michigan foreclosure process
Michigan Foreclosure is such a scary process for any homeowner to find themselves caught in. It does not matter how or why you fell behind in your payments; if you are looking for ways to prevent a foreclosure on your home, here is an introduction to the Michigan foreclosure procedure, and some alternatives that you do have to possibly save yours: First, talk to your loan officer. In the event that you fall behind in your mortgage payments, this is the person who can help you with the option of a “Cease Collection”. A “Cease collection” is when the debt collector will simply stop making contact with you and try to work out a different repayment plan with you. You can ask your mortgage company for more information on this particular process. The next thing to do is to contact your property taxes. If you can, try to have this sent in paper form via certified mail before you begin the process of selling your home. By doing this, you will in fact be showing to the court that you are trying to make amends for the default, which is part of the Michigan foreclosure process. Once your property taxes are received, this is the last step in the foreclosure process. You can either pay the amount owed directly to the county, or you can pay it to the lender, which is still a good choice, in most cases.
The Lender In The michigan foreclosure process
The lender, which is either the bank or a lending company, will then send you a notice stating that you are three days from going into foreclosure. Usually, the notice will also give you a certain amount of time to figure out another plan, or face foreclosure. Depending on how late the delinquent payments are, your lender may offer you a compromise. If you agree, the foreclosure process will move forward. If you do not accept the offer, you will have lost the chance of buying your home back from the foreclosure auction. At this point, you are not a buyer, but a seller, and you still have several days to turn your mortgage payments on or before the foreclosure date. If you cannot make all your payments, the foreclosure will continue and you will lose your home to foreclosure. At this point, the foreclosure becomes a legal judgment against you. If the foreclosure proceeds, you will not be able to save your home even if you do not lose it after the sale. In the state of Michigan, however, there is a special statute of limitations on foreclosure that applies to these sales.
You have just learned about the various stages of the foreclosure process in Michigan. It is important for you to understand these stages because they have a major impact on what happens to you after you fail to pay your delinquent mortgage payments. As a real estate investor, you can protect yourself from having your home foreclosed by keeping track of the foreclosure process. You need to familiarize yourself with the different stages of the foreclosure in order to be prepared to protect your investment. The next time you are faced with foreclosure in the state of Michigan, learn as much as possible about the foreclosure process before you act. Reach out to a foreclosure lawyer.