able to find out something. Or at least the street name and city and date of sale I can try to research it for you.

Thanks Overanddone. I may take you up on that next week. Monday is my birthday and I'm heading out of town in the morning to get away for the night so I'm not going to worry and stress over this anymore for the rest of the weekend Thinking happy thoughts until Monday at midnight lol.

[OverandDone]

Good idea. We have worried enough as it is. Have a great birthday and let me know if you decide you want me to try and look stuff up.

[shayl475]

This will be my last update. For some reason it's getting harder and harder to get any help on here. I do really appreciate the few that have chimed in and offered some help to me. I wish you all good luck in whatever you are trying to do, whether it be moving on or staying in your home. Still not sure what or if my house sold, county records should be updated within a couple days and I'll find out then. Good luck to you all!

Hey mama, I've been there, afraid to call, taking pills to sleep, chewing my fingernails to the quick. If you really can't call the foreclosing attorney, the paperwork I believe must be filed within twenty days at the register of deeds office in your county. Many counties have the records available online. Another thing you can do is call your lender and ask for a redemption letter that will show the amount your home was purchased for. It should come in 7 to to twelve days. You have to reach deep inside and find the courage to do this. Chances are if you picked up the phone and called the foreclosing attorney (probably Trott and Trott) it will be pretty easy, they will give you the information you are longing for and you will have your answer in a matter of minutes. They will not be mean to you, they don't care. You're foreclosure sale made them money. They are pleasantly polite. It's not what you think it is, it is pretty painless and easy.

As for your question, the full credit bid rule means if they did bid full price they cannot come after you, it does not mean they had to bid full price. Find out. Just do it and find out for sure what is going on and everyone here can help you find the best solution. Limbo is by far the hardest place to be. Nobody can help you until you find out if you had a full credit bid or not. If not there is still time to find other options, don't wait!

[shayl475]

Also, remember in Michigan, the redemption period is six months, not twelve, unless you have significant property. This means if they bid really low and you want to try a short sale with a full release, time is very short unless you qualify for a twelve month period. Remember as well the Mortgage Debt Relief Act expires at the end of 2012.

[motorcitymadness]

Mama,
Please don't get discouraged from not getting the answers you are seeking right away. It takes time for some of us to find your post and reply. I also live in Michigan and have tried to really educate myself on all the foreclosure laws and practices. I have included 3 attachments that go over some of the changes in Michigan's foreclosure process. These were passed last month and are now law. Unless your property was used for agricultural purposes your redemption period is 6 months as Shayla stated. The only way it can be 12 months is if you used the property for agricultural purposes. Please review all these bills and I hope you can find more information that will help you. Also, has your lender done everything right?? Please read to make sure they have followed the rule of the law while foreclosing on your home. Please let me know if you have any questions. I wish you the best and hope things work out. Stay strong!!

Motor

[OverandDone]

Shay she does have more than an acre I believe so I think she has the longer redemption period. I too am on pins and needles. My sale is coming up in a few weeks. As for the short sale option I don't think it would ever happen here where I live. We have been trying to sell my father in laws house which he owns free and clear and the realtor wants to list it for $50k and she said that was being hopeful and his house is bigger and a lot nicer and in a better area than mine. A house one street over from me that is almost identical sold for $31k last week. And I sure don't want to reveal any financial info to them to qualify for a short sale. Not that I am flush with cash but you just don't want to give them any info. So I am going to be in the same situation as mama in a few weeks so I really feel her pain. They have my house valued at almost -300% on realtytrac.

[shayl475]

Shay she does have more than an acre I believe so I think she has the longer redemption period. I too am on pins and needles. My sale is coming up in a few weeks. As for the short sale option I don't think it would ever happen here where I live. We have been trying to sell my father in laws house which he owns free and clear and the realtor wants to list it for $50k and she said that was being hopeful and his house is bigger and a lot nicer and in a better area than mine. A house one street over from me that is almost identical sold for $31k last week. And I sure don't want to reveal any financial info to them to qualify for a short sale. Not that I am flush with cash but you just don't want to give them any info. So I am going to be in the same situation as mama in a few weeks so I really feel her pain. They have my house valued at almost -300% on realtytrac.

