In today’s uncertain economic times, one stroke of bad luck could put you in a position where you’re behind in your mortgage. You may even be facing foreclosure or a Sheriff’s sale of the house. If you’re worried about your home and what may happen if you’re foreclosed upon, you may think you’re out of options. That’s where we come in. An experienced Troy, MI, foreclosure lawyer can help with a stay of foreclosure and give you guidance to negotiate a compromise that allows you to stay in your home or find other options to get out of under the debt. We’re on your side – call Gudeman & Associates, P.C., today for a consultation.
What Can a Troy Foreclosure Lawyer Do To Help Me?
The foreclosure process can be tricky to navigate, especially if you’re unfamiliar with the Michigan legal system. A trusted foreclosure attorney can explain the laws that apply to your situation and explain your options.
Lenders in Michigan use two methods to foreclose on a property. Your options may differ depending on what your lender does. We can guide you through the next steps if you’re facing:
- Judicial Foreclosure occurs when the lender takes the borrower (you) to court. It’s rare, but it can still happen. As your lawyers, we can represent your interests before a judge and strive to find options to keep you in your home.
- Foreclosure by Advertisement: In this case, the lender schedules a sheriff’s sale of the property and advertises it in a local newspaper. There is a certain waiting period that you have, as the homeowner, to take legal action to stop the foreclosure – usually just four weeks – before the sale happens. This is why it’s so critical to act fast if you’re behind with your house payment.
Providing Advice Through a Sheriff’s Sale and Redemption Period
Sheriff’s sales are the more common method for a lender to recoup the value of the home loan. The house is sold at auction, with the highest bidder taking the position of mortgage holder. Once the sale is complete, there is a six-month redemption period.
Even after the sheriff’s sale, you may still be able to keep your house. If you can pay the property’s sale price at the sheriff’s sale, plus interest, then you may be able to keep the house. Some homeowners are able to refinance the house and catch up on payments, while others may sell the house in a short sale. If you aren’t able to do either, this still gives you more time to find a new home.
If you haven’t reached this part in the foreclosure process, you may have even more options, such as negotiating with your lender for a repayment plan or refinancing. A lawyer can negotiate on your behalf.
Do You Need Help Avoiding Foreclosure?
If you’re struggling with past-due mortgage payments or if you’ve already received a foreclosure notice, we can help you save your home. An experienced Troy foreclosure lawyer from Gudeman & Associates, P.C., can evaluate your situation and provide guidance for your next steps. We help homeowners just like you who have fallen on hard times and who need to protect their homes. Contact us today for a consultation.
