Need a Foreclosure Lawyer?

 

  • Get your home back. 
  • Avoid foreclosure and the hassle of moving. Save money on a new mortgage.
  • You can sleep at night knowing you’re in control of your future again.

Foreclosure help right here in Novi

The due date is quickly approaching, and you have been avoiding your lender. The interest rates on these loans are high; it would be best if they could get in touch with homeowners themselves so that no mistakes can happen! They need time to find out what options there may still be for them before charging late fees or putting up For Sale signs on one’s house (which will certainly lead some buyers down an unpleasant path).

Win your foreclosure defense in Novi, MI

Foreclosure is a very serious situation that many people find themselves in. If you’re behind on your mortgage payments, foreclosure could be knocking at your door. Foreclosure starts when your lender says they will exercise their right to sell your property unless you catch up on your payments or make other arrangements with them.

Lenders are usually banks and companies that hold the mortgage on homes and properties. It’s important to know what foreclosure means for homeowners: foreclosure is not something anyone wants to face, but it can happen if you cannot afford to keep paying for the home or if its value has decreased significantly.

How to buy a foreclosure?

If you’re thinking about buying a foreclosed home in Michigan, certain steps need to be taken. The first of these is getting pre-approved by your loan officer and then placing an offer on the property with them as soon as possible so they can start looking into prices for similar homes nearby that may already have sold or if not available yet still within a range based off their estimations which will affect down payment requirements – all this before even applying! Once we’ve determined what’s best-suited upfront (you’ll want at least 20 percent), submit documents such as pay stubs/tax statements, etc., and wait patiently.

How to buy a pre-foreclosure?

These are properties that have been taken back from a lender, typically as a result of foreclosure proceedings, and they’re now owned by the bank. To buy a property in this situation, an attorney will file the paperwork with the court so that it can be sold. We recommend with an attorney who specializes in real estate matters and asking them about the availability of listings before going through a general search engine. The goal is to find a lawyer who’s knowledgeable about the area you’re looking to purchase property in and familiar with pre-foreclosure proceedings that have recently concluded. For example, if your area is experiencing more foreclosures than others because of an economic downturn then you’ll want someone experienced at handling those.

How to stop foreclosure?

If you have a problem with defaulting on your mortgage, you need to come up with alternate funding that can replace the monthly income lost if the property were sold. Sometimes refinancing is an option when the property has increased in value. Other times, bankruptcy is necessary when all alternatives are exhausted. The best approach always depends on your answers to many other questions – for example, what legal title does he or she have in attachment to the property? Who is his or her landlord? Is this residence rent-controlled? All of these factors will determine whether one solution applies more than another for any particular person. Contact us today for help!

What is a pre-foreclosure?

The “preforeclosure” stage follows after you fall behind in payments but before a foreclosure is officially filed. People sometimes refer to the period leading up to a foreclosure sale becoming official as “preforeclosure,” too. The servicer can charge you various costs, such as late charges and inspection fees, during this time, and, in most cases, also charge you interest on the amount of your missed payments.

What is REO foreclosure?

A real estate-owned (REO) home or property is one that the bank has taken ownership of because the homeowner does not have enough equity to pay for it. There are points of interest, too—the most commonplace point is that banks will advertise these homes as having “renovated interiors”. The owners of this kind of home will lose any equity they might still have in their house if they don’t act fast to find an alternative source – like a cash investor, who would allow them to make monthly installments until their mortgage debt was paid off, or an FHA (Federal Housing Administration) loan where the federal government guarantees the loan and you make timely payments until your mortgage debt is satisfied.

How does buying a foreclosure work?

The process of buying a foreclosed home is not as difficult and expensive as you may think. Many online sites specialize in these types of properties for sale at great deals! A foreclosure can come with either good or bad qualities depending on where it’s located within the property itself; while others will need minimal repairs before they’re ready to move into. The biggest advantage associated with this type of investment would be the low expected price.

How long does foreclosure take?

The duration of foreclosure varies, but it is generally six months to more than a year. The timeline for the foreclosure process can vary considerably. When the first mortgage payment is missed, the lender contacts the borrower and encourages them to resume paying on time.

If the loan goes 90 days past due (that is, after the borrower has missed four monthly payments), it is said to be in default. When the loan becomes 90 days past due, the lender typically issues a default notice, indicating its intent to foreclose. Typically, the notification indicates that legal foreclosure will begin in 90 days unless the borrower pays off their debt. If the borrower fails to get back on track, the lender files a request with the court for foreclosure and an executor is named to run the auction. The foreclosure timeline can differ significantly here.

How to avoid foreclosure?

Don’t brush off the situation. As soon as you detect a problem, contact your lender. Lenders have alternatives to assist customers in financial difficulties. Open and respond to all mail from your lender and Know your mortgage rights. Recognize your options for avoiding foreclosure. A HUD-approved housing counselor can help you understand your alternatives. The United States Department of Housing and Urban Development (HUD) provides free or very low-cost housing counseling in all 50 states. Prioritize your budgeting so that you can afford what’s most important to you.

How long does a foreclosure stay on your credit?

If there is a foreclosure on your home, it will stay on your credit report for 7 years. But it may have less of an effect after 1-3 years. Even if your credit score becomes good, your foreclosure on the credit report may stop you from getting a new mortgage. Some lenders won’t even consider lending to people who have foreclosures on their records. Foreclosures are bad marks on your credit report. You should wait for 3 years before applying for another loan. Other lenders may approve you after this time. But they might charge you more money or higher interest rates due to the risk that you will not repay the loan. Here is where a foreclosure attorney comes in handy. Call us today so we can go through your options!

How to stop property tax foreclosure?

To stop property tax foreclosure, you need to pay back the owed taxes. You can pay them off over a year or all at once. Emergency loans are for when you need money right away. You can pay back the taxes over a longer period. Some taxpayers may be able to defer property taxes. You may need to be low-income, disabled, a veteran, or elderly. At Babi Legal Group we can help you find the best strategy for your situation.

How to stop eviction after foreclosure?

Some states allow a grace period after foreclosure that gives you time to pay the full price of your house. Instead of being an unlawful detainer, negotiate with the new homeowner or bank for a longer grace period. In this period, agree on a rent that is acceptable to both parties. Our foreclosure attorneys are experts in this kind of situation. If you are facing eviction after foreclosure, contact the lender/new homeowner to negotiate for a set length of time to live in the home as a tenant. This is the most effective approach to avoid being evicted because it is beneficial to both the new owner and debtor.

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.

Nicole U.

I highly recommend Melvin! He is very professional yet kind hearted. He made the entire process very easy, explaining everything along the way. Quick to respond to my questions. Very easy to talk to and a pleasure to work with. Thankful I found you and your team.

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.

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