My short sale was approved with an offer that was only 50% of my loan balance with a full release, so it is not impossible. It's just another option if you don't get a full credit bid. Writing a hardship letter and turning over financial documents was a real bite, for us though, we had a job transfer and thus a very convincing reason why we had to move. We also had a good agent, title company and attorney. I know how hard it is, I remember, my husband had to go on blood pressure medication and I could barely sleep even after getting Lunesta. I think chances are good the bigger banks are still making full credit bids and accessing the sale amount as soon as you can is better than not knowing. There is a risk involved, but there is much that can be done to mitigate your risk, you just need to know that auction amount to know what your next move is. Even getting a low bid does not mean the bank is going to pay to go to court for a deficiency judgement.

[OverandDone]

MotorCity I read though those links you provided. I see what you mean about the shortened redemption period. I did see however that applies to sales after Feb 1st 2012. So I am not sure where she would stand. Seems like the michigan legislature had a chance to help homeowners in our ravaged state and prevent deficiencies being filed but instead chose to hold a homeowner responsible for damage to a property during a redemption period. I mean come on look at the thousands of abandoned and destroyed houses in Detroit and now those people could be held responsible because they fled the city so they won't get shot or robbed and didn't hire a security guard to watch their house and someone came in and stripped it. How is that any help for the michigan homeowner that is already struggling to overcome unemployment, a mortgage that is -300% and rising crime in wayne county especially? Almost sounds like it was changed to favor the banks. My own city is turning into a big hole with several empty foreclosed houses on every street. I did not feel safe living there anymore. I witnessed drug deals frequently and a hooker now stands on the corner on the weekends. The restaurant, gas station, grocery store, pizza place, drug store and more were all robbed in the last 6 months. A murder was commited a few streets over. 3 years ago I would not have believed you if you had told me I would be in the position I am in now but here I am.

[OverandDone]

Thanks Shay. It is comforting to have someone who knows how it feels. I am already on the high blood pressure and anxiety meds since this started. Its a shame because in a normal world we would have put our house up for sale, sold it and moved on but now that is no longer an option for a lot of people. There are a lot of short sales in my city that have been sitting there for months and months with the prices dropping over and over. I'm shocked at the prices and how nice some of them are when I look through the listings. Its sad that our houses have went from being a home for our families to being an albatross that we have to carry.

[shayl475]

Thanks Shay. It is comforting to have someone who knows how it feels. I am already on the high blood pressure and anxiety meds since this started. Its a shame because in a normal world we would have put our house up for sale, sold it and moved on but now that is no longer an option for a lot of people. There are a lot of short sales in my city that have been sitting there for months and months with the prices dropping over and over. I'm shocked at the prices and how nice some of them are when I look through the listings. Its sad that our houses have went from being a home for our families to being an albatross that we have to carry.

It is very sad. Because the bank dragged their feet on approving our short sale our home was foreclosed and sold for 20k less than the offer we had on it. The whole town has become a dump. We were shocked when we finally realized how little our home was worth, really shocked. We had planned on selling and making up any shortfall, but we had no idea that shortfall would be so much. Looking back now, I'm so glad we got out from under that house. Life is good. It's all worth it in the end.

