Need a Foreclosure Lawyer?

How to ease your mortgage through a loan modification in Livonia, MI

When you don’t make your payments, the lender can repossess your property through foreclosure. If you are in default of your mortgage payments, the mortgage company may lawfully start foreclosure procedures. The foreclosure process can be short as it can be done through a process known as foreclosure by advertisement.  This means the mortgage company needs to notify you that you are in default and notify you in a few different ways that the property will go to a foreclosure sale on a specific date. One of the most common ways to notify you of your home being foreclosed is by sticking a notice to your door with the foreclosure information and date. Once this happens then you have a limited amount of time to pursue your options to attempt to stop the foreclosure.

We can help with your foreclosure defense in Novi, MI

Foreclosure might have a tremendous impact on a family’s mental health, resulting in higher stress and sadness. With our foreclosure specialist attorneys at Babi Legal Group, you can get help. We can give foreclosure defense services to homeowners who are behind on their mortgage when the bank is threatening foreclosure proceedings. We realize how important your home is to you and we will do everything possible to make sure you can save your home. Contact us today for a free foreclosure consultation.

We have experienced Foreclosure Attorneys who can assist with a bank foreclosure, mortgage modification negotiations, short sales, and other foreclosure prevention options. Be sure to know your options well in advance of the foreclosure sale date as your options are very slim to recovering your property after the foreclosure has gone through. Please contact us as soon as possible if you are dealing with foreclosure as we will be honored to help you.

What does loan modification mean?

If you’re behind on your mortgage payments, your house may be at risk of foreclosure. In Michigan, the vast majority of foreclosures are filed without going to court. When your lender states that it will put your property up for sale unless you make arrangements to pay off your debts or catch up on them, a foreclosure begins. Your lender is the bank or company that holds your mortgage. During the previous years, there have been adjustments in the Michigan foreclosure law. This represents the current legislation.

What is a deed in lieu of foreclosure?

A deed in lieu has the legal effect of transferring ownership of the property from the indebted owner to the lender. The difference between this and foreclosure is that with a deed in lieu, you will be surrendering the property and the legal title back to the mortgage company.  This option should not be pursued without legal counsel as you would be forgoing rights to your property guaranteed by the State of Michigan. With a foreclosure, you may also be liable for any obligations that remain on the property.

How to buy a foreclosure in Livonia, Michigan?

In Michigan, a non-judicial deed of trust foreclosure is the most common form. The lender may request judicial foreclosure if the deed of trust does not include the power of sale language. From the time a homeowner gets a notice of default to the time his or her home is sold at a public foreclosure auction sale might take anything from 60 days to several months. As a result, don’t wait until the property has been sold at an auction after it becomes REO since the price will be higher than if it were in foreclosure.

What steps happen during the preforeclosure purchase process in Michigan?

Get in touch with the owner first. You may also contact a broker or agent. Look for the greatest real estate specialists in your region to assist you with purchasing preforeclosure real estate.

Examine the property. You should set a mutually suitable time to visit the property. After you’ve arrived, thoroughly examine the entire premises and capture photos for your file.

Finally, if the inspections go well and you are pleased with the information you have gained, you may prepare to make an offer. To do this, you’ll need a current copy of the standard contract of sale forms.

Where are local foreclosures announced in Michigan?

Look for foreclosure sales in your local newspaper to find out if there are any Michigan foreclosures on the market. Foreclosure auctions must be advertised in a newspaper, as lenders in Michigan typically utilize a sheriff sale to seize homes.

Find out when the auction will be in the listings; sales are conducted at a local court house between the hours of 9 a.m. and 4 p.m. Although these residences are technically pre-foreclosed, they may still be purchased for a bargain because they have been repossessed by banks or acquired in foreclosure auctions.

Before the foreclosure auction date, contact the local sheriff’s department for information on local payment conditions. Prepare to make any required payments on the day of the sale.

To acquire a home, you must first appear at the auction and place the highest bid; after winning an auction, you will be given a sheriff’s deed. This document is a legal instrument that proves your victory in the auction.