Foreclosure attorneys in Monroe, Michigan serving all of Monroe County and Downriver Detroit
A Michigan foreclosure lawyer can assist you in saving your home. You have many options that we can review. Timing is essential to stop a foreclosure and save you home. Bruce Law can review your situation to help you determine the best course of action to save your home. Our firm can help you understand the foreclosure process. There are many options for you to consider.
Chapter 7 Bankruptcy and Chapter 13 Bankruptcy can stop a home foreclosure
The foreclosure process can be stopped immediately by filing a Chapter 7 Bankruptcy or a Chapter 13 bankruptcy. Upon filing either bankruptcy the Debtor is covered by the automatic stay. The automatic stay immediately halts all attempts to collect on a debt, including a home mortgage foreclosure. The key is you need to act quickly. After the lender conducts the Sheriff’s Sale it is often too late to stop the foreclosure. We have bankruptcy lawyers in Monroe, Michigan that can file either type of bankruptcy quickly for you to stop the foreclosure.
Non bankruptcy alternatives a Michigan Foreclosure Lawyer can use to stop foreclosure
There are many alternatives to filing bankruptcy when dealing with a Michigan Foreclosure. These include a home loan modification, a deed in lieu of foreclosure and a short sale. A Michigan foreclosure lawyer can assist you in finding an appropriate solution to your problem.
Home Loan Modification
It is possible to work with your lender to modify your loan. While you cannot force a lender to modify its mortgage often they will try to work out a repayment or modification with the debtor.
Deed in Lieu of Foreclosure
A deed in lieu of foreclosure is a way to keep a foreclosure off of you credit report. It involves basically returning the house to the lender on a voluntary basis. It is some times possible to negotiate with the lender to avoid an deficiency judgment in which the lender will pursue a civil judgment against you for any monies owed.
A short sale is where you arrange for the sale of your home to a third party for less than you currently owe on the mortgage. In a short sale you work with the lender and get their agreement to sell your house for less than what you owe on the mortgage.
Michigan Foreclosure Law
Real estate foreclosure is governed by state law. In Michigan most foreclosure are foreclosure by advertisement. This type of foreclosure is governed by MCL 600.3201 and states in part:
“Every mortgage of real estate, which contains a power of sale, upon default being made in any condition of such mortgage, may be foreclosed by advertisement, in the cases and in the manner specified in this chapter.”
This type of foreclosure provides for a non court means for a lender to foreclose on a residential property. In a foreclosure by advertisement the lender will post notice on your home and publish it in the paper to begin the process. There is no Court proceedings in front of a Judge. It is imperative you speak to an attorney BEFORE their is a Sheriff Sale conducted. After the sale it is too late.
Michigan Foreclosure Redemption Period
After the lender has the Sheriff Sale conducted the property owner generally has 6 months to vacate the property. This 6 months is known as the Michigan redemption period. In the event the home owner does not leave they could face eviction. Often the lender will negotiate to try to gain access to the property sooner. Under certain some circumstances the Michigan foreclosure redemption period can be shortened. You will want to talk to an attorney to discuss how the Michigan redemtion period applies in your case.
Call today and talk to a foreclosure defense lawyer today
As you can see a home foreclosure is a very complicated process. You will want to talk to an attorney and pursue the best course of action in your case. Bruce Law Firm has Michigan foreclosure lawyers available to talk about your home mortgage today. We offer free consultations.