[mama392]

Still have not heard any information about my house. We did have 2 realtors stop by both of them have wanted us to do a short sale. The last one that came over today I would not work with him no matter what. The first one that stopped by was really nice, but we did not talk to him too much as we are still not sure what we are going to do. I have not had anything from the bank, so today I said screw it and called them. They would not tell me much, just that the house sold at sheriff sale 1/11/12, they would not tell me how much the house sold for. They said since I am in the redemption period my only 2 options would be to do a short sale or redeem the house by paying off the mortgage balance. Just for grins, I told her to go ahead and send me a payoff statement. We said she will, and the payoff statement is only valid for 30 days. I'm sure it's going to be the mortgage balance plus all there many fees. She asked me what I planned to do and I pretty much told her I don't know yet. I need to check into Michigan law, I was sure the redemption amount would be the amount it sold for at the sheriff sale. Once we figure out what we are going to do, I'll check into that more. I am going to request the paperwork from the county one of these days so I can see what it sold for actually. Right now I have good days and bad days. Days I really want to stay here, days I can't wait to leave. Husband, he just can't wait to leave but wants to live rent free for as long as possible. I'll post more when I know. Good luck Overanddone, shayl475, and motorcity. Let me know how all of you are doing. Thanks for your support

[OverandDone]

Hi Mama392. I have had my sheriff sale and have no idea what it sold for. I know that the county has to record it within 20 days so I have to wait to see I guess. A realtor stopped by and left a notice on the door wanting us to verify that the house was occupied and phone her. I am not sure what to do. This is the only thing we have heard since the sheriff sale was held. I wonder why she left the notice on my door? I have 6 months I know to redeem (which I have no intention of doing) and don't think I would be offered cash for keys since my house is worth so little. Guess I will just wait it out and see what happens.

[OverandDone]

Also do you want to be out by the end of the Debt relief act deadline? I know you have 12 months (they changed it feb 1st to 6 months). I know you don't have to stay the whole redemption period so you could maybe move in the fall or something to avoid the taxes. I think if you let them know its empty they come in and take it over so you could be done by then. On the other hand if you can pay the lower amount that it supposedly sold for at the sheriff sale maybe its a real bargain to keep it and redeem it? Did you ever verify with the county records office what it actually sold for? I can still try to look it up for you if you give me a zip code and a street name.

[Jeffrey L. Shurtliff]

Still have not heard any information about my house. We did have 2 realtors stop by both of them have wanted us to do a short sale. The last one that came over today I would not work with him no matter what. The first one that stopped by was really nice, but we did not talk to him too much as we are still not sure what we are going to do. I have not had anything from the bank, so today I said screw it and called them. They would not tell me much, just that the house sold at sheriff sale 1/11/12, they would not tell me how much the house sold for. They said since I am in the redemption period my only 2 options would be to do a short sale or redeem the house by paying off the mortgage balance. Just for grins, I told her to go ahead and send me a payoff statement. We said she will, and the payoff statement is only valid for 30 days. I'm sure it's going to be the mortgage balance plus all there many fees. She asked me what I planned to do and I pretty much told her I don't know yet. I need to check into Michigan law, I was sure the redemption amount would be the amount it sold for at the sheriff sale. Once we figure out what we are going to do, I'll check into that more. I am going to request the paperwork from the county one of these days so I can see what it sold for actually. Right now I have good days and bad days. Days I really want to stay here, days I can't wait to leave. Husband, he just can't wait to leave but wants to live rent free for as long as possible. I'll post more when I know. Good luck Overanddone, shayl475, and motorcity. Let me know how all of you are doing. Thanks for your support

Mama ...... This is the first time I have ever heard of a house foreclosed on and sold on the steps of the courthouse and then short saled. This really seems impossible to me and something is real wrong here. In most nonjudicial states the bank is to bid full price at auction and then a notice to quit is served on you. What out for those real estate guys. Here is some stuff on your states foreclosure statutes.

Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Varies
In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the court will issue a notice of sale.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

1. A notice of sale must be published once a week for four (4) in a newspaper of general circulation in the county where the property is located. The notice must also be posted on the property at least fifteen (15) days after the first notice of sale is published.
2. The notice must contain the borrower and lenders name, a description of the property, the terms of the sale and the time, place and date of the sale.
3. The sale must be made at public auction to the highest bidder. The trustee or the sheriff of the county, if different, may conduct the sale between the hours of 9:00 am and 4:00 pm on the date specified in the notice of sale.
4. The sale may be postponed by posting a notice at the time and place where the sale was to originally be held. If the postponement is for more than one week, it must also be published in the manner as the original notice of sale was given.

