Allen Park

Foreclosures have become a phenomenon that this country has never seen before. It’s not that they don’t occur, but never have we experienced foreclosures at the rate that we are currently seeing. And to be quite candid about it, the old procedures for dealing with them are lacking. Currently, in Allen Park, there are 34 foreclosure properties for sale out of an inventory of 193. These foreclosure numbers are taken from the RealComp Multi-List system that I am a member. I am also a member of the Downriver Board of Realtors. Allen Park foreclosures are nearly 17% of the total inventory of houses for sale and a significant amount.

The foreclosure process begins when a homeowner becomes delinquent on his/her house payment for three consecutive months. At this point the lender starts the process and posts all required notices. The next step is what is called the “Sheriffs Sale” where bidders can purchase the Allen Park foreclosure. Usually the bank is the only bidder and purchases the foreclosed home for whatever is owed. At the conclusion of the Sheriffs Sale the homeowner is allowed a period of redemption for six months. This redemption period allows the homeowner to redeem the property by paying off the balance of the mortgage plus all expenses of the Allen Park foreclosure. If this cannot be done the lender assumes possession of the property at the end of the redemption period. It is important to note that if the lender can prove the Allen Park foreclosure property to be abandon, meaning there is no one living in the property, then they can accelerate the foreclosure redemption period to 30 days and take possession of the property.