Michigan Foreclosure Process

The Michigan foreclosure process occurs in three steps. These three steps include defaulting on the monthly mortgage payments, notifications of an intent to sell, and the auction. A bank wants you to get caught up on the mortgage because they do not want your home.

The first step of the Michigan foreclosure process is when the borrower of a home loan fails to pay their monthly house payment. When this occurs the lender will immediately file with the courts a notice of default and notify the borrower that they have missed their payment and the foreclosure process has begun. You will then owe penalties and fees on top of the mortgage payments that you are behind. It is best to work with the lender if you do not want to lose your home due to foreclosure.

The second step of the Michigan foreclosure process is a notification of intent to sell the property announced in the local paper and filed through the local county courthouse in your area. You will receive plenty of notifications in the mail regarding the intent to sell the property at a public auction also. In most foreclosure cases, a home will not go to auction for approximately 4 to 6 months of defaulting on the loan. Sometimes, it can take up to 1 year for a property to go to auction.

The auction is the final step of the Michigan foreclosure process. This is held by the county courthouse and it is open to the public or anyone who wants to come and bid on a home. Once a house is auctioned off you will need to vacate the property right away. You cannot save your home through the lender if it goes to auction unless you buy your home back at the auction. Some borrower’s purchase their home back through the auction at a much lower price than they defaulted on.

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