Navigating Foreclosure Proceedings
If your home is in danger of foreclosure, our Royal Oak, MI foreclosure lawyer may be able to help you stop foreclosure proceedings and save your home. Even if you have already received a foreclosure notice, it may not be too late. An experienced foreclosure lawyer will consult with you about your situation and determine the best course of action for you and if it is possible to save your home. In order to have a chance to do so, it is important to act as quickly as possible. Contact our team at Gudeman & Associates, P.C. today to schedule a consultation and discover how we can help you.
Understanding Michigan Foreclosure Law
Foreclosure proceedings can be a complex and complicated process to understand and navigate. Our Royal Oak foreclosure lawyer can help you understand Michigan’s laws regarding foreclosure proceedings and the options that may be available to you.
In Michigan, there are two different methods lenders can utilize to foreclose on a property. One method, known as Judicial Foreclosure, is when the lender takes the borrower to court. This type of foreclosure is rare. The other type of foreclosure is known as Foreclosure by Advertisement. In Foreclosure by Advertisement, the lender schedules what is known as a sheriff’s sale of the property and advertises the sale in a local paper. A Notice of Sale must be published once a week for four weeks in a newspaper of general circulation as well as posted on the property at least 15 days after the first Notice of Sale. After the four week period, if no legal actions have been taken to stop the foreclosure process, a sheriff’s sale can occur.
Sheriff’s Sales and the Redemption Period
A sheriff’s sale refers to a public auction of the property on the indicated date. During this auction, third parties bid on the property, and the highest bidder takes the position of mortgage holder. After this takes place, a six month redemption period begins.
During the redemption period, the homeowner has the opportunity to keep their home by paying the sale price of the property at the sheriff’s sale as well as interest. This period also gives homeowners time to refinance their home, sell it through a short sale, or find a new home. Redeeming the home after a sheriff’s sale is often not a financially viable option for homeowners that are struggling to pay their mortgage.
While you can appear in court and argue your case during the eviction process, your best chances at avoiding foreclosure are finding a legal and financial remedy before the process of Judicial Foreclosure or a sheriff’s sale occurs. Contacting our Royal Oak foreclosure lawyer as soon as possible is crucial when seeking to avoid the foreclosure of your home.
Obtaining Valuable Legal Aid
During as complicated and distressing of a time as the foreclosure of your home, navigating the legal process of foreclosure can be difficult. An experienced foreclosure lawyer can help ensure that you understand all your options, make the right decisions, and utilize the right tools such as Chapter 13 bankruptcy in order to avoid foreclosure on your home. To discover exactly how we can assist you and if we can save your home, contact Gudeman & Associates, P.C. today.