Often in our 40 years of experience, we have come across clients who are reluctant to opt for foreclosure even if they are unable to pay off the debts by any other means. We do understand your sentiments with regard to your home but in the practical world it is advisable to be realistic. If selling off your home is the only choice you are left with then you have to take the decision sooner or later.
An Introduction to Foreclosure – What is it?
A legal process through which the lender attempts to recover the payments of the debts made by selling off the collateral properties of the debtor is termed as foreclosure. Types of Foreclosures are classified as judicial foreclosure, Non-judicial foreclosure and strict foreclosure.
What factors are to be kept in mind if you face foreclosure in Michigan ?
The factors to be considered in case you are facing foreclosure in Michigan are the time you have for responding and also the most common type of foreclosure procedure followed all over Michigan. Apart from this, do check how your rights will be protected through the procedure and the future consequences of going through the foreclosure.
We serve clients from Detroit, Southfield, Ann Arbor, and Sterling Heights and have handled numerous foreclosure cases. If you are unsure about what will be your next step once you are facing foreclosure, it is time you seek professional help. Here at A Better Way Bankruptcy, we understand the pressure you are going through and that foreclosure is a life changing event not and that too not in a pleasant way. Consult our warm professionals who are known for taking care of your situations with utmost sensibility and confidentiality.
Will foreclosure clear all my debts ?
It is most likely that selling of the collateral’s debt will clear all dues but in case your property does not fetch enough to compensate the total debt you will have to go through deficiency judgment.
Some facts to be kept in mind about foreclosure in Michigan:
The following factors are common to all over Michigan particularly in Detroit, Southfield, Ann Arbor and Sterling Heights.
- The most common foreclosure procedure followed all over Michigan is Non-judicial foreclosure under power of sale.
- A notice should be issued by the foreclosing party for four weeks consecutively and once every week before the sale of the property. Depending on the mortgage contract the foreclosing party should mail the debtor a notice 30 days before beginning the foreclosure proceedings giving a last chance to clear the debts.
- Certain special protection against foreclosure is secured for military service members including the Michigan National Guard under the Michigan Law.
What questions you should clear out with your lawyer on foreclosure ?
- Is there any sort of exemptions that can be availed if we are facing foreclosure ?
- What happens after foreclosure proceedings are complete ?
- How far can my attorney help me so I can avoid Foreclosure ?
- Is there any alternative to foreclosure in my situation ?
Foreclosure is an extreme situation that every one of us tries and avoids. But in case you fall victim to these unfortunate circumstances keep faith in us as we will do our level best to bring you out of this situation. Remember, you are not the only one who is going through this tough phase and that we have helped out many in similar situations before you.Call us at 586-991-1580 and book your FREE Consultation with Detroit bankruptcy attorney TODAY as each case needs it’s own customized evaluation which we can provide you only when you come to us.