For starters, you don’t have to move right away. And if you work out a payment arrangement with your lender, there’s still a chance you can stay in your home.
Jamele Hage, director of the Wayne County foreclosure-prevention program, said that under the new state law that took effect in July, lenders need to specify in their notices that there is a redemption period.
Michigan real estate law allows 6 months to pay what is owed and remain in the home. Even if the homeowner doesn’t pay, he or she can stay in the home for 6 months without paying the mortgage. This allows time for the homeowner to save up to move.
Please, what is at stake here is Up Side Down Mortgages which were driven to Up Side Down by an group of industry leaders which artifically caused the prices of real estate to be driven up. Please, advise everyone to “Sell Short” returning these Toxic Loans, to the investors and banks, from which they came. Why, you say, because every three years people become “First Time Home Buyers”, then and only then people with these toxic loans, will find equity again. Holding on to these Toxic Loans, is the worse financial decisions any home owner can make. There is many companies, such as mine, with investors which will purchase/hold/resell, their home owners real estate but at current market value, not at these Up Side Down values which the loans are made. Please, help us get the word out, DUMP ALL TOXIC UP SIDE DOWN MORTGAGE LOANS, we have investors which will purchase, hold, rent the home and then in three years you repurchase your home, at Right Side UP, with equity. This is the solution, the only solution, remember to this injects money into the banks, it keeps real estate off the books and keeps American’s in their Home.