Foreclosure Timeline

    Below is a general timeline for foreclosure in the State of Michigan (where I am licensed). For an overall of the Foreclosure process in Michigan click HERE

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Mortgage Late Days 2 to 36

• Late IF payment due date is the 1^st

• Late charges are assessed

• Lender to attempt LIVE contact

• For more details on this process click HERE

• For more information on ow we can help click HERE

Note:  It IS possible to sell your home even if you owe more than it is worth at this stage

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    Mortgage Late Day 45

• Lender/Servicer assigns internal representative

• Lender/Servicer provides written notification

• This begins your tough decision time

• Should you Save or Sale your home?

• Choices need to be considered asap.

• For more details on this process click HERE 

Note:  It IS possible to sell your home even if you owe more than it is worth at this stage

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  Mortgage Late Days 45 to 120

• You are now in what most people call Pre-Foreclosure

• Lender/Servicer has options to help save the home

• Lender/Servicer allows a partial payment

• For more details on this process click HERE

Note:  It IS possible to sell your home even if you owe more than it is worth IF the lender cooperates

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Mortgage Late Day 121

•  MIHAF application must be approved prior to this

• Notice of Foreclosure registered at local courthouse

• Sheriff’s Sale scheduled

• For more information on your Sheriff’s Sale Notice click HERE

• For more details on this process click HERE

Note:  Options for sale or negotiations are very limited at this stage due to Lender / Servicer internal processing times

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Redemption Period

• Sheriff’s Sale has been completed

• DO NOT MOVE OUT!

• All monies have to be paid in full to reinstate keep house

• Buy back typically includes court & legal fees

• Buy back typically includes back interest

• Buy back typically includes back penalties

• Home may still be sold

• Equity after lender payoff amount may go to mortgagee

• Typically lender will not finance you for a mortgage

• If you had an FHA or VA loan, it could be years before you can get a mortgage

• For more details on this process click HERE

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Note:  Sale of your home during this time may be difficult depending on amounts owed.  We need to create an exit plan that can still put money in your pocket.

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