Stop Foreclosure in Michigan

 


How to Stop Foreclosure in Michigan

The process of foreclosure differs from state to state and this is basically why you have to know which one applies to where you are residing in. This is important because some rules when it comes to foreclosure that apply to one state does not necessarily apply to another.

Primarily, foreclosure is a legal process that is undertaken when you can no longer pay for your dues when it comes to investing in a home. But before foreclosure takes place, a lot of other things are still taken into consideration. This being said, foreclosure is one of the last things you can result to and this only happens when the situation is already considered to be grave.

The other legal processes before foreclosure is taken into account include pre-foreclosure, and auctioning. Pre-foreclosure is the primary action taken when you fail to pay your dues within a certain number of days. After this, and given that you have no attempts at paying at all, then your home can be auctioned and sold to other prospective buyers. When this is done, you will no longer have any control over your home and can no longer be considered the rightful owner even if you have paid for it for some period of time already.

These rules and processes are the same with all other states but what is unique in Michigan is that during foreclosure or the declaration of bankruptcy, the government has the right to own the home as well. Other than this, the home once sold to the government can still be purchased afterwards when the debtor shows proof that he or she can already pay for the house once again.

Other than this, there are still a lot more differences when it comes to the state of Michigan and its processes when it comes to foreclosure.

For more information, you may also contact MSHDA’s (Michigan State Housing Development Authority’s) Save the Dream Campaign. The website is a resource for homeowners in Michigan experiencing financial difficulties and facing foreclosure. The program has a network of statewide homeownership counselors to assist Michigan residents with refinancing programs. You can also call the Save the Dream number at (866) 946-7432.

Synopsis of Michigan Foreclosure Laws

Judicial Foreclosure Available: Yes Non-Judicial Foreclosure Available: Yes Primary Security Instruments: Deed of Trust, Mortgage Timeline: Typically 60 days Right of Redemption: Yes Deficiency Judgments Allowed: Varies In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the court will issue a notice of sale.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

  1. A notice of sale must be published once a week for four (4) in a newspaper of general circulation in the county where the property is located. The notice must also be posted on the property at least fifteen (15) days after the first notice of sale is published.
  2. The notice must contain the borrower and lenders name, a description of the property, the terms of the sale and the time, place and date of the sale.
  3. The sale must be made at public auction to the highest bidder. The trustee or the sheriff of the county, if different, may conduct the sale between the hours of 9:00 am and 4:00 pm on the date specified in the notice of sale.
  4. The sale may be postponed by posting a notice at the time and place where the sale was to originally be held. If the postponement is for more than one week, it must also be published in the manner as the original notice of sale was given.

Where to go to for Foreclosure Help

Detroit Field Office

McNamara Federal Building
477 Michigan Avenue
Detroit, MI 48226

Phone: (313) 226-7900
Fax: (313) 226-5611 or 226-3197
TTY: (313) 226-6899

Lana J. Vacha
Field Office Director
Office Hours: 8:00 a.m. to 5:00 p.m.

Grand Rapids Field Office

99 Monroe Avenue, NW
Suite 402
Grand Rapids, MI 49503

Phone: (616) 456-2100
Fax: (616) 456-2114
TTY: (616) 456-2159

Louis Berras
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.

Flint Field Office

Phoenix Building – 4th Floor
801 S. Saginaw Street
Flint, MI 48502

Phone: (810) 766-5112
Fax: (810) 766-5122
TTY: (810) 766-5106

Louis Berra
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Stop Foreclosure Early

Quicken Loans
(866) 602-1549
26261 Evergreen Rd
Southfield, MI

Quicken Loans
(866) 602-1549
400 Galleria Officentre
Southfield, MI

Quicken Loans
(866) 602-1549
41238 Oak Hill Dr
Clinton Township, MI

Quicken Loans
(866) 602-1549
655 W Kirby St
Detroit, MI

Diamond Residential Mortgage
616-532-3000
4565 Wilson Ave.
Grandville, MI

Quicken Loans
(866) 602-1549
800 Tower Dr
Troy, MI

Quicken Loans
(866) 602-1549
27725 Stansbury Blvd
Farmington Hills, MI

Quicken Loans
(866) 602-1549
17187 N Laurel Park Dr
Livonia, MI

Quicken Loans
(866) 602-1549
7035 Orchard Lake Rd
West Bloomfield, MI

Treeside Financial, LLC
586-323-2500 x 111
17236 Suffield Drive
Clinton Twp, MI