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isacmar55 · Joined: 04 Oct 2007 Posts: 25 15.21 Dollars($)

I actually have more questions:

1. I have a foreclosure date of October 11, 2007 for my first mortgage. What happens to the second mortgage which is paid up to date?

2. I was very stupid and paid a company called Mortgage Foreclosures Solutions, Inc. (MFS, INC) $900. to negotiate a plan with my mortgage company, America's Servicing Company. They promised me that ASC had to accept one of their plans. They dropped the ball and now ASC won't take anything because it's within 10 days of the sale date. They are trying to blame it on me. Is there any way I can get my $900 back?

3. What happens when they sale my condo on the 11th?

4. Will the Sheriff come and pad lock my door and keep all of my possessions if I am still in the house?

5. Would filing bankruptcy stop everything in such a short amount of time?

I am so upset with myself right now for hiring that company. I could have used that money to help pay that mortgate.

6. What do you suggest I do now?

7. I think knowing the state I live in helps. I live in Michigan.

evolovik26 · Posted: Thu Oct 04, 2007 5:17 pm Post subject:

1. Is this the auction date? Once the bank takes the house they will sell it to the highest bidder and the proseeds will be used to payoff 1st mortgage 1st then the second. If there is a shrtage they can try to get it through litigation.
2.Probably not
3.You will be given X ammount of time in accordance with the state law / bank procedure to vacate the property or buy it back from the bank i believe.
4. There willbe a date set by wich you need to leaveothervise sheriff comes and kicks you out along with your stuff.
5. Probably not, you dont have time to file and then it would only forestall the inevitable.
6.Save up your money for rent (chances are they will want a large deposit and get your friends to help you move. Take all your stuff from the home.
7. I have no knowlege of Michigan specific laws.

Caron

Hi Isacmar,

Welcome to our forums.

Usually when a first mortgage lender forecloses, the second lender can get back his invested amount through the sale of the home but only after the first lender retrieves the balance on the first loan.

However, if the second lender cannot get the balance on the second mortgage, and if you are able to prove that you're in financial hardship, then he might agree to forgive your second mortgage – that's known as charge off .

To know more on What happens to second loan after first mortgage foreclosure, refer to a previous discussion on this issue.

Good luck

jenkin7 · Posted: Fri Oct 05, 2007 5:45 am Post subject:

Hello Isacmar,

I guess you have no other option other than a foreclosure within such a short span of time.

According to the Michigan Foreclosure laws, after the auction of your property you will get an eviction notice from the new owner instructing you to quit the property within 10 days. In case you do not move out within this time, the new owner will file a Writ of Restitution with the court. The court officer will come to evict the occupants of the house along with their possessions.

isacmar55 · Joined: 04 Oct 2007 Posts: 25 15.21 Dollars($)

Are you sure it's 10 days and not six months?

Isacmar

sara · Posted: Thu Oct 18, 2007 12:13 pm Post subject: RE: eviction notice

Hi Isacmar,

What you're saying about the 6 months is somethng known as Redemption period. If you default and your home goes into foreclosure sale, there is a possibility that you may not loose your home forever. You will be able to repurchase it after 6 months period known as redemption period.

What jenkin meant was perhaps, you may have to leave the property within 10 days so that the property can actually go through the sale.

I hope that I was able to explain it.

Take Care

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