Over 500 Foreclosed Michigan Homes Hit Auction Block, Giving Buyers Opportunity to Catch Deals
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Fri, 04 May 2007 14:37:59 GMT |
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Hudson & Marshall of Texas Inc. |
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DETROIT, May 4 /PRNewswire-USNewswire/ -- Sagging home sales combined with rising foreclosures create an opportunity for buyers to catch extraordinary deals on properties. Hudson & Marshall will auction more than 500 foreclosed homes for national lenders and asset management companies on May 19th - 24th in cities throughout Michigan.
Over 300 homes will be offered in the Detroit area alone. It is expected that well over half of the Detroit area homes will be sold to high bidders for under $5,000, making this a great opportunity for first time and seasoned real estate investors to purchase bank owned properties.
Everyone from small and large investors to first time home buyers can find what they are looking for at great prices. Sellers pay for title insurance, ensuring each property is clear of any back taxes or liens.
"Purchasing foreclosed property through the auction method is truly an unbelievable buying opportunity. This auction will allow people to literally purchase homes in Michigan at extremely discounted prices because sellers want to dispose of properties quickly to avoid the long-term carrying costs of bad debt," said Dave Webb, principal, Hudson & Marshall. "Another advantage of purchasing homes through private auctions is buyers set the price they want to pay for a property in a competitive bidding environment," added Webb.
Nationally, the persistent rise in defaults on subprime loans continues to fuel the surge in foreclosures. According to Realtytrac(R), the number of foreclosures reported in the first quarter of 2007 jumped to a stunning 437,498 filings, an increase of 35% compared to first quarter of 2006. Michigan still ranks in the nation's top 10 for states with the highest rates, reporting a total of 29,467 foreclosures for the first quarter. Beleaguered by economic troubles, Detroit also continues to report the highest number of foreclosures (16,351) among the nation's top metro areas for the first quarter of 2007.
Hudson & Marshall, the country's largest real estate auction firm of foreclosed properties, will auction over 500 homes throughout various cities in Michigan on the following dates: May 19th - 20th in Detroit; May 20th in Flint; May 21st in Jackson; May 22nd in Saginaw, Lansing, and Battle Creek; May 23rd in Grand Rapids and May 24th in Muskegon.
In the last eight years, Hudson & Marshall has sold over 40,000 foreclosed homes for national lenders and asset management companies, making the company an expert in moving large volumes of property with speed. Using an aggressive marketing strategy, Hudson & Marshall ensures properties get maximum exposure prior to auction to generate consumer interest in the sale. From beginning to end, the company accelerates the selling process to benefit both the buyer and the seller.
About Hudson & Marshall of Texas Inc.
Contact: Crystal Wright
202/829-0848
Hudson & Marshall of Texas Inc.
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foreclosure tips
By:
dean ,
Fri, 29 Jun 2007 00:09:49 GMT |
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A loss of a job, death in family, medical expenses and other life-altering situations can happen to anyone, causing us to
fall behind in our mortgage loan payments.
If we neglect paying our credit cards it hurts our credit rating; if we neglect our home loan payments the lender
will foreclose, and repossess our home. We are often embarrassed to talk about our money problems, but that approach doesn't solve anything.
Credit Repair could help you get back on track in the future
Put your pride on hold and get serious about avoiding foreclosure. Contact your lender as soon as you know your payments will be late.
Never ignore the lender's letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.
Below are Solutions for Temporary Problems
1. Reinstatement When you are behind in your mortgage payments but can promise a lump sum to bring payments current by a specific date.
2. Motgage Forbearance. You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.
Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date.
3.A mortgage Repayment Plan If your account is past due, but you can now make payments, the lender may agree to let you catch up your home loan by adding a portion of the
past due amount to each current monthly payment until your account is current.
Solutions for Longer-Term Problems
1. Mortgage Modification If you can make your regular payment now, but cannot catch-up the past due amount, the lender may agree to modify your mortgage.
One solution is to add the mortgage behind amount into your existing loan, financing it over a long term.
Modification might also be possible if you no longer have the ability to make payments at the former level.
The lender might modify your mortgage to extend the length of your loan, or take other steps to reduce your payments.
2. Selling Your Home If catching up is not a possibility, the lender may agree to put foreclosure on hold, giving you some extra time to attempt to sell your home.
http://www.webuyhouseseasy.com/listings/index.php can help by purchasing your home.
3. Deed in Lieu of Foreclosure The lender may allow you to give-back your property, in turn forgiving the debt.
This does negatively affect your credit record, but not as much as a foreclosure. The lender may require that you attempt to sell the house for a specific time
period before allowing this option; the option may not be possible if there are other liens against the home. http://www.webuyhouseseasy.com/sell_house.htm
If these options aren't available and time is against you. Contact a realtor and have your house listed on MLS (mutly listing service) immediately.
It is better to sell your home and keep a mortgage foreclosure from affecting your credit rating so that you can qualify for a mortgage and buy a house again in the near future rather than
the far future.
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