Asked by: Natasha Zschuntzsch
Asked in category: business and finance, real estate industry
Last Updated: 7th Feb 2023

What are the foreclosure laws in Michigan?

Michigan law allows foreclosed homeowners to remain in their property during the redemption period. The new owner must wait for the redemption period to end before they can begin eviction proceedings.

How can I stop foreclosures in Michigan?

You can avoid foreclosure by doing any of these:

  1. You can sell your house
  2. Refinance your house
  3. Ask your lender for a modification of your loan.
  4. All late and missed payments must be paid.
  5. You can file for bankruptcy (if this is something you are thinking about, it may be a good idea to speak to a lawyer).

How many missed payments were there before Michigan foreclosure? According to federal mortgage servicing rules, the mortgage servicer must wait until you have missed more than 120 days of payments before filing the first notice or filing for any judicial foreclosure.

Just to be clear, how long does it take for a Michigan house to be foreclosed?

It takes approximately 60 days

Is Michigan a state that enables judicial foreclosure?

Nonjudicial foreclosures in Michigan do not require the bank to go through a court. Judiciary foreclosures are also allowed. A judicial foreclosure is when the bank forecloses using the state court system.