Michigan Foreclosure LawFacts: Judicial Foreclosure Available: Yes Non-Judicial Foreclosure Available: Yes Primary Security Instruments: Deed of Trust or Mortgage Timeline: Approximately 60 Days Right of Redemption: Yes Deficiency Judgments Allowed: Varies Quick Summary: In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
The foreclosure timeline in Michigan is typically 60 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.
Michigan borrowers have the right of redemption and are allowed deficiency judgments on a case by case basis. New Information on Michigan Foreclosure Laws and regulations: Conditions that must be met before a party may foreclose a mortgage. To view bill MI HB 4453 click here A foreclosing party must notify the borrower of his right to meet to negotiate a modification of the loan, and 2) provides for a meeting between the foreclosing party and the borrower, which delays the foreclosure proceedings for 90-days. To view bill MI HB 4454 click here Requires a foreclosing property to determine whether a borrower qualifies for a loan modification and specifies the methodology for doing so. To view bill MI HB 4455 click here For more information on Michigan Foreclosure laws and regulations visit http://www.ncsl.org/public/leglinks.cfm and click on your state. Or Contact: Michigan's Attorney General's Office How Can SaveMeFromForeclosure.com Help Stop Foreclosure on My Home? We can help you either Keep or Sell Your Home to Avoid Foreclosure. Fill out our quick questionnaire and your local SaveMeFromForeclosure.com representative will contact you about how we can help you stop foreclosure today. Want to talk to someone now? Contact us at 1-888-I-Save-80 (1-888-472-8380). |