Claiming Surplus Funds After A Michigan Foreclosure
Sometimes when homes are foreclosed upon, there are surplus funds that result from the proceeding sheriff’s sale. This happens if the property ended up selling for more than the borrower owed on the mortgage at the time of the sale. In cases such as these, the question that lingers is who is entitled to those […]
HOA Foreclosure Vs. Bank Foreclosure
When most homeowners think of foreclosures, they think of the bank being the entity that initiates that process. While that is the most common form of foreclosure — for when homeowners fall behind on their mortgage payments — it’s not the only form. In Michigan and some other states, homeowners’ associations and condominium associations can […]
What To Do If Bank Changed Locks Before A Foreclosure
When banks initiate the foreclosure process for failure to make payments, they must follow specific requirements as outlined by the state in which the property is located. These requirements are guidelines that tell the bank what it has to do, when it has to do it and what it has to do to complete the […]
What Is Foreclosure Lis Pendens?
The foreclosure process can take a while in most states. In Michigan, mortgage companies can’t even begin the foreclosure process until a borrower is at least 120 days past due on their payments. Even then, a sheriff’s sale can’t be held for at least four weeks after the foreclosure notice is posted on the home’s […]
Foreclosure on Discharged Mortgage
When individuals are facing economic struggles, they may proceed with filing for bankruptcy protection to get them back on the right foot. If these individuals are homeowners, the process gets a little more complicated. Chapter 7 bankruptcy allows individuals to not include their home and associated mortgage in the bankruptcy proceedings, provided they are current […]
What Is Writ Of Assistance In A Foreclosure?
When homeowners fail to meet the requirements of their mortgage, lenders will often proceed with a foreclosure to reclaim their property. This is done because the property itself is what’s used as the collateral to secure the loan. Until the borrower pays the loan off, the collateral — the property in this case — remains […]
The Role Of The Allonge In Foreclosure
Many people throughout the country obtain a mortgage to finance the purchase price of their home. Unless you have the cash to pay for the home outright — or other means of borrowing money — you will likely go the route of choosing one of the popular mortgage types that lenders make available. No matter […]
What is a Vendor Lien?
When someone purchases real or personal property, they typically will do so either in cash, on a credit card or as part of a larger loan such as a mortgage. If a secured loan is used to finance the purchase price, then the actual property itself is used as collateral. The most common example of […]
The Difference Between an Execution Sale and a Foreclosure Sale
Properties can be repossessed by banks or other creditors under certain clearly-defined circumstances, which vary from state to state. While the processes of repossession and re-sale differ from one type to the next, the general premise for these repossessions being initiated is unpaid debt. Two of the most common forms of re-sale for repossessed properties […]
Michigan State Cannabis License Approval vs. City/Municipality Cannabis License Approval
Cannabis has become big business in Michigan in a very short period of time. While the Michigan Regulation and Taxation of Marijuana Act was passed in 2018, the first sale of recreational marijuana didn’t take place in the state until December of 2019. In the first full year of recreational marijuana sale in 2020, overall […]
Michigan Rules and Regulations for Cannabis
While many states in recent years have moved to legalize marijuana for medical or recreation purposes — or both — Michigan was actually the first one in the Midwest to legalize it on a recreational basis. In 2018, the Michigan Regulation and Taxation of Marijuana Act was signed into law, which made it legal for […]
Cannabis-related Real Estate Transactions, buying/selling/leasing
Cannabis-related businesses can be extremely lucrative, but they also bring with them a lot of challenges that businesses in other industries don’t face. Even though both recreational and medical cannabis is legal in Michigan and many other states, for example, setting up shop is not as easy as it is for other industries. One of […]
Bankruptcy Options for Cannabis Companies
An increasing number of states are moving forward with legalizing cannabis in some fashion. In Michigan, and in many other states, it is legal for most adults over the age of 21 to partake in medical and recreational marijuana. As such, an entire cannabis industry in Michigan has popped up over the last few […]
Can You Smoke Weed in Public in Michigan?
Michigan is one of the states in America where it is legal to use marijuana both for medical and recreational purposes. It was actually the first state in the Midwest to legalize marijuana on a recreational basis back in 2018, which allowed adults who are over the age of 21 to use weed for […]
What Happens if TSA Finds Cannabis in Checked Luggage?
