Foreclosure in 49690>Question Details

Jack Bishop, Both Buyer and Seller in 49690

how much notice should be given on a VA foreclosure notice of sale letter from lender's attorney to borrower?

Asked by Jack Bishop, 49690 Tue Sep 28, 2010

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2
Hi

In the state of Michigan, if the house is the owners principal residence the owner is sent a notice of default or mortgage workout. If they contact the lender/designated agent stated in the notice within 14 days of receiving the notice they have 90 days to work out a loan modification agreement. If they are unable to work out an agreement the lender may advertise the sheriff sale (90 days after the mortgage workout notice if lender is contacted or 30 days if they do not contact lender). If it is not their principal residence then they can advertise the Sheriff sale. The Sheriff sale is advertised for 4 weeks. Once the Sheriff sale/ Auction takes place the owner can still live in the house for 6 months after the sale and can redeem (retain ownership) if they can pay the amount bid at the sheriff sale (plus interest & fees) during that period. You should contact a real estate attorney to discuss your individual situation.

Sincerely,

Mike Warren
Keller Williams Realty
http://www.StopForeclosureInMichigan.com
0 votes Thank Flag Link Tue Sep 28, 2010
I would check with an attorney: however, in Michigan we are a foreclosure by advertisment state. That means that the foreclosing attorney must post in the county newspaper for 4 consecutive weeks.

If you have more information - i can probably help.

Good Luck.

Matt Hodges | Realtor

C21 Northalnd
Traverse City, Mi
Matt@TheHodgesTeam.com
231-624-1650
0 votes Thank Flag Link Tue Sep 28, 2010
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