Midland Foreclosure Lawyers

Find the right Foreclosure attorney in Midland, MI

Foreclosure Law in Michigan

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

When individuals are facing foreclosure, it usually involves a house. The bank will acquire the house with the intent of selling it at an auction, hoping to cover whatever's left on the mortgage, giving them at least a chance to break even on the loan.

In every U.S. state, including Michigan, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is just an auction supervised by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In some states, original mortgages are known as "non-recourse" loans, making the above problem a non-issue. This essentially 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 Midland, Michigan

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

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're mainly money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

Some buyers in Michigan, when none of the above options have worked, resort to a "short sale." This involves selling a house which is about to be foreclosed, usually for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Midland, Michigan real estate attorney help?

In Midland, Michigan, dealing with a possible foreclosure is never easy. However, the assistance of a reputable real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate Law Attorney now!

Life in Midland

Midland, Michigan is a city located in Midland County, of which it is the county seat. A 2008 Census estimate places its population at about 40,000 people.

Midland, Michigan and the surrounding areas are home to many sites of historic and cultural interest. For example, the Midland Center For The Arts is a facility offering visitors hands-on activities having to do with art, science, and technology. Additionally, there are two large auditoriums allowing for performances by symphonies, operas, and drama companies.

Midland is also the city where the Down Chemical Company was founded, and that company still has a strong presence in the area. It sponsors a museum which shows the history of the region and the company, and sponsors many other non-profit organizations.

Midland is also home to many parks, providing for recreational activities such as hiking, boating, fishing, and bicycling.

If you live in Midland, Michigan and need an attorney, the odds are very good that you'll be able to find one. Midland, Michigan attorneys are capable of helping people with almost any type of legal issue, whether it's starting a business, buying a home, adopting a child, or anything else. If you need legal help, you should get in touch with a Midland, Michigan attorney as soon as possible.

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