Many of our readers in Michigan have gone through some uncertain times over the past year and more, as have many others throughout the country. For some, the primary concern is the household finances. In some cases, that means that an individual or family’s ability to make mortgage payments could be in jeopardy. When that is the case, it is important to understand the basic concepts in the foreclosure process.
For starters, if you miss a mortgage payment, you will likely be considered to be in “default” on your mortgage agreement. This triggers a process that could lead, eventually, to foreclosure. If you are in default, your lender could “accelerate” the debt you owe, meaning that the entire amount becomes due almost immediately. If you do not make things right with your lender after a missed mortgage payment, foreclosure could be the next step.
In the foreclosure process, the lender will provide notification to you and you will then have a set amount of time in which to “redeem” the debt by paying it all off in full. The lender may inspect your property during that time period and take all necessary steps to, eventually, sell your property at a sheriff’s sale. You will have a court hearing before that final step takes place.
Defending your rights
At our law firm, we work with Michigan residents who are facing the uncertainty of the foreclosure process and who want to know their options. We do our best to defend our clients’ rights. For more information about how we attempt to help Michigan residents who find themselves in this type of situation, please visit the foreclosure overview section of our law firm’s website.