Foreclosure in Plymouth>Question Details

janinemclell…, Home Owner in Plymouth, MI

How long to do you have if your house is going to foreclose to stay there or move out?

Asked by janinemclellan, Plymouth, MI Mon Nov 12, 2012

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our house forclosed and sold to the bank how long do we have to get out in ca
0 votes Thank Flag Link Mon Nov 30, 2015
It is not clear in most states as to how long it takes from start to finish. I have had some friends that it took them 3 months just to start the process, then I have others that it took a year, not a very clear subject.
0 votes Thank Flag Link Tue Nov 13, 2012
The foreclosure process varies significantly from state to state, so it's always important to check out the local laws concerning foreclosure in your area. An average foreclosure can take anywhere from 6 months to 1 year. If the state has a redemption period (time given for the homeowner to purchase back the home), you can stay in the house even longer.

Pre-Foreclosure Stage: According to Michigan law, you are in default when a payment is 30 days late. When this happens, the lender will issue a Notice of Default when you are between 30 - 90 days late (Michigan 45 - 60 days).

The Notice of Default will provide a deadline for the payment of the total past due amount which includes all past and current payments with late fees and interest. Lenders will give you between 30 - 90 days to make pay the past due amount.

After approximately 3 - 6 months, the bank will issue a Notice of Sale and set a time for the sale to occur. The law usually requires a certain amount of time to pass between the Notice of Sale and the sale date (which can range from 3 weeks to 6 or more months). This gives the home owner time to sell the property before foreclosure. This is called a short sale.

If the property is not sold before the date of the foreclosure sale, it will be auctioned off as scheduled. In some states, the original homeowner may be entitled to a period of redemption after a foreclosure sail is complete. During this time, they may regain control of their property if they pay off the full loan debt plus any associated interest, costs, or fees. In some areas, the period of redemption may last for up to a year. In Michigan, the redemption period for home owners is 6 months.

Check out this article for more details:
0 votes Thank Flag Link Tue Nov 13, 2012
Janine,

Once your house goes to Sheriff's Sale (also referred to as the foreclosure auction) you have a 6 month redemption period. During that time, you are still the owner of the house and can continue to live there. Att the end of the redemption period you will be contacted by the bank to move out. If you have not moved out at the end of the six months, the bank will serve you with a notice of eviction. And your foreclosure will be complete.

However, during your six month redemption, you still have the right to sell your house on a short sale. If you have not talked to any one is who knowledgeable about short sales, I highly suggest that you do that immediately. It is so much better for your credit now and in the future to do a short sale rather than have a foreclosure.

If your sheriff's sale has not occured yet, a good agent can stop the sheriff's sale and the foreclosure. If you would like to know more, visit my website at http://www.kaperproperties.com/. Or, give me a call at 248-930-0198. I would love to discuss your options with you.

Kathy Persha, Realtor
CDPE, SFR, CIAS
Nextage Advanced Realty
248-930-0198
0 votes Thank Flag Link Mon Nov 12, 2012
Janine,

Give me a call. 734-564-1519

You have about 10 months minimum from the day you miss the first payment. After that, it's up to the bank.
0 votes Thank Flag Link Mon Nov 12, 2012
It depends if they've had the sheriff sale yet on your property.
You'd know by the papers left on your door notifying you of a sale date downtown.

Once the sheriff sale is complete, you are allowed up to six months for the redemption period in Michigan. During this time, the bank who purchased the home will likely have a local agent stop by periodically to determine if the home is vacant or occupied.

If you are living there, please reply to the notices on the door and let the agent locally know that you are staying there.

If you aren't planning on staying at the home the entire six months, you can call the foreclosure attorney assigned to the file and ask if you are eligible for a Cash for Redemption award, in which you may receive money to move out of the home sooner than the 6 month period and leave the home in good condition.

During this time, you could also try to sell your home in a short sale. As long as the short sale closes before the redemption period, you could prevent a foreclosure on your credit record.

If you want more info or would like some advice from an agent that works with foreclosures, here I am. Please feel free to look me up online or via my website.

Thanks and good luck!
0 votes Thank Flag Link Mon Nov 12, 2012
I do have a question. I am living in my sisters condo which is being foreclosed on. There was a notice of Sheriffs sale on my door yesterday and was wondering how that all plays out. I am here with my wife and 2 kids, so I need to know how long I would have before having to actually vacate. I live in New Jersey and don't know who to talk to. could you provide me with any information? My email address is connor2848@comcast.net. thanks for any help you give me. Daniel
Flag Wed Feb 11, 2015
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