Michigan Foreclosure Litigation
Foreclosure proceedings can be among the most emotionally and financially stressful periods in the life of a homeowner. While it can be a difficult, unpleasant prospect to face, an important first step is to be familiar with the basics of foreclosure litigation.
What is foreclosure?
The foreclosure process in Michigan can begin when one of the following events occurs:
- The mortgage payments between a homeowner and his or her lender become delinquent. Missing only two monthly payments can result in your being served with a notice of default in some states, which means the lender has initiated foreclosure proceedings through the court system.
- Back property taxes are owed on the home. When back property taxes are owed on the property, federal, state or local agencies can initiate a tax sale.
At this point any mortgage or lien holders with a vested interest in loans related to your property can initiate a foreclosure proceeding.
Don’t delay in dealing with a foreclosure problem. It is a time-sensitive process and getting a strategy in place to resolve the foreclosure matter is imperative. Our firm specializes in foreclosure prevention and debt resolution. We offer free consultations to:
- Review your foreclosure matter
- Discuss your finances and long terms goals
- Advise you on all of your available options
- Provide an informed recommendation on how to best resolve your foreclosure situation other debt obligations to move towards financial freedom and improved credit .
Call us today at 866-261-8282 to set up an appointment time or discuss your matter over the phone with a licensed attorney.
What can a homeowner do when faced with foreclosure?
When faced with a foreclosure, you have several options:
- Pay the missed mortgage payments (arrearages) plus any late penalties or fees to bring the mortgage current
- Work out a payment schedule with the lender such as a loan modification
- File for Chapter 13bankruptcy to legally stop the foreclosure proceedings and resolve other financial obligations or issues such as:
- Surrender the property back to the bank (i.e. short sale or deed in lieu of foreclosure) and work out a settlement with the bank or file a Chapter 7 to eliminate the debt and any further obligation with the home (such as second mortgage(s), old utility bills, etc.)
No matter which of these options you choose, you should obtain foreclosure help from a qualified attorney or agency. You need to determine how you want to proceed prior to the foreclosure sale occurring, as your options are fairly limited once the sale has occurred.
Attorneys familiar with the foreclosure process
Any foreclosure proceeding can be an upsetting and an emotionally draining experience. Now is the time to enlist the legal assistance of a qualified foreclosure prevention attorney.
Acclaim Legal Services can provide the fast, knowledgeable foreclosure experience that you need to handle your case. Our qualified bankruptcy attorneys work every day to save our clients’ homes and restructure their debts to create a balanced budget. Call today at 866-261-8282 and put our experience to work for you.
We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in Detroit, Southfield, Dearborn, Flint, Ann Arbor and Warren, Michigan. Please call us toll free at 866-261-8282 or click here to schedule a consultation right now.