HOW IT HAPPENS, THE PROCESS AND TIMELINE...

The Metro Detroit Area, and all of Michigan for that matter, have been especially hard hit by the changing economy and challenging times and as a result have left many homeowners in a trying situation. Below is a general timeline of the foreclosure process.

GENERAL FORECLOSURE PROCESS:   1) homeowner fails to make monthly payments for 60-90 days 2) mortgage company notifies homeowner they are in default of the mortgage and gives them an opportunity to make up payments before legal proceedings occur. (should consult attorney) 3) homeowner does not make satisfactory arrangements with mortgage company 4) mortgage company advises homeowner they have started legal proceedings and who will handle those proceedings (foreclosure attorney) also known as "sheriffs sale" 5) sale includes balance of mortgage, all interest and fees owed including legal expenses 6) foreclosure attorney posts legal notice in "the legal news" and/or posts foreclosure notice on property advising of the date of the sheriffs sale of the property 7) homeowner may refinance property or declare bankruptcy to prevent property foreclosure (if not already, should consult attorney) 8) property is sold at the sheriffs sale to the highest bidder 9) homeowner has six months from sale date to reedmen property unless they abandon property, in which case it is 30 days 10) legal elapsed time after sheriffs sale, homeowner loses all rights to the property and must vacate   Disclaimer: the information found within this or any other page of the MDFH website are meant only as a guideline based on Michigan law and general procedures. Each foreclosure is unique, with different entities and laws that differentiate greatly from state to state and anyone seeking legal advice should consult the service of an attorney.

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