What is Foreclosure?
Foreclosure is the formal legal process that a bank or lender follows to regain possession of a mortgaged property because the loan is delinquent. The lender will sell the property to recoup the balance of the loan.
Will foreclosure affect my credit score?
Yes, a foreclosure will have a negative affect your credit score and remain on your credit report for 7 years.
How can I stop a foreclosure?
There are several ways to stop a foreclosure and the most beneficial involve negotiating with your lender. The more popular methods are loan modification, short sale, and deed in lieu.
What is Deed in Lieu?
Deed in lieu is where a homeowner deeds the property back to the lender to avoid foreclosure.
What is a Short Sale?
A short sale is when a home is sold for less than what is owed. The lender must agree to the amount and terms of the sale.
Will a Short Sale affect my credit?
Yes, a short sale will have a negative impact on your credit, but often less impact than a foreclosure.
What is a foreclosure auction?
A foreclosure auction is where the lender sells the foreclosed property to recoup the loan value. The auction is held at the court house by the Sherriff where foreclosed property is sold to the highest bidder.
Who can bid at the Sherriff auction?
Anyone can bid on homes at auction including the homeowner, lender, and interested parties present at the auction.
What is Deficiency Judgment?
Deficiency Judgment is a legal filling by the lender attempting to collect the deficiency or loss between the loan amount and sale amount of the property.
What can you remove from your foreclosed home?
As a general rule if it is attached to the house it stays with the house. You can remove all personal items and furniture but fixtures must stay in place attached to the home.
What is the redemption period on a foreclosed home in Michigan?
The redemption period is the timeframe a homeowner can repurchase the home from the lender. The redemption period is 6 months for single family homes on less than 3 acres. For property that has 4 units or more, or greater than 3 acres the redemption period is 12 months.
Can I be evicted from my Home?
Yes, following the redemption period if the home was not redeemed by the homeowner the lender may file an eviction notice with the court. The Eviction Notice gives the homeowner 10 days to vacate the home.
How can I find Foreclosed Homes for Sale?
Our specialists are not only experts on foreclosure, but on local real estate markets. It is important to choose a team with experience to avoid costly mistakes. Our team consists of successful real estate agents who know the Michigan home foreclosure market.
With our proven solutions we are helping homeowners Avoid Foreclosure. As Certified Distressed Property Experts, our trained agents can assist you and YOUR family with the best real estate resources. For a Complimentary Home Evaluation and practical solutions on Avoiding Foreclosure for your family, contact us here or call us at your convenience (810) 626-5600.