Buy a home at the Wayne County Tax Auction

MORE DATES ADDED!!!





People are cashing in on the Wayne County Tax Auction; and so can you. Buying houses at the tax action for $1500 or as little as $500 and selling them to families with poor credit for as much as $6000 to $12,000 on land contract. This is not wrong, but shouldn’t you be one of the people that bought the home at the tax auction for only $500? This can be you and with one of our FREE Introductory seminars you will learn how to do just that. We will provide an overview of the tax sale and explain the benefits of preparing early for the tax sale auction. You too can buy a home for as little as $500.







SEMINARS
Will be every Monday And Saturday in September :

Dates: Monday’s 6pm – 7pm
Saturday’s 11am – 12pm

Fro more information or to register:
Please call 313-340-3600
Or visit our web site at http://www.bid4detroit.com/

Hosted by: JCI Realtors 3845 W. 8 Mile Rd. Detroit, MI 48221
3 blocks east of Livernois across from the Fifth Third Bank

(((Seating is Limited!!!)))

GMAC Mortgage Signs on to States' Hardest Hit Programs

By: Carrie Bay

GMAC Mortgage, the mortgage subsidiary of Ally Financial based in Fort Washington, Pennsylvania, said Tuesday that the company has signed contracts with all states participating in the Treasury Department’s Hardest Hit Fund (HHF).

The HHF program was established to provide targeted aid to homeowners in states hit hard by the economic and housing market downturn, specifically, states where unemployment rates are above 12 percent and home prices have experienced the steepest drops.

Housing finance agencies in these states have received federal aid in the form of grant money from Treasury to develop their own foreclosure prevention and mortgage assistance programs to address the specific needs of struggling homeowners in their communities.

Since the HHF was established in February 2010, GMAC Mortgage says it has worked continuously to ensure that the federal funding can be delivered to distressed borrowers in every eligible state.

The HHF participating states are: Alabama, Arizona, California, Washington D.C., Florida, Georgia, Kentucky, Indiana, Ohio, Michigan, New Jersey, Rhode Island, South Carolina, Tennessee, North Carolina, Nevada, Oregon, Illinois, and Mississippi.

“GMAC Mortgage is committed to helping borrowers in distress,” said Tom Marano, CEO of Ally Financial’s mortgage operations. “Providing our customers with as many options as possible for affordable and sustainable payment relief remains our top priority.”

Marano says GMAC has already been able to provide assistance through the HHF programs to borrowers throughout the country.

Banks' Liability Grows Over Foreclosure Errors

Daily Real Estate News May 25, 2011

Banks' Liability Grows Over Foreclosure Errors If five of the nation’s largest banks can’t reach a settlement with state and federal regulators over shoddy foreclosure practices soon, they stand to face at least $17 billion in civil lawsuits, The Wall Street Journal reports. The banks’ liability could be even more. Banks also owe billions of dollar in possible claims to federal agencies, such as the Justice department and Department of Housing and Urban Development. In over two months of settlement talks, banks and state attorneys general and federal officials have been unable to reach a settlement stemming from allegations of abuses in mortgage services.

Regulators first began investigations last fall into a “robo-signing” scandal, in which banks were accused of approving thousands of foreclosures on home owners without proper reviews. So far, banks have proposed a $5 billion settlement, which would go to compensate borrowers who faced errors in the foreclosure process as well as provide transition assistance for home owners who were wrongly evicted from their homes. However, federal and state officials have said that’s not enough; some have asked banks for more than $20 billion.

Source: “Banks Face $17 Billion in Suits Over Foreclosures,” The Wall Street Journal (May 25, 2011)