Orchard Lake Foreclosures as of 3-6-2013

Orchard Lake is a wonderful area to live and work in. Currently, there are no foreclosures on the market listed with a Realtor which may be due to the extension of the Mortgage Forgiveness Debt Relief Act, which allows the forgiven debt on a short sale to not be taxed as income. This should help with the continued reduction in foreclosures and their impact on housing values.

Sometimes Zillow and Trulia will list a home in a city as a foreclosure but they won’t give an address.  These sites use public records as a resource so they may pull up a home has recently go into foreclosure.  In Michigan, a house will go into foreclosure but it isn’t owned completely by the bank yet.  The owner of the house goes through a sheriff sale and a six month redemption period before the bank legally owns it (and the old owner is out).  So Zillow and Trulia may know about it but do not advertise it for sale.  No realtor has it, the bank can’t sell it.   Sometimes this foreclosure is stopped or information gets changed.  I believe these sites protect themselves from legal action and problems by not listing the houses address.  Can you imagine if they did?  People would be driving by the house, walking around it and the owner owns it still, not the bank.  Not until the six month redemption period is up.  So yes, the house is a foreclosure, but it may never be for sale as a foreclosure.

If you have questions about Metro Detroit foreclosures feel free to give me a call or email me. My cell is (248) 310-6239 and my email YesMyRealtor@gmail.com.

Have a great day!

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