house foreclosures in michigan
Buying a foreclosure…?
I am looking at houses right now (in Michigan) and foreclosures are so hard to search, since all of the website want to charge to view a list! It seems like they would want to give anybody all the info to sell them. Anyways… When we find a realtor, will they have complete access to foreclosures? Will it be difficult to search for them, even with a realtor? Any info would be great!
Foreclosures are easy to access. You can visit the local office where the listings are posted. Since you are having trouble locating the foreclosures it may be that you do not understand the foreclosure process in that state. Here are the laws for that state:
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Typical Michigan Foreclosure Time Frame – Typical time for a Michigan foreclosure is approximately 60 days.
Judicial Foreclosure – Yes
Non-Judicial Foreclosure – Yes
Types of Security Instruments – Mortgage and Deed of Trust
Right of Redemption Period – For loans that have a balance of 2/3rds or more a period of 6 months applies; however, if home was abandoned only 30 days applies. All other mortgages have a redemption period of 365 days or 12 months.
Michigan foreclosure laws allow for both judicial and non-judicial foreclosures to be possible. In the case of a judicial foreclosure, the lender is required to sue the borrower. With the court’s permission the lender is able to obtain a decree for the amount of the default. The courts then extend a period of time to the borrower in order for the default to be corrected; however, in the event that the default is not corrected the courts will issue a Notice of Sale.
For a non-judicial Michigan foreclosure a Power of Sale stipulation or clause is required to be included in either the mortgage contract or in the deed of trust. This clause gives the lender pre-authorization to foreclose on the home in the event of a default. It is important to note that if the clause specified the time, place, or even the terms of the sale that they must be followed exactly.
According o Michigan foreclosure law, in the event that the terms are not set forth in the clause, the following process is used. The first step is the Notice of Sale is required to be published a minimum of once a week for a minimum of four consecutive weeks. The notice is also required to be posted at the property in a publicly viewable location within 15 days following the first publication of the notice.
Michigan foreclosure laws also states that the sale is to be a public auction that is handled either by the county sheriff or by the trustee that the lender assigns. The sale itself must be during the hours of 9a.m. and 4p.m. on the date specified in the notice. The high bidder of the auction will receive a deed for the property that gives them full rights once the redemption period expires.
If it should become necessary to postpone the sale, it is required that a Notice of Postponement be posted at the time and date the original sale was scheduled to take place. This procedure is only able to postpone the sale for 7 days, any longer postponement requires that the notice of sale be published again for a minimum of four consecutive weeks.
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As you will see from the above information if you purchase 2 well circulated papers daily you will be notified of all upcoming foreclosures. Michigan can be scary in some parts so its best to drive out and look at the neighborhood before you take a low sale price seriously.
Hopefully you find the information helpful.
