Has anyone foreclosed in the past year or 2? (Detroit, Wayne: short sale, foreclosure)

[rdub1968]

If so, how long did the process take from when payments were stopped before notice of foreclosure, and then the time until the bank took possession.
If you can include the lender and which county you were in that would help.
I am looking specifically at Michigan, Oakland/Macomb/Wayne county areas.

[us66]

You can likely go a year and a half until the actual eviction as long as you stay in the house...if you don't abandon early on I believe you get another six month period. I've met people who saved up the cash they saved by not paying their mortgage and bought a cheap house with that cash.

[Shinhiryuu]

I forclosed in the begining of the eco downturn, cause i was fresh out of school and just bought a house them BAM!. They forclosed in about 4 months

[mike0618]

Depends how much land. If you have acres you get more time.

[rdub1968]

Thanks all for the replies - if anyone has more please keep them coming.
We have renters in the house now, but when their lease is up I think we are going to let it go. Short sale is out of the question now since we would probably have to put thousands into it and would have to keep it on the market for so long. Plus the rent hasn't been making the payment since the lease started.
We own a new house now, and have excellent credit so hopefully we won't take a big hit on our credit report.

[Coldjensens]

It took the bank a bit over two years to ask one of my relatives to leave after he stopped paying. It wa about 6 months until they foreclosed, but then they did nothing. THey did nto even ask him to leave. They paid the taxes, and he just kept living there. Eventually they just called him and asked him to leave and he did. However then they left it empty and unlocked. Someone went in and left the door open and animals got in and pretty much destroyed the house. No one paid for gas and the pipes froze and the burst and did ore damage. The bank would have been better off if they had just let him live there for free until they found a buyer. He probably would even have paid them some rent. Banks are stupid that way. They cannot think outside of their forumla procedures and they lose a lot of moeny becuase of it.

[ForStarters]

Interestingly enough, CNBC reported today that home prices are down across the U.S., with the sole exception of Detroit, which has seen prices rise this month.

[rdub1968]

Originally Posted by Coldjensens

It took the bank a bit over two years to ask one of my relatives to leave after he stopped paying. It wa about 6 months until they foreclosed, but then they did nothing. THey did nto even ask him to leave. They paid the taxes, and he just kept living there. Eventually they just called him and asked him to leave and he did. However then they left it empty and unlocked. Someone went in and left the door open and animals got in and pretty much destroyed the house. No one paid for gas and the pipes froze and the burst and did ore damage. The bank would have been better off if they had just let him live there for free until they found a buyer. He probably would even have paid them some rent. Banks are stupid that way. They cannot think outside of their forumla procedures and they lose a lot of moeny becuase of it.

Oh dear! I hope that doesn't happen, I would hate to see my neighbors have to deal with that. I would also not strip the house like some people do.

Can you tell me where they lived, and possibly who their lender was?