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:

1. Once you miss your first payment, a demand letter will be mailed stating you have 30 days to catch up on your payments. You have time here to reinstate your loan. 

2. Once you are 30 days late on your payment, the bank will begin the foreclosure process.

3. The bank will publish in the legal news once a week for four consecutive weeks. The publication will include the loan amount owed, the  property address, the mortgagor and mortgagee, recording information of the loan, and then the auction will be held. 

4. The auction is held at the county courthouse for the entire amount of the balance of the loan, including all attorney costs, late fees, and interest. Someone could purchase the property through the auction. If not, the bank will now have a legal right to owning it!

855-SheriffSale

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)