WHAT IS A FORECLOSURE?
Michigan is the 3rd highest state in the country for foreclosures. A foreclosure is when a borrower is in default on a loan, and the foreclosure is the legal process in which a lender takes the property to sell it to recover their loss. In Michigan, a court order is not needed to foreclose on a loan; a simple auction is all that is needed.
WHAT IS THE PROCESS OF A MICHIGAN FORECLOSURE?
You Still Have Time to Reinstate
If you miss a mortgage payment, the bank will send you a formal demand letter giving you 30 days to catch up. This is your window to reinstate your loan and stop the process before it moves forward.
Foreclosure Process Begins After 30 Days
Once you're 30 days behind, the bank can officially start the foreclosure process. This is a critical time to take action and explore your options before things escalate further.
The Foreclosure Is Publicly Announced
Next, the bank will publish a legal notice in the newspaper once a week for four weeks. This notice includes your loan details, the property address, and the date of the upcoming auction.
The Property Goes to Auction
The foreclosure auction takes place at the county courthouse. The opening bid includes the loan balance, interest, fees, and legal costs. If no one buys it, the bank takes legal ownership of the home.
RECOMMENDATIONS
Don't move out of your home! If you move out before your redemption period ends you lose all rights to your property. Whether it was sold at the auction or if the bank still owns it.
WHAT YOU SHOULD KNOW:
1. You are going to be contacted by lowball buyers, flippers, realtors, etc. They are going to be coming out of the woodwork. Call us ASAP.
2. There are several other rules that need to be followed based on each individual situation. We can guide you through the process to your specific needs.
3. You could have equity in your home that you do not want to lose.
4. You don't have to ruin your credit.
5. Run your own show, don't let them run it for you.
KEY: DO NOT MOVE OUT OF YOUR HOME!! IF YOU VACATED IT, GO BACK!
Call us today to see how we can help you.
855-SheriffSale (855-743-7433)