What are Foreclosures, HUD Homes, and Corporate Owned Homes?
Foreclosure/Corporate Owned – When someone stops making their mortgage payments, the lender will order a sheriff’s sale on the home. If the Borrower does not redeem the home within six months after the sale the bank will take the property back and they will typically put it up for sale and sell it as quick as possible. HUD Home – When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible. Corporate Owned – Often times when someone is relocated by a company, that company will buy their home from them. Then the Company will put the property up for sale and try to liquidate it as soon as possible. Foreclosure Process – Michigan’s Foreclosure process starts once a borrower is a few months behing in their payments. The financial institution holding the mortgage will post in the paper five weeks straight a notice that the prop
