Monthly Archives: October 2009

What Happens In A Michigan Foreclosure?

Foreclosure is the way the mortgage company takes your house if you do not pay them.

Mortgage just means debt secured by real estate.  That is, you pledged your house as collateral for a loan.

There are other names, used for marketing purposes, like home equity loan, equity line, but the name has no legal significance.

For there to be a lien on your house, the owners of the house have to sign, in writing, agreeing to put up the house to guarantee payment of the loan.

There is also a mortgage note, which is the separate contract to repay the money at whatever interest rate, terms, and so on, that were agreed to, or imposed by, the mortgage company.

The owners have to sign the mortgage pledging the house, but anyone can sign the note.

Sometimes, the mortgage company will have only one of the owners sign the note.

That means  that only the signer of the note is legally obligated to repay the money.

Many of us have more than one mortgage on our home.  The first mortgage recorded at the register of deeds is first in priority.  That means it has to be paid before the second mortgage, or third and so on.

So, for a second mortgage to foreclose and take your house, they would have to pay off the first mortgage.

This is not likely to happen these days, as most homes with two mortgages are now worth less than what is owed on the first mortgage.

However, that second mortgage can still sue whoever signed the note, if they are not paid.

Foreclosure by publication is still cheaper for mortgage companies than their other option, judicial foreclosure.

To foreclose by publication, they must first publish a notice in the legal news, and send it by mail, and post it at your home.

That first notice must tell you that you have two weeks to contact the mortgage company requesting a modification of the mortgage.

Modification means an agreement with the mortgage company that changes the terms of your agreement to repay them.

Just by requesting it, you get another 3 months in your home for this process.

If you do not request a modification, within the allowed time, the mortgage company publishes and serves you with a second notice.

This notice tells you the day of the sale, by the Sheriff of the county in which you live.  This notice has to be published four consecutive weeks, so this part of the process takes a month.

In most cases, state law gives you six months from the sale date to redeem the house, which means pay off the entire balance owed.

After that, it will take a month or so to evict you if you are still living in your house.

What Happens In A Michigan Foreclosure?

3 Responses to What Happens In A Michigan Foreclosure?

  1. when we were servered by the realitor they gave the open paper to my 16year old son ,because his name is the same as husband excepte middle initial. she asked if he was tim … he said yes and she handed it to him. when we got home from town here was my son sitting on the back porch crying and asking why we were kicking him out in december? is there anything we could have done to this women that turned my fanily upside down? she should have asked for id befored handing over such a powerful paper to such a young boy. thank you debbie

8 Responses to How Does Chapter 11 Work For A Small Business?

  1. When it comes to debt do you also include all the fees and accrued interest or do you just include the principal. The debt amount is for determining if you file chapter 11 or 13.

  2. Hmm it seems like your blog ate my first comment (it was super long)
    so I guess I’ll just sum it up what I wrote and say, I’m thoroughly enjoying
    your blog. I as well am an aspiring blog writer but I’m still new to everything.
    Do you have any suggestions for beginner blog writers?
    I’d definitely appreciate it.

  3. Hi! I just wanted to ask if you ever have any trouble
    with hackers? My last blog (wordpress) was
    hacked and I ended up losing months of hard work due to no backup.
    Do you have any methods to prevent hackers?

  4. If some one desires expert view regarding blogging then i recommend him/her to visit this
    web site, Keep up the good work.

  5. Do you mind if I quote a couple of your posts as long as I provide credit and sources back to your webpage?
    My blog is in the exact same niche as yours and my visitors would definitely benefit from
    some of the information you provide here. Please let me know if
    this alright with you. Cheers!

  6. Hey just wanted to give you a quick heads up. The text in your article
    seem too bee running off the screen in Chrome. I’m
    nott sure iff this is a fomat issue or something to do with internet browser compatibility but Ithought
    I’d post to let you know. The dersign and style look great though!
    Hope you get the problem fixed soon. Many
    thanks

One Response to Top Ten List Of Things To Do When You Get A Foreclosure Notice

  1. El tarot visa cuenta con servicio las 24 horas del día y con los mejores profesionales,
    que se encargan de proporcionar lecturas de amor, lecturas espirituales, entre otras.
    Este servicio se presta de forma personalizada, de tal manera que la persona que lo atienda sea la más indicada para
    satisfacer sus necesidades.

    Las personas antes de iniciar la consulta pueden escoger el tiempo de duración de la
    misma, esto con el objetivo de que la inversión sea la deseada y que se obtenga una lectura de calidad, que
    dé respuestas e indique lo que el cliente desee.
    Para las personas que tienen muchas ocupaciones durante el día y
    no pueden acudir a un lugar especializado, el tarot
    visa es la mejor alternativa, ya que se puede consultar desde
    la computadora o teléfono en cualquier momento.

    Una razón importante por la que se debe escoger este servicio,
    es porque se cuenta con profesionales de gran conocimiento,
    trayectoria y efectividad, para realizar las más acertadas predicciones y lecturas.
    Este servicio cuenta con una alta confidencialidad, ya que se debe cumplir con la política de protección de
    privacidad y datos, por lo cual no se debe tener temor a la hora de realizar la
    consulta online.