My husband and I owned a few rental properties in the beginning of 2007. Due to the economical in Detroit there were a number of companies that have closed and moved out of stated. Even some work from the big three were sent over seas. The employment has drastically dropped in the state of Michigan. Causing a lot of families to lose their homes and forcing them to pick up and move out of state. Many people had lost their jobs and could not find work. Which meant he/she could not afford to pay the mortgage or rent? Due to the fact that these people had no money they will need to sell these homes. Many homes will have to drop in price just so they can be bought otherwise no one will buy them. Not because of the home itself but because there are so many homes on the market. So many people had to sell them at give away prices. The ones that were renting from us became squatters and decided not to pay rent. We the homeowner only way to get the tenant out was by taking them to court.By that time the tenant did not pay for the utilities and the home becomes damage due to lack of heat or due to break-ins and items stolen from the properties. Since most of our properties were empty and we just could not keep up anymore we wrote to the banks and handled over the keys. During the time we owned the properties we maintained these properties very well. New furnaces, hot water heaters, windows, roofs, and thing that a home needed we replaced. We were landlords that were not lazy. We treated our tenants right.
All Bank Foreclosed immediately accept AMC Mortgage. We tried working with them the best we can. They took the slowest time in doing everything. They acted like they did not care. It is one year later and our name is still on the Title. We have spoken to a few attorneys and they all told us AMC is wrong but we shouldn't do anything. We have not filed bankruptcy yet. The homes would be the only thing we would be filing on.in October AMC sold the home to CITI residential. We have not heard from them at all. CITI Name is not on the Title yet. I do not trust this company.
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