Foreclosure can be scary, stressful, and confusing. If you’ve received a foreclosure notice or are worried about keeping up with payments, you may be feeling anxious and unsure about what to do.
The good news? You’re not alone. The better news? You have options.
We purchase homes in any condition, as-is — no repairs or cleanup necessary. If you’re not able to put the work or money into fixing mold and water damage, we’ll buy your home and take the trouble off your hands. Call (616) 379-3099 or fill out the form for your free cash offer.
Foreclosure is the legal process by which a homeowner forfeits the rights to their property because they’re unable to fulfill their repayment obligations. If you’ve found yourself in this situation due to unforeseen circumstances, we’re here to help. Below, we break down important information to know about foreclosure, as well as some steps you can take to avoid it.
There are two main types of foreclosure: mortgage foreclosure and tax-delinquent foreclosure.
While the causes of these two types of foreclosure are different, they can both have similar, long-lasting consequences on your future.
If you’re experiencing financial hardship and are unable to make your mortgage or property tax payments on time, you need to act quickly. Foreclosure can have serious consequences on your financial, legal, and personal life. Some examples of the consequences of foreclosure include:
None of these consequences are easy to deal with. But by persevering, doing your research, and learning about your options, you can avoid them.
One of the best ways to figure out how to avoid foreclosure is to do your research on what the foreclosure process is like. In Michigan, foreclosure doesn’t just happen the second you miss a payment. Instead, it’s a fairly lengthy process that gives you some time to make a helpful decision that will get you back on your feet.
Below are two outlines of the Michigan foreclosure process, depending on which type of foreclosure you’re experiencing.
The Michigan mortgage foreclosure process usually takes about a year. You can read more details on the State of Michigan’s website, but here’s the general timeline of events:
End of redemption period: If you can’t buy your home back at the end of your redemption period, you lose all rights in the home and the buyer at the foreclosure sale can seek a court action to make you vacate your home.
The Michigan tax-delinquent foreclosure process is a bit longer; you have almost three years to stop it. Here’s a brief overview of what happens within those three years:
Year 1
Year 2
Year 3
Want to learn more about the Michigan foreclosure process? Check out our blog. We regularly publish articles about the foreclosure process and what you can do to avoid it.
If you’re unable to afford the mortgage or taxes on your home, the best thing to do is sell it. Of course, you still won’t be able to stay in your home, which is unfortunate. However, it will help you avoid the other negative consequences of foreclosure and save you money, time, and stress.
By selling your home in danger of foreclosure, you’ll be able to get paid a fair price, sell on your own terms, and save your credit — all of which sets you up to get back on your feet and stable in the long term.
If your ship is sinking, don’t stand there with a bucket when you can find a sturdier ship. At Hometown Development, our goal is to take your problematic home off your hands with a solution that matches your financial needs.
In a short sale, you can sell your home before paying it off and use the sale to fulfill your mortgage obligations. Sometimes your lender will agree to a short sale and forgive the difference in payment with what’s called a waiver of deficiency.
Hometown Development can help you sell your home in a short sale. We can help you navigate this process, as it can be complicated with a lot of paperwork. We’ll work with your lender and make sure the sale goes through. If you sell your home with us, you’ll be out from under your debt as soon as possible and can avoid foreclosure.
With an as-is sale, Hometown Development will buy your home in its current condition. You can sell your home as-is without making any repairs or changes to the property. You’ll receive a fair offer for your home, in a cash payment if preferred, and can have your home sold in less than a week.
If you can’t afford to make changes to your home because you’re having trouble keeping up with payments, an as-is sale will allow you to sell your home easily and quickly. Selling now will allow you to avoid foreclosure and the hit to your credit that comes with it. You can move on to a new home you can better afford and be in a better position to build up positive credit.
Ready to sell your home in foreclosure? Talk to our team. We’ll ask some questions about your property, then provide you with a free, no-obligation cash offer within just 24 hours — guaranteed!