The US economy has gone for a dip since last few years and the fall is being continued.
All the homeowners are afraid of foreclosure which seems to be inevitable.
The foreclosure laws in Michigan can yet help you save your home from being foreclosed in case you act on time.
Let us first understand the key facts of the foreclosures in Michigan: The key documents here are the trust mortgage.
This is nothing but the deed of trust that is made while taking up the mortgage.
The state allows for judicial as well non judicial foreclosures.
The non judicial foreclosure is known as 'foreclosure by advertisement.
' It does not involve the court procedures in the matter.
In order to conduct the foreclosure in the non judicial cases, the trust mortgage must have a 'power of sale' clause.
This allows the attorney to foreclose the property by default in case any of the monthly payments are defaulted.
In case the auction is conducted by the sheriff, there is a certain procedure to be followed up for the notice of sale.
In case any of its conditions is not met, the borrower stands a chance to save the home: · The lender must get notice of sale published in the newspaper for 4 consecutive weeks.
This refers to the area of the county where the property in consideration is located.
· Then within 15 days of publishing the first notice, one copy of the notice of sale must be posted to the property address.
· This notice must contain the name of the mortgagor, name of the mortgagee, the name of any assignees or party, the date of mortgage and it is recordation.
The other things it must contain are delinquent amount, the legal description of the property, the place & date of the foreclosure sale and the length of any applicable redemption period.
· In case the property in consideration is a residential one that does not exceed the area of 3 acres and does not exceed 4 acres and the defaulted amount on the date of the notice of foreclosure is higher than 2/3 of the original face amount of your debt secured by the mortgage, you can enjoy a redemption period of 6 months.
· In case the property is abandoned and is not in use, the redemption period is reduced to 30 days only.
· Generally one can enjoy a redemption period of around 1 year.
· The borrower can go head in the court if he / she feels that the sale was conducted at a very low price or it was conducted in any unlawful manner.
All the homeowners are afraid of foreclosure which seems to be inevitable.
The foreclosure laws in Michigan can yet help you save your home from being foreclosed in case you act on time.
Let us first understand the key facts of the foreclosures in Michigan: The key documents here are the trust mortgage.
This is nothing but the deed of trust that is made while taking up the mortgage.
The state allows for judicial as well non judicial foreclosures.
The non judicial foreclosure is known as 'foreclosure by advertisement.
' It does not involve the court procedures in the matter.
In order to conduct the foreclosure in the non judicial cases, the trust mortgage must have a 'power of sale' clause.
This allows the attorney to foreclose the property by default in case any of the monthly payments are defaulted.
In case the auction is conducted by the sheriff, there is a certain procedure to be followed up for the notice of sale.
In case any of its conditions is not met, the borrower stands a chance to save the home: · The lender must get notice of sale published in the newspaper for 4 consecutive weeks.
This refers to the area of the county where the property in consideration is located.
· Then within 15 days of publishing the first notice, one copy of the notice of sale must be posted to the property address.
· This notice must contain the name of the mortgagor, name of the mortgagee, the name of any assignees or party, the date of mortgage and it is recordation.
The other things it must contain are delinquent amount, the legal description of the property, the place & date of the foreclosure sale and the length of any applicable redemption period.
· In case the property in consideration is a residential one that does not exceed the area of 3 acres and does not exceed 4 acres and the defaulted amount on the date of the notice of foreclosure is higher than 2/3 of the original face amount of your debt secured by the mortgage, you can enjoy a redemption period of 6 months.
· In case the property is abandoned and is not in use, the redemption period is reduced to 30 days only.
· Generally one can enjoy a redemption period of around 1 year.
· The borrower can go head in the court if he / she feels that the sale was conducted at a very low price or it was conducted in any unlawful manner.
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