Michigan Foreclosure Laws

From Wiki

[edit] Attorney General’s Office

Law Building

P.O. Box 30212

Lansing, MI 48909

Ph: (517) 373-1110

Fax: (517) 373-4916

[edit] STATE SUMMARY:

First Legal Action: Publication

Time Frame from 1st Legal Action to Sale Action: 60 days-9 Months

Final Legal Action: Redemption Expired

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Method Primarily Used: Non-Judicial

Security Instruments: Deed of Trust, Mortgage

Right to Redemption*: Yes; Read publication of Sale for definite length of time -6 ,pmtjs of <3 acres & amount due > 2/3 of original indebtedness, 1 Month if abandoned, 1 year for > 3 acres.

Deficiency Judgments Allowed: Yes; Varies by Process and Case by Case

Foreclosure Postponement Available: Yes. However, If cancelled, Must Restart

Super Lien State:

Certified Breach Letter State: No

Lender Retains Copy of the Breach Letter: No

Eligible for Tax Advance Repayment Plans: Yes

Statutory State: No

*A borrower’s right to repurchase property lost in foreclosure sale.

• • A judgment against ones person making the borrower responsible for the remaining balance on the loan after a foreclosure/sheriff sale.