Marijuana is more socially acceptable throughout the country. Some states such as Michigan have even legalized the practice of growing, selling and using cannabis on a medical and/or recreational basis. For those who are interested in partaking in marijuana in one way or another, this is really good news. At the same time, […]
TSA Guidelines for Cannabis 2022
Many states throughout the country have legalized cannabis in some form. Some states have legalized it only for approved medical use. Others have legalized it for adult recreational usage as well. Others have done neither, and still consider its usage to be illegal in all forms. These different rules in regard to cannabis usage can […]
How to Get a Michigan Weed/Marijuana Dispensary License
Medical marijuana has been legal in the state of Michigan since back in 2008. Michigan completely changed the landscape for weed possession and consumption in 2018, though, when it became the 10th state in the U.S. to legalize it for recreational use. Despite having 14 years of experience dealing with some form of legal marijuana, […]
Can anyone sell edibles in Michigan?
Michigan is one of the states in America where both medical marijuana and recreational marijuana use is legal. Thanks to a new law passed a few years ago, people who are over the age of 21 can legally purchase a small amount of marijuana for recreational usage. CBD products are also legal and come with […]
Can You Have a Medical Card and Concealed Weapons Permit in Michigan?
Michigan is one of 37 states in the U.S. that allows cannabis products to be used for medical purposes. Michigan now allows recreational cannabis use to an individual who is 21 years or older. It also provides concealed weapons permits to certain gun owners and users. But, can a person in the state of Michigan […]
FHA Advance Loan Modification or COVID-19 ALM
Mortgages are huge responsibilities that shouldn’t be taken lightly. In many instances, borrowers agree to 15- or 30- year loan terms. So if you’re ever unhappy with your mortgage, it may feel like you’re stuck and have no choice but to manage and just cope. The COVID-19 Advance Loan Modification is a permanent change in […]
TSA Guidelines for CBD Oil 2022
Cannabidiol (CBD) oil is a product used today by many people for many different reasons. For some people who are facing serious and significant medical conditions, CBD oil is quite literally a life saver. Each state in America has different rules and regulations when it comes to who is allowed to possess and use CBD […]
What Are Some Alternatives To Foreclosure?
If a homeowner falls behind on mortgage payments and cannot catch up, the lender may take back the home. The bank can take the property away from the homeowner if they do not pay back the money they owe. This is called foreclosing the property. A foreclosure is when a lender, especially a mortgage lender, […]
Is CBD Legal in Michigan 2022?
Over the last 15 years, states across the country have begun to address marijuana and products derived from it in different ways. Even the federal government has gotten in on the act, legalizing certain products through the 2018 Farm Bill. Michigan first addressed the topic back in 2008, making medical marijuana legal, as well as […]
Can A HUD Partial Claim Be Forgiven?
The Federal Housing Administration provides mortgage insurance for single-family houses, multistory dwellings, hospitals, and residential care facilities. The FHA collaborates with authorized lenders in the United States and organizations like the US Department of Housing and Urban Development (HUD) to provide HUD partial claim forgiveness. Homeowners might fall behind on their mortgage payments, and these […]
Can You Remove A Name From A Mortgage?
If you’re pondering about taking someone’s name off a mortgage, a significant life event is likely unfolding. There are many reasons why you might want to change the name on your mortgage. This could include getting a divorce, splitting up with a partner, or just wanting to give the other person more financial flexibility. But […]
What Does Having A Felony Prevent You From Doing?
If you are convicted of a felony in Michigan, it will have long-lasting effects on your life. Although a felony conviction might make it hard to get specific jobs and lose some civil rights, remember that this does not have to be the end of your life. There are many ways to overcome the challenges […]
Differences Between Pre-foreclosure And Foreclosure
What is the difference between pre-foreclosure and foreclosure? Pre-foreclosure occurs when a homeowner falls behind on mortgage payments and the lender threatens to repossess the home. Foreclosure occurs when the lender sells the home at auction or forecloses through the courts. Both pre-foreclosure and foreclosure can be stressful for homeowners. In both cases, it is […]
What Are FCRA Dismissed Bankruptcies?
Bankruptcy is a legal process that helps individuals or businesses eliminate or repay their debts. In some cases, however, bankruptcy may be dismissed. A dismissal can happen for several reasons, such as if the debtor does not follow the rules of the bankruptcy process or if the debtor’s creditors object to the discharge of the […]
Is Alimony Dischargeable in Bankruptcy?
