Posts (RSS)Real Estate Foreclosure Listings Grow in Redford, Michigan
Real estate foreclosure listings in Redford, Michigan continue to grow, based on data from the Redford Township Business Association.
According to Robert Miller, deputy supervisor for Redford, around 2,000 homes will be foreclosed this year in the area. Just like other places in Michigan, Redford has been following the foreclosure trend in the state.
In the July to September quarter, more than 37,000 residential properties throughout the state were hit with foreclosure postings, with almost 15,000 already in the foreclosure books of lenders. With the continued increase in foreclosures in the state, Michigan was ranked eighth in the third quarter based on foreclosure rates.
To help contain foreclosure properties in Redford, Thomas Krause, head and founder of the Redford business association, and other members committed to help distressed families avoid foreclosures. They planned to work with Bruce Kaufman, a mortgage restructuring specialist who owns HHAF Systems LLC and who has been negotiating loan modification successfully with lenders.
Early this year, Redford officials tried to launch a foreclosure prevention program that involved HHAF Systems, but the program fell through. The program would have prevented distressed properties from getting into real estate foreclosure listings with only around $500 in fees per mortgage modification and with the fees getting paid by state or federal agencies.
Even if the initial effort to work with Kaufman collapsed, the township has been supporting the plans of RTBA and encouraging business leaders and other associations to help families in Redford save their homes from foreclosure.
To help start the modifications, the association will be conducting fund raising efforts. In November, RTBA will hold a fundraising event at the Timber Wolf Tavern.
Bill Kanbilian, founder of Little Bill?s Trophies, explained that RTBA decided to help solve the problem of foreclosure homes not only to help families, but also to help themselves. Business people know that if communities are overloaded with foreclosed properties and families abandon communities, they will be left with no customers to serve.
Additionally, values of properties will deteriorate, including the values of their office spaces and their business spaces.
Kaufman of HHAF said that he has reduced his mortgage modification fee to only $150, a sharp drop from the usual $500 charged by loan modification firms in the area.
Both Kaufman and Krause reiterated that launching the program to contain real estate foreclosure listings in Redford requires determination to face challenges, but they need to do it to save their township from deterioration.