Sterling Heights Foreclosure Lawyers

Find the right Foreclosure attorney in Sterling Heights, MI

Foreclosure Law in Michigan

In Sterling Heights, Michigan, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was purchased with the mortgage in the event that the borrower has defaulted on his or her payments.

If an ordinary consumer faces foreclosure, it usually involves a home that was purchased with a mortgage from a bank. The bank will usually try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

In every state, including Michigan, homeowners have the option to go through what is known as a foreclosure by judicial sale. Basically, this means a court will oversee the sale of the house to ensure that the bank makes reasonable efforts to sell it for as high a price as possible (to help avoid a deficiency that the borrower may have to pay), and to ensure that any money which might be left over from the sale (after the balance on the mortgage is paid) goes to the borrower.

In some states, original mortgages are known as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Sterling Heights, Michigan

It is absolutely essential that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your changed financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.

You should remember that the bank doesn't really want your house. They issued a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

In Michigan, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One advantage of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is discharged, and the borrower is free and clear.

Can a Sterling Heights, Michigan real estate attorney help?

If you live in Sterling Heights, Michigan and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an experienced real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Sterling Heights

Sterling Heights, Michigan is an important suburb of Detroit. It is located in Macomb County, about half an hour away from downtown Detroit. The city is most noted as a recipient of various safety awards, and was named Michigan's safest city in 2010. Sterling Heights maintains a "Sidewalk Inspection Program", which utilizes meter readings for reporting hazardous sidewalks conditions.

The local economy of Sterling Heights is stimulated by the presence of over 3,500 industrial and commercial businesses. Major employers in the city include General Dynamics, Visteon, and Detroit Free Press. Of notable interest in Chrysler's Sterling Heights Stamping Plant, the world's largest stamping plant for metals. Sterling Height's close location to Detroit has also attracted several automotive industry companies.

In addition to its diverse economy, Sterling Heights is an excellent city for families. The city holds several very popular events such as Music in the Park, "A Sterling Christmas", and Sterlingfest. Residents can also visit Dodge Park, which serves as host to a number of concerts and events throughout the year.

Lawyers in Sterling Heights, Michigan offer legal service in a wide range of legal fields. They are experienced in a variety of legal matters and disputes. Many Sterling Heights attorneys represent clients in the Macomb County District Court.

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