What are the steps in foreclosure processing?

Phase 1: Payment Default. Phase 2: Notice of Default. Phase 3: Notice of Trustee's Sale. Phase 4: Trustee's Sale. Phase 5: Real Estate Owned (REO) Phase 6: Eviction. The Bottom Line.

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Michigan Foreclosure Package

Michigan Foreclosure Sample

Name: Michigan Foreclosure Package
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.82 (428 reviews)

Category:

Michigan Real Estate - Foreclosures

State:

Michigan

Control #:

MI-P113-PKG

Format:

Instant download

Description

This package is an important tool for complying with foreclosure procedures in Michigan. Included in this package are the following forms:

1. Michigan Notice of Sale in Foreclosure

2. Michigan Report of Sale in Foreclosure

3. Clerk's Certificate Of Sale Of Real Estate Pursuant To Judgment

4. Summary of Michigan Law and Tenants' Rights in Foreclosure

5. USLegal Guide to Eviction in Foreclosure

Purchase of this package is a savings of almost 50% compared to purchase of the forms individually!

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FAQ

During foreclosure, the mortgage lender may seize the property and sell it to recoup the money it lost from the mortgage default. The lender is allowed to take back the home because a mortgage is a secured loan. That means the borrower guarantees repayment by providing collateral.

The California foreclosure process can last up to 200 days or longer. Day 1 is when a payment is missed; your loan is officially in default around day 90. After 180 days, you'll receive a notice of trustee sale. About 20 days later, your bank can then set the auction.

To begin the foreclosure, the lender's attorney publishes a notice of sale once a week for four successive weeks in a newspaper published in the county in which the property is located. If no newspaper is published in the county, the notice must be published in an adjacent county.

Phase 1: Payment Default. Phase 2: Notice of Default. Phase 3: Notice of Trustee's Sale. Phase 4: Trustee's Sale. Phase 5: Real Estate Owned (REO) Phase 6: Eviction. The Bottom Line.

Six (6) months: The Redemption Period starts day of Sheriff Sale Six (6) months is most common. If the amount claimed to be due on the mortgage at the date of foreclosure is less than 2/3 of the original indebtedness, the redemption period is 12 months. Farming property can be up to twelve (12) months.

First, the costs and expenses of conducting the foreclosure sale are paid. Second, the lien that was foreclosed on is paid off. Third, if there is any money remaining after the foreclosed lien is paid, then any liens junior to the foreclosed lien are paid in their order of priority.

The length of the entire foreclosure process depends on state law and other factors, including whether negotiations are taking place between the lender and the borrower in an effort to stop the foreclosure. Overall, completing the foreclosure process can take from 6 months to more than a year.

Michigan Foreclosure Sample

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