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An introduction to foreclosures in Michigan

For the majority of people, their home is one of their most valued possessions and they often work very hard to make sure that they are able to keep it. There are many different options for people who are having trouble affording their homes, but one of the most common options is a mortgage.

A mortgage is essentially just a loan specifically used to pay for their home, but if they are unable to make their mortgage payments, their home may be foreclosed.

Foreclosure in Michigan

If a homeowner fails to make their mortgage payments, the institution from whom they borrowed the funds for their mortgage may take possession of the property. This process of possession is known as foreclosure. In the state of Michigan, there are two main types of foreclosure; judicial and nonjudicial.

· Judicial foreclosure - This is when the lender officially files a lawsuit in order to foreclose the property in question.

· Nonjudicial foreclosure - These are foreclosures that are done outside of a court. They are also the most common type of foreclosure in the state of Michigan.

Once the lender has decided to foreclose a property, they are required to do certain things in order to ensure that the process is legitimate. They must,

· Publish a notice of sale in a newspaper at least once a week for a month.

· Post a copy of the notice of sale on the foreclosed property where it will be seen.]

While the lender is not generally required to send a notice of sale to the borrower, they are usually required to provide the borrower with a 30-day notice of default before they officially begin the foreclosure process.

Right of redemption

The state of Michigan allows borrowers to repurchase their home from the lender if they do so within certain amounts of time. The amount of time the borrower has to repurchase their home depends on the amount they still owe the lender and they amount of time they have been away from the house.

· If the home was abandoned, they borrower has a single month.

· If the borrower owes more than 2/3rds of the loan amount, they have 6 months.

· If the borrower owes less than 2/3rds of the loan amount, they have a year.

Regardless of the situation, the complexities of real estate law and bankruptcies often make these types of situations feel overwhelming and impossible to resolve. Luckily, there are legal professionals who are experts when it comes to these matters and they will be able to work with you as you work through the legal process.

If you find yourself in a situation wherein you are facing foreclosure, it is highly recommended that you seek out the services of an experienced and knowledgeable legal professional.

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