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There is no set number of days until a lender may start the foreclosure process. For some people it has been 3 months to over a year of missed payments before their lender started the foreclosure process.
To start the foreclosure process in Michigan (homestead house - prinicpal residence) the lender advertises
a mortgage workout notice. The homeowner has 14 days to contact their lender and possibly workout a loan modification. If the homeowner contacts their lender/lender respresentative in that time period, then the lender may not be able to begin the second phase of the foreclosure process, the Sheriff Sale/Auction for 90 days after the mortgage workout notice. If the homeowner does not contact the lender/lender representative in 14 days then the lender generally will advertise the Sheriff Sale within a month. The lender advertises the Sheriff sale/ auction date for four weeks. Most of the time the sheriff sale takes place on the stated date, but sometimes it is delayed for weeks or even months after the scheduled date. Once the Sheriff sale takes place, the homeowner still owns the house and can live in the house for 6 months, during that time period, they can redeem the house, which means they can retain full ownership of the house if they pay the amount bid at the sheriff sale plus penalties, fees, and interest. If the house is vacant after the sheriff sale the lender may take required procedures and gain ownership of the house after 30 days. Hope this answers your question.
Mike Warren, CDPE, SFR
Keller Williams Realty