What Happens After Foreclosure in Michigan?

by admin on September 13, 2010

Question:

What Happens After Foreclosure in Michigan?

Answer:

After foreclosure, some states offer a redemption period to give a chance to the original homeowner or borrower to reacquire his home. This homeowner can stay in the home or property during this period which lasts for about six months. Once he pays the full amount owed plus the additional interest and fees, he can keep his property. The homeowner should seek loan modification or other foreclosure help in Michigan options.

However, if he is not able to pay the full amount, the foreclosure process is ends and the eviction proceedings will take place. If the homeowner is still staying in the property after the redemption period, the bank or mortgage company will request for an eviction action from the district court, asking for the home to be vacated. After the court grants the request, the sheriff or other law enforcement will issue the occupants a written notice of eviction which is usually posted on the door. About 10 to 20 days after the previous homeowner receives the notice, a court hearing will take place. After the hearing, the court releases judgment, which usually allows the occupants additional 10 days to vacate the property. If deemed necessary, the court may allow the previous homeowners to stay in the area for more than ten days.

If the former homeowners do not vacate or are still staying in the area after the given allowance period or after the judgment was passed, the court will issue a writ of restitution. This writ allow law enforcements to remove the occupants as well as their belongings.

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