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
Mortgage Late Days 2 to 36
- Late IF payment due date is the 1st
- 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
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?
- 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
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
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
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
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.