Portage and Kalamazoo MI – In the next few blog posts we will be gonig back to the basics to help people get up to date with some of the FAQs regarding Foreclosure. If you have missed somewhere between 3-4 monthly payments, your lender can start foreclosure proceedings against you and hold a sheriff’s sale on the court building steps by your local sheriff.
Notice Requirements for Foreclosure in Michigan and Time Frame of Foreclosure
Once you are in default (usually after 3-4 missed payments but it is a few more because you slip through the cracks), your lender will send you a letter of default stating they will be starting foreclosure proceedings. The lender will also begin calling you for the money. In Michigan you have the right NOT to be harassed or abused on the phone or in person by your lender. If you are behind on your mortgage and are being harrassed by your lender, please call us at 269-350-5514 as soon as possible. We will connect you with some professionals who can provide free assistance.
Prior to commencing foreclosure which is the sheriff sale, the lender must publish a notice of sale in a newspaper of general circulation in the county where the property is located for four consecutive weeks. You may get a notice on your front door but that is about it. You will NOT receive a registered letter. It is up to you to keep tabs on your sheriff sale date.
The Sheriff Sale
The sheriff sale is held weekly at the courthouse and the sheriff will call out the houses and opening bid. Most of the time, your house will go to sale for the amount you owe, PLUS attorney fees and interest. Usually the “winner” is your lender who foreclosed on your property because no one will probably want to buy the house, since the house is not worth the amount that is still owed on the house. The day that the sheriff sale is held is when the redemption period begins.
In our next blog post we will share information about the redemption period.
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