Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Mortgage law in Grand Rapids, United States falls under the larger banner of property or real estate law. It governs the financial transactions including borrowing money to purchase a house or property. It involves the creation of a security interest by the borrower in favor of the lender, and encompasses all facets related to mortgage loan origination, servicing, and foreclosure of home loans.
Professional legal assistance can be invaluable when you're navigating the complex world of mortgage law. Here are several situations where you might need a lawyer's help:
In Grand Rapids, as in the rest of Michigan, homebuyers typically sign a promissory note and mortgage document. The promissory note confirms the existence of the loan, while the mortgage provides security for the loan. Michigan is a 'lien theory' state, meaning the borrower maintains the title to the property, but the mortgage creates a lien on the property in favor of the lender. The property can only be sold when the lien has been satisfied or removed. Also, the foreclosure process can be conducted in different ways in Grand Rapids, depending on the terms stipulated on the mortgage contract. One route is judicial foreclosure, which requires a court proceeding. On the other hand, non-judicial foreclosure can be achieved if the mortgage includes a 'power of sale' clause granting this authority to the lender.
When you can't afford your mortgage payments, you have the right under federal law to apply for loan modification or other alternatives to foreclosure. Your lender or loan servicer must work with you to determine if you qualify.
Michigan is a recourse state, which means a lender can take legal action against you if they're unable to recoup the full amount of the loan following a foreclosure and sale of the property. They can file a deficiency lawsuit for the difference.
A lawyer can help by reviewing your mortgage documents, detailing your legal options, and potentially filing a lawsuit against the fraudulent party. They can also protect your rights during any criminal proceedings.
The foreclosure process in Grand Rapids typically lasts from six months to a year, this largely depends on whether the foreclosure is processed judicially or non-judicially.
Yes, it's possible to buy a foreclosed home in Grand Rapids. However, it is recommended to seek advice from a real estate attorney, as this process can be complex.
Your local government and various legal and housing organizations offer resources that can help, such as:
If you need legal assistance related to mortgage law in Grand Rapids, consider the following next steps:
