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Commercial Mortgage Loans in DETROIT, MICHIGAN

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Loose regulations make land contracts a tool to exploit low-income homeowners

It didn't work out that way. Within months after moving in last year, Pope received two legal notices. One informed her the house was in tax foreclosure over a $4,900 debt that predated her even setting foot in the home. A few months later, she was served with eviction papers due to a rent squabble that is still playing out in the courts.

It's a familiar story with land contracts, a form of seller financing with a deep, unsavory history in cities nationwide. They're flourishing again as an alternative to mortgages in Rust Belt cities since lending regulations tightened after the housing collapse.

"This is becoming a big problem all over besides just Detroit — like Flint, Battle Creek and other urban areas," said Lorray Brown, co-director of the Michigan Law Poverty Program, which is helping draft legislation to regulate land contracts.

The business model for many land contracts: Buy cheap homes at tax auctions. Do no repairs. Sell for as much as 10 times the purchase price to desperate or naive buyers at high interest rates. Make the owner assume all back debt and upkeep. Evict the buyer if payments are late.

Capito, Peters reintroduce bipartisan student loan rehabilitation bill

U.S. Senators Shelley Moore Capito and Gary Peters have reintroduced bipartisan legislation to help private student loan borrowers who default on their loans.

The Federal Adjustment in Reporting (FAIR) Student Credit Act would allow a borrower who has successfully completed a series of on-time payments to remove the student loan default from their credit report.

Unlike federal student loans, there is currently no opportunity to rehabilitate private student loans, and private lenders may only request to delete information from a credit file if it was reported inaccurately.

“It is essential students are able to recover from defaulted student loans without permanently harming their financial future,” Senator Capito said. “The FAIR Student Credit Act will provide students with private loans the same opportunity for rehabilitation that is already available to graduates with federal loans. I am proud to join with Senator Peters to reintroduce this important bipartisan bill that will make a difference in the lives of students in West Virginia and across the country.”

Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time).


I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.