Michigan Foreclosure Lawyer in Monroe, MI and Downriver, Detroit
If you are behind in your mortgage payments, a Michigan foreclosure lawyer can assist you in saving your home. You have many options under Michigan law that we can review. Timing is essential to stop a foreclosure and save you home.
Foreclosure defense is a focus of our law offices. We can help the borrower when dealing with the mortgage holder to keep your house.
Bruce Law Firm provides legal services to 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. Our lawyers have experience representing homeowners facing foreclosure. There are many options for you to consider when dealing with your mortgage loan and foreclosure proceedings in the state of Michigan.
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 . Bankruptcy law provides that upon filing either bankruptcy the Debtor is covered by the automatic stay. This bankruptcy relief takes effect immediately when the bankruptcy petition is filed.
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. Talk to a Michigan foreclosure lawyer to discuss your options.
After the mortgage company 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 sale.
Non-Bankruptcy alternatives a Michigan Foreclosure Lawyer can use to stop foreclosure
There are many non-bankruptcy alternatives to dealing with a Michigan Foreclosure. Foreclosure prevention can 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.
Loan Modification Programs in Michigan
There are many loan modification programs in Michigan that may be available to allow you to avoid foreclosure.
Through the various loan modification programs 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.
A mortgage modification can make your home more affordable and allow you to avoid a foreclosure.
Deed in Lieu of Foreclosure in Michigan
A deed in lieu of foreclosure Michigan is a way to keep a foreclosure off of your credit report. It involves basically returning the house to the lender on a voluntary basis. It is sometimes possible to negotiate with the lender to avoid a deficiency judgment in which the lender will pursue a civil judgment against you for any money owed. This can limit future liability.
A Deed in Lieu of foreclosure in Michigan can also keep a foreclosure off of your credit report. This will improve your credit score and allow you to recover more quickly and possibly get a new mortgage sooner.
Short Sale in Michigan
A short sale in Michigan 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.
One of the advantages of a short sale in Michigan is it is not reported to the credit reporting agencies. A short sale Michigan is a loss mitigation technique that is faster and allows for the fastest recovery for the homeowner.
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 600.320 1 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 are no Court proceedings in front of a Judge. It is imperative you speak to an attorney BEFORE there is a Sheriff Sale conducted. After the sheriff sale it is too late to save you home in most cases.
Michigan Foreclosure Redemption Period After a Sheriff Sale
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 homeowner does not leave they could face eviction. Often the lender will negotiate to try to gain access to the property sooner.
Under certain circumstances the Michigan foreclosure redemption period can be shortened. For example, if the property is abandoned the redemption period can be reduced to as short as thirty days. You will want to talk to an attorney to discuss how the Michigan redemption period applies in your case.
Call Today and Talk to a Foreclosure Defense Lawyer
As you can see a home foreclosure is a very complicated process. You will want to talk to a Michigan foreclosure lawyer and pursue the best course of action in your case.
Bruce Law Firm has Michigan foreclosure lawyers available to provide legal advice about your home mortgage today. We offer a free consultation to a homeowner facing foreclosure.
We are a bankruptcy and debt relief firm.