Question about foreclosure process in Michigan?

by oliver on September 30, 2010

Question:

Question about foreclosure process in Michigan?

has anyone recently done a foreclosure in Michigan? If so what did the process consist of, how long did it take, and what where the repercussions afterwards. I no longer live in the home and can no longer afford to keep it.

Answer:

Usually, the process of foreclosure takes 90 to 100 days or more if it is not contested. Once a borrower misses his mortgage payments for a period of 3 months, the lender will file a foreclosure against him. The lender will issue a Notice of Default to the borrower, reminding him of the amount that he owes and giving him a period of 90 days to make his mortgage current. If the borrower wants to keep his home, he must pay the mortgage payment, alongside with the charges, late fees, interest, loan fees and other required payments before the 90 day period ends. The borrower can also ask for assistance from the banks, such as refinancing and mortgage modification. If no agreement was made, a Notice of Foreclosure Sale will be issued. This notice will also be posted on the local newspaper and will contain information on the date and time of the sale of the property. About 21 days after the issuance of a notice of sale, the auction will take place and the one who gives the highest bid will take over or repossess the property. If in case the previous owner is still staying in the property after the auction, the new owner can file fore an eviction process, ordering the occupant to leave the house at once.

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