11.28.2007

FORECLOSURE FIESTA

Every week there seems to be more and more news of the foreclosure crisis in Michigan. This week Free Press Sunday paper had 3 sections of Wayne County Notice of Foreclosure on Taxes. Some are making lemonade out of the lemons and using this crisis to make money or state a real estate business.

You may want to contact a Real Estate Lawyer to help you either do seller financing or renting out the units. It is a seller's market so contact a lawyer and have him work a deal that will protect you as the buyer. Make lemonade out of lemons.

Even if you are a home owner with notice of foreclosure banks have so much inventory of unsold homes you should try and contact your lender and work a deal. Attorney General Mike Cox announced today that several lenders will be coming to Michigan to help alleviate the situation. Hold on Michigan help is on the way.

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11.13.2007

FOLLOW THROUGH ON POST SALE OF INTEREST

Unfortuantely I have another war story of someone who did not do their due diligence upon ending their business relationship.

We represent a business man who operated Chinese restaurants. He owned a restaurant with a partner who bought him out of his share. They signed a dissolution agreement however our client was not represented by a lawyer or an accountant and he trusted his former partner.

Cut to the chase his former partner failed to remove our client of the DTE Energy bill and now our client is saddled with a $67,000 energy bill on his old restaurant. We can sue the former partner but apparently he is on the verge of bankruptcy.

I preach that you develop a close inner circle of business advisers whether bankers, accountants, and or lawyers who can help protect yourself.

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