Foreclosure Help Now!

There is not doubt that the economy is still struggling. Unemployment remains high in Michigan, and we are feeling the effects more than most states. One of the most unfortunate consequences of the stumbling economy is the inability of people to regularly make their mortgage payments.

There are many reasons families become unable to afford their mortgage payments such as job loss or sky-rocketing adjustable rate mortgages. Regardless of the reasons, once you become unable to make your mortgage payments, you need to seek help immediately. Initially, you may look toward state or federal programs geared towards helping homeowners in your situation. However, once you miss your first payment, you begin the timeline towards foreclosure, and you need to be aware of your situation and your rights.

As for the timeline, a typical foreclosure begins after the 3rd mortgage payment is missed. Banks will usually not accept any further partial payments at this point. They then usually advertise in the local newspaper once a week for four weeks about a foreclosure sale of your home. The fifth week is typically when the sale happens. IT IS BEFORE THIS SALE THAT YOU SHOULD ACT AS YOU HAVE MOST OF YOUR RIGHTS STILL INTACT.

After the foreclosure sale, you have the right to redeem the property which allows you to keep it. This means you will need to pay off the entire balance of the mortgage as well as legal fees and costs. This usually proves too difficult a task. Since you couldn't make a monthly payment, how are you supposed to pay the entire mortgage? Nevertheless, the redemption varies depending on the size of the property and whether or not it is occupied. For these reasons, it is extremely important that you seek help immediately.

Get ahead of the problem! There is no doubt that the Michigan foreclosure rights and process can be complicated and difficult to understand. The only way to truly address your specific issue is to immediately contact us and set up a free consultation.

We will absolutely help you understand homeowners’ rights before foreclosure, during the foreclosure process, after the Sheriff’s Sale, and during the redemption period. We want to help you stay in your home and avoid foreclosure. Please contact us as soon as possible if you believe that you have reached the point at which you have lost the ability to make your mortgage payments or believe you are on the edge.

We will take the time to listen to your unique situation and offer you the best information available. YOU DO NOT HAVE TO LOSE YOUR HOME!!!


Michigan Legal Group - Foreclosures in Traverse City

Foreclosure Myths

Dread: "If I tell the mortgage company I'm having a problem, it will speed up the foreclosure process."

Contacting your lender is an important first step, and the sooner, the better. It provides you with an opportunity to explain your situation and what steps you are taking to deal with it. Yes, your lender can be your adversary, but that's much later in the process. Right now, the lender can be your best ally. So call the lender early.

Fear: "If I miss just one payment, I'll lose my home."

The foreclosure process doesn't even begin until you are at least 90 days delinquent on your mortgage. But by that time, you are three months behind, and that's a deep hole from which to try to dig out.

It's much easier to get back on track after missing a single payment, so reach out to your lender and ask for help in making up your deficit. Even if you think you might miss a payment or two, let your lender know going on. Lenders have a financial interest in keeping you in your home and may be willing to modify the terms of your loan or devise a repayment plan.

Michigan Legal Group

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