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It is never easy to learn that your property is facing foreclosure, especially if you have years of timely mortgage payments under your belt. The moment you receive notice from you lender that they plan on selling your property to pay off your debt, it is vital that you speak to our compassionate legal counsel right away.
Before you hand over your property to the bank, it is important to understand there may be options for fighting back. Our Dearborn foreclosure defense lawyers can answer your questions and help you understand how this process works.
A nonjudicial foreclosure is a process that allows a lender to foreclose on a property without filing a lawsuit in court. This type of foreclosure is common in Michigan because most mortgage agreements contain a “power of sale” clause. That clause gives the lender the right to sell the property if the borrower defaults on payments, provided that the lender follows specific legal procedures.
In a nonjudicial foreclosure, the process begins when the borrower falls behind on payments and receives a notice of default. The lender must then publish notice of the intended sale in a local newspaper for four consecutive weeks and mail a copy of the notice to the homeowner. After these steps are completed, the property can be sold at a public auction, often called a sheriff’s sale.
Because nonjudicial foreclosures do not require a court hearing, they move faster than judicial foreclosures, but homeowners still retain certain protections. Borrowers have a right to receive notice, an opportunity to cure the default, and a redemption period after the sale to reclaim the property by paying the total debt owed. This means if you have the resources to pay any delinquency, you have a few options for keeping the property. Our Dearborn foreclosure defense lawyers can advise you on your options at this critical time.
While non-judicial foreclosure does not involve a court process that allows for traditional defense strategies, there are options for fighting back. Our Dearborn foreclosure defense attorneys can help you slow down this process and work for a solution that meets your needs. Some options available to you include the following:
If you have the ability to make your base mortgage payments but have become overwhelmed by interest, you might have the option to modify the terms of the loan. If your lender agrees to loan modification, they could reduce your interest rate or potentially roll any delinquency into the end of the loan.
Another way your lender might agree to help is by signing off on a short sale. A short sale involves you selling the property for less than what you own on the mortgage. This approach allows you to get out from under the property without owing the delinquency after the sale.
If you accept that keeping the property is not a realistic option, you might consider a deed in lieu of foreclosure. This involves you transferring the property back to the lender voluntarily, avoiding the credit hit that comes with foreclosure. The bank might also agree to waive your deficiency.
Filing for bankruptcy is a helpful option in a number of situations. It can provide you with a temporary reprieve from foreclosure, giving you time to work out a better solution with your lender.
If you are facing the prospect of a forced property sale, it is crucial that you explore your legal options right away. This starts with talking to a Dearborn foreclosure defense lawyer about how we can help. Reach out today to learn more and fill out our debt calculator for additional insight.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
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