We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
Facing foreclosure can be one of the most stressful situations you ever experience. However, there are options that could help you keep your home and ensure your rights are respected throughout the process.
An Allen Park foreclosure defense lawyer from our firm could answer your questions and help you explore your options. Instead of going through the forced sale of your property alone, let our compassionate attorneys advocate on your behalf.
Michigan has adopted a nonjudicial approach to foreclosure, allowing lenders to force the sale of your property without filing a lawsuit or involving the legal system. Mortgages typically include a power of sale clause so that the lender can sell the property at auction if the borrower misses a specified number of payments.
Foreclosure begins when a homeowner falls behind on mortgage payments, usually by several months. The lender issues a notice of default, which is a written notice informing the borrower of their intention to foreclose on the property. They must publish the notice of the foreclosure sale in a local newspaper for four consecutive weeks and mail a copy to the homeowner.
Once the notice period expires, the property is sold at a sheriff’s sale to the highest bidder. In many situations, the lender will purchase the property. After the sale, homeowners generally have a redemption period of six months to a year, depending on their circumstances. During this time, you can reclaim your property by paying the full amount owed plus any fees and costs. Our Allen Park attorneys could answer your questions about the foreclosure process and how you might be able to prevent the sale of your property.
There are several options available when facing foreclosure. An attorney in Allen Park might recommend agreeing to a loan modification, negotiating a deed in lieu, completing a short sale, or filing for bankruptcy to defend against the forced sale of your property.
Loan modification involves negotiating with the lender to change the terms of your mortgage. This may include reducing the interest rate or adding missed payments to the end of the loan. A successful modification can make monthly payments more affordable and bring the loan back into good standing without you losing the property.
A deed in lieu of foreclosure allows a homeowner to voluntarily transfer ownership of the property back to the lender. This means giving up the property, but it avoids the time, stress, and credit damage associated with foreclosure. In some cases, lenders may also agree to forgive any deficiency balance, saving you money you would otherwise owe at the end of the foreclosure process.
In a short sale the property is sold for less than the balance owed on the mortgage. The lender must approve the sale, but it can be a way to avoid foreclosure while limiting damage to your credit score.
Filing for bankruptcy immediately halts foreclosure proceedings due to the automatic stay. While this is only a temporary reprieve, it gives you the opportunity to pay your past-due debts and continue to own your property in the long term.
If you have received notice from your lender that they intend to move forward with foreclosing on your property, we could help you craft a strong defense. An Allen Park foreclosure defense lawyer could offer guidance that allows you to weigh all your options at this critical time and make decisions with confidence. Fill out our bankruptcy calculator today to find out more about how you could defend against the forced sale of your property.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
We are a debt relief agency helping people file bankruptcy under the United States Bankruptcy Code.
Click Here To Read The Required Disclosures About Bankruptcy
Fairmax Law PLLC
N/a 
