The basics of foreclosure

On Behalf of | Feb 14, 2022 | Foreclosure |

Foreclosure is always a concern for Michigan residents who are having a tough time paying their mortgage payment each month. They may sacrifice all of their other financial priorities in order to make that payment – and still come up short. If you think foreclosure might be a concern you have to address in the near future, understanding some of the basics about the process can be crucial. So, what are the basics about foreclosure?

Well, for starters, foreclosure becomes a possibility when a borrower “defaults” on a mortgage. In essence, this means that the agreed-upon mortgage payments are not being made. A person’s home serves as collateral for the loan and, per the terms of the mortgage agreement, the lender can force the sale of that home in order to recoup the remaining balance of a mortgage if the borrower is not paying.

Homeowners who are facing a foreclosure action know it is coming. Lenders will make multiple attempts to warn homeowners when foreclosure is becoming an option. You may face deadlines to take action. All of this comes at a time when the stress of your financial situation could be overwhelming. Michigan residents who are facing these circumstances could likely benefit from the right help.

Assess your options

At our law firm, we work with our clients to help them assess all possible options when they are facing a foreclosure action. You may have a path toward keeping your home, or you may need to simply work to limit the financial damage of a foreclosure. For more information about how we might be able to help, please visit the foreclosure overview section of our law firm’s website.