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In Bloomfield Hills, like the rest of Michigan, foreclosure law refers to the legal procedure by which a mortgage lender (or other lien holder) takes over a property in case of a homeowner's inability to pay the loan owed on said property. Foreclosure law in Michigan is a combination of state statutes and acts which provides lenders with two main remedies: judicial foreclosure or non-judicial foreclosure (also known as foreclosure by advertisement).
Even though foreclosure laws are designed to protect both the lender and the borrower, the process can be complex and overwhelming for homeowners. Homeowners often need legal help when they are served with a foreclosure notice, interested in exploring alternatives to foreclosure, such as loan modifications, or when they decide to fight the foreclosure in court. A lawyer experienced in foreclosure law can guide homeowners through the process, protect their rights, and potentially help them keep their home.
The Michigan state laws, applicable in Bloomfield Hills, allow for both judicial and non-judicial foreclosure processes. However, most foreclosures in Michigan are by advertisement. This means the lender does not need to go to court as long as the mortgage contract contains a power of sale clause. The lender is required to post a notice of foreclosure sale at the court and the property, and publish the notice in a newspaper for four consecutive weeks. Delinquency period lasts 120 days before which lender cannot start the foreclosure process.
Yes, you still have rights and options available, including the right to fight the foreclosure in court, apply for a loan modification, or sell the home before the foreclosure is finalized.
Foreclosure by advertisement can take as little as two months, while judicial foreclosures can take longer since they involve court hearings. However, federal law restricts lenders from starting the process until you're more than 120 days delinquent on your payments.
Yes, a lawyer can offer possible defenses to foreclosure and may be able to help you remain in your home. They might help you with a loan modification, bankruptcy, or reverse mortgage among other solutions.
This is a period after the foreclosure sale during which a homeowner in Michigan typically has a six-month right to redeem, or reclaim, their property by paying the full sale price plus interest and costs.
Yes. Consulting a foreclosure lawyer or approved housing counselor is a great first step. Even local governmental agencies can help you understand your options, rights and the general foreclosure process.
State Bar of Michigan provides resources on housing and real estate law. The U.S. Department of Housing and Urban Development offers approved housing counseling agencies that provide free or low-cost advice. Michigan State Housing Development Authority also provides helpful resources and support for distressed homeowners.
If you need legal assistance with foreclosure, it's best to reach out to a local attorney specializing in foreclosure law. Consider using the resources mentioned above to vet for experience, client reviews, and credibility. Don't wait until it's too late; take action as soon as possible to prevent irreversible damage to your financial future.
