Month: September 2010

Tax Auction Buyers…call us for “whats next” consultation.

September 29, 2010

Genesee county handles tax foreclosures a bit differently than other counties.

See the Land Bank site for a bit more info.

Tax Law Comparison Chart
Former Foreclosure Law
• 4-7 year process
• No clear title
• Hundreds of owners
• Low-end speculation
• Indiscriminate foreclosure

•• homeowners at risk

• Contagious blight
New Tax Law (PA 123 of 1999)
• 1-2 year process
• Clear title judgment
• Property titled to county
• Tax liens eliminated
• Hardship postponements
• Intervention

Tax Auction Sales coming up, Call if you need a rep!

September 25, 2010
  • Step 1, look at the list of offerings…  http://www.michigan.gov/taxes/0,1607,7-238-43535_55601_55604—,00.html
  • #2: look up the property online/ local gov’t office/ physically inspect in person
  • #3: review the FAQ’s then go bid – OR send us on your behalf.
  • Subdivision plat maps for the entire state are available via the Department of Energy, Labor and Economic Growth (DELEG) at http://www.dleg.state.mi.us/platmaps/sr_subs.asp.

If the property doesn’t sell at the first “reserve” auction, or the 2nd “no reserve auction”, it can then be aquired via the Land Bank.  http://www.thelandbank.org/prop_acquisition.asp http://www.thelandbank.org/prop_find.asp?LRCsearch=setredo

RECENT RELATED ARTICLES/ INFO:

Where tax foreclosures are not handled by the state, the local governments are given option to sell properties themselves, typically thru the use of an auction company such as this one that offers online bidding at the first of 2 sales. Recall the spring sale is usually w/ reserve, often the fall sales ( for properties left over )  are no reserve and typically in person bidding is required: http://www.tax-sale.info/

Wayne County Treasurer to Auction Tax Foreclosed Properties Online

American Land Title Association (ALTA) policy, gives more coverage

September 23, 2010

ALTA’s expanded coverage policies cost about 10 percent more, but offer significantly more benefits. For example, the policies will pay up to 125 percent of the original insurance amount in case of claims to help account for inflation. Other expanded coverages include:

  • encroachments on the land made by neighbors after the date of the policy,
  • inability to access the property by vehicle or a pedestrian, and
  • zoning violations made by previous owners that must be corrected by the insured owner.
  • ( Paul pays for professional ed. classes, you hire him and get the knowledge at no extra charge ! …. back to class, p )

Bring your preapproval letter and lets shop for some BARGAINS !

September 23, 2010

Make sure your credit is as clean as possible, according to FICO, a person’s score is as follows:

  • 35 percent is determined by payment histories on credit accounts, with recent history weighted a bit more heavily than the distant past.
  • 30 percent is based on the amount of debt outstanding with all creditors.
  • 15 percent is produced on the basis of how long the borrower has been a credit user (a longer history is better if there have always been timely payments).
  • 10 percent is comprised of very recent history and whether the borrower has been actively seeking (and getting) loans or credit lines in the past months.
  • 10 percent is calculated from the mix of credit held, including installment loans (like car loans), leases, mortgages, credit cards, and so on.

US homes lost to foreclosure up 25 pct on year

September 16, 2010

US home repossessions spike in August to highest level since start of mortgage crisis

  • fewer than one-third of homes repossessed by lenders are on the market
  • More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
  • Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average. Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
  • “It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away.