[mama392]

Mama ...... This is the first time I have ever heard of a house foreclosed on and sold on the steps of the courthouse and then short saled. This really seems impossible to me and something is real wrong here. In most nonjudicial states the bank is to bid full price at auction and then a notice to quit is served on you. What out for those real estate guys. Here is some stuff on your states foreclosure statutes.

Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Varies
In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the court will issue a notice of sale.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

1. A notice of sale must be published once a week for four (4) in a newspaper of general circulation in the county where the property is located. The notice must also be posted on the property at least fifteen (15) days after the first notice of sale is published.
2. The notice must contain the borrower and lenders name, a description of the property, the terms of the sale and the time, place and date of the sale.
3. The sale must be made at public auction to the highest bidder. The trustee or the sheriff of the county, if different, may conduct the sale between the hours of 9:00 am and 4:00 pm on the date specified in the notice of sale.
4. The sale may be postponed by posting a notice at the time and place where the sale was to originally be held. If the postponement is for more than one week, it must also be published in the manner as the original notice of sale was given.

Thanks for your reply Jeffrey. I've been following your case too. I really hope your win and get your house back you deserve it! In Michigan we have either a 6 month or 12 month redemption period depending on the type of property we have. Since we have over 4 acres (we have 7.5) we do get a year to redeem the property. We can stay here rent free or try to sell the house at a short sale. Doing a short sale at this point seems like a waste to me and is just helping the bank unload the property. Our credit is already hit with the foreclosure, so a short sale really will not help the credit at all. Michigan has the full bid credit rule yes, but in our case from what the 1st real estate agent told us the bank bid far below a full credit bid. They actually bid 107K and we owe 262K with the market value (according to zillow) at 195K. So we are looking at a big defiency judgement after this is all done if they feel like they want to try and sue us for it. At this point, go ahead we have nothing left. No house, No 401K, 10 year old cars. There is nothing to come after. I know there was a lot of shady stuff done on our house, I'm almost sure they could not prove we owe the debt but the fight for this place is gone out of me. The past 5 years have been hell trying to save it to at least to get my daughter out of high school. That happened last year, she is now in college working full time and paying for her school by herself. It kills me I can't help her with school, but every resource I had went to save this house. I'm done, I can't do it anymore. We are all moving on and I've got a great daughter, she realizes what we've gone through and she's been great and not mad at mom and dad at all for not being able to help her with school. Ameriquest-Citi-residential-Mers -American home mortgage have screwed us long enough. We plan to stay here as long as we can. Sock money away, get a place to rent and move on. There has been so many illigal things done with our mortgage, I may try and fight once we are almost our of redemption, I'll cross that bridge when I come to it. But for now I need to look to the future for my husband and daughter. If they think I'm going to short sale to help them out we they can kiss my you know what!!! Oh and by the way...No they did not even post the property for sheriff sale correctly...should be posted 1 a week for 4 weeks...it was posted 1 time.

[Jeffrey L. Shurtliff]

That sounds like a plan Mama. These banksters can be mean sometimes and foreclose any way they want. That is why they are called fraudclosures.

[mama392]

Hi Mama392. I have had my sheriff sale and have no idea what it sold for. I know that the county has to record it within 20 days so I have to wait to see I guess. A realtor stopped by and left a notice on the door wanting us to verify that the house was occupied and phone her. I am not sure what to do. This is the only thing we have heard since the sheriff sale was held. I wonder why she left the notice on my door? I have 6 months I know to redeem (which I have no intention of doing) and don't think I would be offered cash for keys since my house is worth so little. Guess I will just wait it out and see what happens.

