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While her business has been a success so far thanks to this hard work, Detroit's real estate boom helped fuel this success. The median price plummeted to $58,900 in 2009 and the city filed for ...
NEW YORK -- Detroit led all U.S. metro areas in the percentage of homes entering foreclosure during the third quarter, at more than four times the national average, according to a report released ...
Woodbridge is a historic neighborhood of primarily Victorian homes located in Detroit, Michigan.The district was listed on the National Register of Historic Places in 1980, with later boundary increases in 1997 and 2008. [1]
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
The plan was for 40,000 properties to be taken down to allow for property values to rise and have land for new homes and office space to be built in the city. Poverty and crime continue to impact the city, and the demolition program was created in hopes to improve conditions for the people living in the urban areas of Detroit.
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...