Alimony, also called spousal support, domestic support obligation, or maintenance, is a payment from one ex-spouse to another. The payments are typically made after a divorce or legal separation. Alimony can be ordered by a court or agreed upon by the divorcing parties. The spouse who is paying the bills is called the “supporting spouse” […]
Gambling While in Chapter 7
Technically, you are allowed to gamble while in Chapter 7 bankruptcy. However, there are a few things that you need to keep in mind if you do choose to gamble while amid your bankruptcy case. First and foremost, any money that you win while gambling will become part of your bankruptcy estate. This means that […]
All You Need To Know About The 90-Day Clawback Period
When you file for bankruptcy, the court issues an automatic stay. This means that creditors are no longer allowed to contact you or try to collect debts. The automatic stay is in place for the duration of your bankruptcy case. However, there is one exception to the automatic stay: the 90-day clawback period. It is […]
Should I Tell Creditors I Am Filing Bankruptcy?
The answer to this question is generally no. When you have a lot of debt (from credit cards, personal loans, medical bills, or a car loan), expect to receive more calls from creditors than you’d like. It isn’t very pleasant to feel like your phone has been taken over and you’d want the calls to […]
What To Do With Credit Cards Before Filing Bankruptcy Chapter 7
One of the good things about filing for Chapter 7 bankruptcy is that it eliminates your debts, which might include credit card charges. If you’re considering filing for bankruptcy, it’s important to understand what will happen to your credit cards. It’s time to stop using your credit cards once you’ve decided to file bankruptcy. The […]
When Should A Small Business File For Bankruptcy?
There are many factors to consider when deciding whether or not to file for bankruptcy as a small business. Some common reasons why businesses seek to file bankruptcy include: To discharge debt that the business is unable to pay To reorganize the business and its finances To sell off assets to raise money to pay […]
How To Qualify For Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a type of bankruptcy that is used by individuals who have regular earnings. It allows people with consistent incomes to develop a debt repayment strategy. What are the main characteristics of Chapter 13 bankruptcy? In Chapter 13 bankruptcy, debtors may propose a payment plan that would require them to make […]
Five Questions To Ask A Bankruptcy Attorney
If you are thinking about filing for bankruptcy in Michigan, you need to know a few things. Bankruptcy is a process that has certain requirements. It can also determine different situations in people’s lives. Each person’s financial situation is unique, and the specifics might vary significantly. Discharging or reorganizing your debts can provide relief, but […]
Will Filing Bankruptcy Stop Wage Garnishment?
Filing bankruptcy stops most wage garnishment and also prevents creditors from obtaining new garnishment orders against you. When you file bankruptcy, an “automatic stay” is issued automatically. Wage garnishment enables creditors to take money from your paychecks when you stop making payments to them. Every state, including Michigan, has a prescribed legal method for seizing […]
After Bankruptcy, Are Mortgage Loans Possible?
It is feasible to get a home loan after bankruptcy. However, the length of time you must wait after your bankruptcy is dismissed or discharged depends on the type of bankruptcy and the loan you took. FICO says that bankruptcy can damage your credit scores by anywhere from 130 to 240 points, depending on the […]
Can Utility Bills Be Included In Chapter 7 Bankruptcy?
Even if you have fallen behind on your utility bills, filing for Chapter 7 bankruptcy might be able to keep your utility services connected, including electricity, gas, water, or phone. Utility debts are typically discharged or wiped out in bankruptcy. If you owe back payments on utilities and file for bankruptcy, the utility provider is […]
Can You Refinance After Covid Forbearance?
What Is Covid Mortgage Forbearance and How Does It Work? A loan servicer or lender may delay, suspend, or lower your mortgage payments via a mortgage forbearance. During this period, the bank also agrees not to start foreclosure procedures. Homeowners with a federally backed mortgage who are experiencing Covid 19 pandemic-related problems could apply for […]
What Are The Loan Modification Fees You Need To Know About?
A loan modification differs from refinancing your mortgage in that it entails changing the terms of your existing loan rather than replacing it with a new one. Refinancing, on the other hand, is when you replace your loan with a new loan. To avoid foreclosure, many people may seek to change their mortgage payment or […]
Cash-out Refinance After Covid Forbearance
Many measures have been implemented in reaction to COVID-19 to assist those who are having difficulties. The option to seek forbearance, or a delay in mortgage payments, was made available to anyone who had been affected by the virus or its repercussions on the economy. COVID-19 forbearances, which Congress stated were meant to be non-credit […]
Tips for Getting your Loan Modification Approved in Michigan
It’s possible that your mortgage payment will be lower or your house may be foreclosed. If you’re having trouble making mortgage payments, it’s worth exploring the possibility of a loan modification. A home loan modification might involve extending the terms of your loan, lowering your interest rate, or switching from an adjustable-rate mortgage to a […]
Does Covid-19 Hardship Forbearance Affect Credit?