Mine has been recorded, I just need to request a copy of it to find out the details. The bank will tell me nothing! I'm not sure why they would stop by already looking to make sure it still occupied. Neither of the realtors we talk to have been sent by the bank. I'm not sure how cash 4 keys works but I have not yet had an offer or even anyone ask when we are moving, but I will get 11 more months here. Good luck and let me know what you find out.

[OverandDone]

Mine has been recorded, I just need to request a copy of it to find out the details. The bank will tell me nothing! I'm not sure why they would stop by already looking to make sure it still occupied. Neither of the realtors we talk to have been sent by the bank. I'm not sure how cash 4 keys works but I have not yet had an offer or even anyone ask when we are moving, but I will get 11 more months here. Good luck and let me know what you find out.

See if you can find your home on the trulia site. They usually will show the transaction as it is public record and they have the info once it is recorded. The easiest way to locate your home on their site is to google your address and the word trulia.

[mama392]

See if you can find your home on the trulia site. They usually will show the transaction as it is public record and they have the info once it is recorded. The easiest way to locate your home on their site is to google your address and the word trulia.

Thanks for the info. I looked up my property on Trulia and the property status is Off-Market. The last sale date is the date in 2001 when we purchased the property. The market value is 192k and assessed value is 96k. It also says :Official property, sales, and tax information from county (public) records as of 06/2011. So even though the sheriff deed is recorded it still has not updated any information. I have a feeling something is going on. We have had a couple of friends homes also go into foreclosure and when you look at there house on the county website the sales history says it's "In Redemption" shortly after the sale has taken place and the sheriff deed recorded. Mine does not say that anywhere. Just the sheriff deed recorded, and sales history just shows our orginal purchase. Strange. I don't know whats going on, I'm sure I 'll hear sooner or later when they try and kick me out in 11 months. lol

[OverandDone]

Hi mama392. I bit the bullet and called and found out that there was a full price bid on my house at the sale. Maybe you could call too. It was very easy and way less scary than I thought it was. The man was very nice actually and not like I thought they would be. I am so glad that I called now that I did it.

[mama392]

Hi mama392. I bit the bullet and called and found out that there was a full price bid on my house at the sale. Maybe you could call too. It was very easy and way less scary than I thought it was. The man was very nice actually and not like I thought they would be. I am so glad that I called now that I did it.

I think I may have to as nothing is coming in the mail and the bank won't give my any information. Although the real estate agent said the property sold for 107k which really make no sense to me since the balance is 262k. If that were true I actually could redeem my house for far less than what is owed on it. I really can't see the bank letting that happen. I'm going to call one of these days, it's just hard to call during the day. I work in a really small office and every listens to your phone conversations. It drive me nuts!!!

[OverandDone]

Well if you can buy your house for way less than you owed then that just gives you one more option and time to work on getting the money if you wanted to redeem it. I think the not knowing was the worst part for me. I hope you get time to call soon. I sure hope that this is the end of it because I have went though a lot of xanax over the last 8 months.

[mama392]

Well if you can buy your house for way less than you owed then that just gives you one more option and time to work on getting the money if you wanted to redeem it. I think the not knowing was the worst part for me. I hope you get time to call soon. I sure hope that this is the end of it because I have went though a lot of xanax over the last 8 months.

Well I finally call the attorney today. He could not tell me much just that the house sold for the 107k bought back by the bank. Could not tell me anything else as far as redemption amount or anything said I would need to call the bank for that. Everyone else I've seen on this site from Michigan has had a full credit bid, mine is far below full credit bid which leaves me up for a huge risk of a large tax bill or defiecincy. Kinda scary.

