If you are a Michigan homeowner facing the possibility of foreclosure, understanding the timeline is critical. Michigan uses both judicial and non-judicial foreclosure processes, and knowing the key dates and deadlines can mean the difference between saving your home and losing everything. This article walks you through every stage of the Michigan foreclosure timeline so you can make informed decisions about your property.
Day 1 to Day 120: Missed Payments and Grace Period
Federal law requires mortgage servicers to wait at least 120 days after your first missed payment before beginning the foreclosure process. During this window, you should be exploring every option available to you. Contact your lender about loan modification programs. Look into Michigan’s Homeowner Assistance Fund. And consider whether selling your house fast could help you avoid foreclosure entirely.
Homeowners in Detroit, Flint, and Saginaw are particularly affected by foreclosure due to economic challenges in these areas. If you are in this early stage, you have the most options available to you right now. Do not wait.
The Non-Judicial Foreclosure Process
Most Michigan foreclosures are non-judicial, meaning they happen through a power-of-sale clause in the mortgage without going through court. The lender must publish a notice of sale in a local newspaper for four consecutive weeks and post the notice on the property. The sheriff’s sale then takes place at the county courthouse.
The Redemption Period: Your Last Chance
After the sheriff’s sale, Michigan homeowners have a redemption period, typically six months, during which they can reclaim the property by paying the full amount owed plus costs. This is your last chance to save your home or sell it to recover any equity. Many homeowners in this stage choose to sell their house fast to a cash buyer to recover as much equity as possible before the redemption period expires.
How Selling Fast Can Save You from Foreclosure
At any point before the sheriff’s sale is final, you can sell your home to stop the foreclosure process. Offer Now Michigan has helped homeowners across Michigan, from Bay City to Lapeer to Port Huron, sell their homes quickly and avoid the devastating impact of foreclosure on their credit. We buy houses fast in Michigan and can close in as little as 7 days. Learn more at our stop foreclosure in Michigan resource page, or call us at 810-425-5961.