Need a Foreclosure Lawyer?

 

  • Save on the cost of housing
  • Avoid having to sell your home in Livonia, MI
  • Protect your credit score

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.

What is the best way to prevent foreclosure?

There are a few different options that you can pursue to prevent a foreclosure.  These options primarily depend on the property owner’s financial ability to make future mortgage payments.  The first method our office will always recommend is a loan modification.  A loan modification, if successful, will allow the mortgage company to modify the terms of your mortgage and in most cases, reduce the monthly payment; reduce the interest rate; and extend the term of the loan repayment.  This is the best solution that offers foreclosure relief while making the ability to make future mortgage payments more likely.  The next best option would be to file a bankruptcy to stop the foreclosure in its tracks. This, however, may only provide a short-termsolution and the borrower’s financial ability will determine the best course of action.

How to prevent foreclosure in Michigan?

If you’re in danger of losing your home, you may seek assistance from a housing counselor. Housing counselors are free. You should never be charged a fee for assistance with your lender. MDHHS also provides emergency assistance to assist you to avoid foreclosure. This might be up to $2,000 in aid to help you catch up on missed payments or property taxes owed. Use a qualified counselor from the Michigan State Housing Development Authority (MSHDA) or the Department of Housing and Urban Development (HUD). In this link, you can find a list of HUD-approved counselors in Michigan.

How to delay eviction after foreclosure?

Some typical ways to delay eviction after your foreclosure are as follows:

  • Talk to the lender – Find out what they want from you and how you can prove yourself as a good tenant. They may require proof of employment. If so, show them your W-2 as evidence of income. 
  • File for bankruptcy – Talk to an attorney about filing Chapter 13 or Chapter 7 bankruptcy. This will stop all foreclosure proceedings and give you time to pursue all available options and even postpone any eviction after the property has been foreclosed. 
  • Regain ownership – If necessary you can buy your home back after foreclosure if you are still within your redemption period.

At Babi Legal Group, our lawyers have many more options. We can find together the one that suits you best!

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.

About Babi Legal

Babi Legal Group provides exceptional legal and consulting services in a confidential and professional manner. The Firm’s combined 20 years of real estate experience, over 10 years of business law, criminal, bankruptcy, debt collection and debt settlement experience provide our clientele with the extraordinary personalized service they deserve.

Babi Legal Group is a law firm with an unrivaled reputation for providing exceptional legal services to clients in various areas of the law. The Law Firm of Babi Legal Group is fully committed to a philosophy of client service, excellence, proficiency, value and results.

Legal Practice Information

Babi Legal Group, PLLC
22710 Haggerty Rd
STE 151,
Farmington Hills, MI 48335
248-434-4110

See what others In Novi, MI have to say about Babi Legal’s Services.

Rocky H.

Melvin was a great attorney and took good care of me through the entire legal process. I highly recommend him for any legal services you may need.

Get A Free Bankruptcy Consultation in Farmington Hills Today

 

At Babi Legal Group we want to help you understand your bankruptcy options so you can make the best decision possible. Contact us at 248-434-4110 and we’ll be happy to go over your options confidentially.

6 + 10 =