[OverandDone]

Mama392. I have been studying a lot of the foreclosure listings for quite awhile now and the pattern that I see is that mostly the fannie and freddie loans do get full bids (for obvious reasons). I don't know your financial position but I would doubt that they would think you could pay such a large deficiency bill. As for the taxes I read that the deed is not enforced until they actually have the house so if you want to fit into that window for the debt forgiveness act then you would need to move maybe a few months before so that they have time to get the deed in their name and finalized. I also read on here something about some capital gains tax rule being an alternative to the debt relief act so maybe you can find that and I don't think that one expires. On the other hand you have the opportunity to buy your house for much less than it is worth if you can swing it somehow. I went to a lawyer and he told me he had not heard of a single case of a deficiency judgement being filed in Michigan on a first mortgage. He said the typical scenario was a 1099-C being issued. I hope it all works out. I am still not feeling like it could be true that I am off the hook for the loan. It seems very unreal. In fact this whole scenario seems like something out of a tv show. I would never have imagined doing something like this and if you had told me a year ago that I would have foreclosed my house I would have laughed at you and thought you were out of your mind because I always pay my bills on time and in full. Its funny how our lives can change so fast.

[shayl475]

I would definitely check with the register of deeds at you county, the information might even be online and verify the sale price. I don't know how long you have waited since the sheriff sale but if it was recent you still may be able to do a short sale with a full release. Remember just because they have the option of pursuing a deficiency judgment does not mean they will, but you might want to keep in mind they have a number of years to do this so you may wish to protect your assets during that time.

[mama392]

Thanks Overanddone & shayle475. I will be keeping a close eye this year on the debt relief act and see if they do extend it for another year or so, If not we will move out in the fall just to make sure they have the house by Dec 2012. Besides that I really don't want to move all my stuff in the dead of winter. I don't think we are going to have another winter like we have had this year On another note I just got a call from my insurance company. AMHSI sent them a fax about the house being foreclosed and wanted to make sure it was correct. I told them it was, they will be cancelling my policy here shortly and changing it over to a renters policy. That should save me some money every month. I currently pay my homeowners out of my own pocket. Shayle475 I did call the attorney today and he told me what the house sold for. As for right now we don't have any assets they can come after, but unless I get a 1099C next year that forgives the debt, I will make sure we protect us until they can't come back at us anytime soon. Time to play the lotto and try and buy my house back cheap! lol

[mama392]

Well I called the bank, called the attorney and called the county. All the info is the same except for what the bank tells me. I'm not surprised about that one bit. A lot to think about with the next 6 months. Move and rent, move into a house with land contract, or redeem my house for far less than what I owe on it. My only question would be as I can't seem to find an answer of this on here. If the bank bought back my house for far less then what I owe, If I redeem the house at the lesser amount, can the bank attach a new lein to the house for the balance that is owed from the foreclosed mortgage? I would think so but not sure. That may be a question we have to ask the lawyer in 6 months.

[OverandDone]

I saw a video on this on the news and it was an interview with a lawyer and he said you get to buy it back for the price they paid. I'll see if I can locate the video. Have you inquired from the bank for a redemption amount letter?

Found the video!

http://www.myfoxdetroit.com/dpp/mone...t-a-lower-rate

[mama392]

I saw a video on this on the news and it was an interview with a lawyer and he said you get to buy it back for the price they paid. I'll see if I can locate the video. Have you inquired from the bank for a redemption amount letter?

Found the video!

Money Monday: How To Buy Back Your Foreclosed Home At A Lower Rate

When I talked to the bank, they told me the redemption amount, well they would not even call it redemption amount, they call it the payoff balance, which is the full cost of the mortgage plus all of there fees. According to the county, the redemption amount is the amount purchased at auction plus the daily interest fee and the county redemption amount of $280.00 for paperwork. I just can't figure out why the bank would want to bid so low and even give us the slight chance of getting the house back for far less. Pretty sure we need to talk to a lawyer and figure this all out. I thought it would be so easy to just walk after the sale, but now with the sale it's kinda giving me hope again and not sure what the heck to do. I think this is going to be something to think about for a few months. Thank god I have 11 months left, this is not going to be an easy choice. Ok on the watch the video and get more confused. lol