The coronavirus/Covid-19 epidemic has caused significant economic uncertainty, putting millions of Americans in financial distress and forcing them to cope with bills they were unprepared for, such as rent and insurance premiums. A lot of people have lost their jobs, been furloughed, or had their pay cut because of Covid-19. For these people, lenders and […]
Key Terms to Understand about Loan Modifications
Buying a house is an exciting event, but it may also be one of the most difficult if you don’t know anything about mortgages. Buying a home can be a very complicated process. There is a lot of paperwork that needs to be completed. It is important to know what to expect, especially if you […]
Five Questions to Ask Yourself Before Filing for Bankruptcy
Filing for bankruptcy is not something to be done lightly, and it is far from the only solution for every problem. Filing for bankruptcy is not the best option for everyone, and it’s not a quick fix. However, if you are having trouble making ends meet due to an overwhelming number of creditors as well […]
Questions to Ask a Real Estate Attorney
Finding a good real estate attorney can assist you and your business in all stages of a real estate deal when you’re selling, buying, or just renting out any property. The appropriate real estate lawyer will be knowledgeable in your local real estate market and available to oversee the legal particulars of your real estate […]
What does the law say about not paying your debt in Michigan?
When it comes to their finances, Michigan residents have significant underlying debt problems. On the surface, issue areas are rarely apparent since Michigan keeps debt levels lower than the national average Michigan consumers and debt One of the key reasons is that many Michigan consumers use bankruptcy to discharge their debts, lowering the state’s average […]
Can an attorney stop foreclosure in Michigan?
When you’re facing a foreclosure, it may be difficult to know how to proceed and what options are available. Foreclosure is the process in which a lender forecloses on a property after someone fails to pay their loan. How does foreclosure begin in Michigan? In Michigan, most foreclosures are done without the need for court […]
What You Need to Know About Credit Counseling in Michigan
Many people, depending on their financial situation, believe that credit counseling in Michigan will harm their credit report, but this isn’t the case. This won’t show up on your credit report if you go to a Michigan credit counselor to get debt advice or assistance to manage your money. Michigan credit counselors will guide you […]
What’s The Timeline I Can Expect When I File for Bankruptcy?
A standard Chapter 7 bankruptcy timeline Step #1 – Free consultation At the first consultation, a legal representative from the Babi Legal Group will work with you to pick the finest option for assisting you towards the best financial management. If bankruptcy is not a good fit for you, then a settlement may be an […]
Three Bankruptcy Alternatives: How to Avoid Filing for Bankruptcy in Michigan
If your financial circumstances this year have been adverse to you and your family, here is an article that can guide you through several alternatives to bankruptcy. If you want to discuss your case details contact info for Babi Legal Group is on this website. With our contact information choose attorneys that are on your […]
What does the bankruptcy trustee investigate?
There are a lot of reasons why people file for bankruptcy, but they all have one thing in common: they want to get rid of their debt. To do that, the trustee will need to investigate your life and finances from top to bottom. The goal is not just to figure out if you’re eligible […]
How to file bankruptcy yourself in Michigan (and why you shouldn’t do it yourself)
Get your finances back on track Rebuild credit and get a fresh start Rest easy knowing that you’re doing what’s best for your family If you are in bankruptcy and need to know how to file bankruptcy yourself in Michigan, we can help. We will tell you why filing bankruptcy yourself is a bad idea […]
Loan modifications and foreclosures
Everyone experiences hard times now and again. Sometimes, tough economic times can result in scary outcomes, such as the threat of your home being taken away. If you’ve fallen behind on your mortgage payments, your mortgage company can initiate a foreclosure to take back their asset. If you don’t act quickly to prevent foreclosure with […]
Filing for Chapter 7 Bankruptcy? The Bankruptcy Requirements to Know
Chapter 7 Bankruptcy, also known as liquidation bankruptcy, is the most common bankruptcy case—63 percent of over 800,000 bankruptcy cases in 2016 were Chapter 7. It discharges most of the unsecured debts that include medical bills, personal loans, and credit card debts. Being the quickest, most common, and the simplest type of bankruptcy to file […]
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