The threat of foreclosure can be terrifying for homeowners, and it’s hard to know where to turn for help. With today’s uncertain financial times, finding the right Southfield, MI, foreclosure lawyer to help you explore your options for saving your home is critical.
If you’re behind with your mortgage payments or have already been served with a foreclosure or Sheriff’s Sale notice, there is still help available to you. However, you must act fast, especially if you’re already in foreclosure. Contact Gudeman & Associates, P.C., today for a personalized consultation to help you fight a foreclosure.
The Foreclosure Process in Michigan
When a homeowner in Michigan falls four months or more behind with mortgage payments, the lender can take steps to foreclose on the house, attempting to recover the value of the loan. If you’ve gone six months without making a payment, then the lender has the option to sell the house in a Sheriff’s Sale, which is a public auction.
Although your personal circumstances are unique, you can typically expect the foreclosure process to unfold much like so:
- Payment default, the time period of successive missed payments
- Notice of default or a reinstatement period, when the lender notifies you that payments have not been received
- Notice of a Trustee’s Sale, in which the lender notifies you of the auction
- Trustee’s Sale, the auction event itself OR Real Estate Owned (REO), if the house doesn’t sell (the lender receives assistance from a real-estate-owned asset manager)
Eviction is the last step in the foreclosure process, in which you and your family are removed from the home. Don’t let this happen to you. We can intervene before you lose the house and negotiate options to allow you to stay.
Foreclosure Defense Options From a Southfield Foreclosure Lawyer
Finding the right foreclosure defense depends on your situation. Your options are usually limited by how far behind you are with your payments and how open your lender is to working with you on a repayment plan.
Some of the foreclosure defenses we’ve deployed successfully include:
- Loan Modification: We negotiate on your behalf with the lender to modify the terms of the loan, possibly reducing your payments so that you can afford to pay your mortgage each month.
- Forbearance: A forbearance is an agreement between you and the lender in which the lender temporarily suspends payments to give you a chance to catch up on your missed payments.
- Short Sale: You may be able to sell the house for less than you owe on the mortgage. While this may leave you with debt, it does avoid foreclosure and the negative impact on your credit rating.
- Bankruptcy: If you file for bankruptcy, you’ll typically get a stay of foreclosure. This gives you time to restructure your debts and find ways to catch up on your missed mortgage payments.
Each option has pros and cons. Our legal team can help you understand each one and how it will affect your situation.
Do You Need Help Avoiding a Foreclosure?
Even if you’ve received a court notice of foreclosure or a Sheriff’s Sale, you may still be able to fight a foreclosure. We can help you explore your legal options and provide personalized advice from an experienced Southfield foreclosure lawyer. Contact Gudeman & Associates, P.C. today for a consultation.
