When Schostak Bros. first built the Cherrylander Center near Traverse City, the mall was supposed to bring in enough profit to pay off the $8.7 million loan used to build the commercial property. But when the economy downturned the family-owned development company was forced to default on its loan. In the end, Wells Fargo repossessed the mall then went after the developer for $2.1 million to cover the remaining balance of the loan.
An uninhabited, private island, wedged in Florida's Intracoastal Waterway, could be yours for only $459,000!
In a December post, readers of our blog received a brief-albeit it uncertain-answer to the question: can you avoid falling over the fiscal cliff with a short sale? The answer to this question hinged on whether Congress could come to a consensus on what to do with many of the tax laws that were set to expire at the end of 2012.
Thousands of people across the state of Michigan are currently renting a property, and all of those people have more than likely signed some form of a lease agreement with their landlord. But there is the very likely possibility that a majority of those people did not read all of the fine print before they put pen to paper.
Everyone in Michigan is familiar with the saying "if a tree falls in the middle of the woods, and no one is around to hear it, does it make a sound?" But in cases of storm damage, a new saying has people asking a similar question: if my tree falls on my neighbor's property, and I didn't do it, who pays for the damages?
Mortgage agreements are complex and difficult for many consumers to understand. Prospective buyers often rely on the expertise of their realtor and the advice of their mortgage company representative or banker to help them parse the language and terms of the agreement. Some homebuyers choose to be represented by an attorney in the negotiation and execution of a home purchase so that they have an expert that will advocate for their interests alone.