Foreclosure in Hazel Park>Question Details

Kikkicat, Home Seller in Hazel Park, MI

I have lost my job and as a result missed 3 house payments. How fast can they foreclose and kick me out?

Asked by Kikkicat, Hazel Park, MI Thu Apr 30, 2009

I am disabled and have small kids. Do they give you time to move out or do they take and sell your personal belongings as well when they foreclose?

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Answers

5
Hi Kikkicat,

I am very sorry for your situation. You must be feeling terriby helpless.

You have likely been receiving letters from your lender by now. Pay attention to the letters and call them to explain your situation. Ask them for help. Be prepared for frustration. At some point the lender will move to the next step in the process (each lender is different in their level of "patience"). In the next step, they will notify you that a "sheriff's sale" has been scheduled. It is on that date that the official foreclosure process begins. The lender will place the first "bid" at the sale; essentially, they buy the property from themselves. From that point in time, Michigan law requires that you be given 6 months (12 months if the property is 3+ acres) to bring your account up to date; this period is called the "redemption period." During that time you continue to live in the home but make no payments. Remember that during the 6-month redemption period you cannot be forced to move...do not let the lender convince you that you are required to vacate the property during that 6-month period. When the 6-month redemption period expires, you will be required to vacate the property. Failure to do so puts you at risk of being locked out of the house without your belongings.

Now, having said all of this, you have been given some good information in the other responses. Please do not just sit by and let the process happen to you. Try to get some help. A good place to start is with your local government or the Oakland County offices (assuming that you are located in Oakland County). At a minimum, enlist the services of a Realtor to help with a short sale. At least with a short sale you may be able to avoid some of the trauma and negative impact on your record that a foreclosure causes. (A short sale is a process of finding a buyer for your home likely at a price less than is owed and negotiating with the lender to accept the lesser amount. If done properly, you would then be forgiven the difference between that which is owed and the amount for which the house sells)

I wish you the best.

Shirley Coronado
0 votes Thank Flag Link Fri May 1, 2009
Kikkicat, I am sorry that you are having a difficult time right now. If you are foreclosed on in Michigan you are given a right of redemption period. With less than 2.99 acres you are given 6 months. With 3 or more acres you are given 12 months right of redemption. During this time you are able to live in the home. The bank will provide notice before they are to secure the property. They will give you time to move and they won't take your personal belongings. You have been given some great answers already and I urge you to reach out these folks for help. I wish you the best of luck!
0 votes Thank Flag Link Thu Apr 30, 2009
Hi, You need to start the short sale process, it will be better for You in the long run, than having a Foreclosure on Your credit report. I personally live and work in Your area just across Dequindre rd on the Warren side. Give me a call or email me. I'll be glad to sit down with You in my office or at Your home. We will chat about Your options......

Best Wishes,

Amador C. Melgoza
Keller Williams Realty
35427 Dodge Park,Sterling Heights,MI 48312
Email:amador@kw.com
Office:(586)979-4200
Direct:(586)979-3129
Fax: (586)979-4219
Website:http://x298963.yourkwagent.com
0 votes Thank Flag Link Thu Apr 30, 2009
As a broker and Certified Distressed Property Expert (CDPE) in your area, there is a strong likelihood we can prevent a foreclosure.

If you are interested in learning about short sales, please do call or email me. I would like to learn more about your situation, the property, etc. and can advise you from there.

Feel free to use my Trulia profile for contact information, email me at Derek@DoorToDreams.com, or my office number is 248.851.4100 x132.

Thank you, and I hope we can connect soon.


Derek Bauer, Associate Broker / Realtor
Real Estate One
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Thu Apr 30, 2009
First you need to contact the lender to try and work something out. Each state differes on foreclosure laws, and you really should be in touch with an agent in your area who is experienced in these situations. The reason why I say agent is that they will be able to determine if your home is marketable and know of options to work out with the bank and at no cost to you. Do not pay anyone promising to help you - there are too many free resources out there to help homeowners in your situation. From your question, you have the basis for short sale which is what you will want to try and do, especially if you will be looking for a job. A foreclosure is basis for company's to terminate employees and for not hiring. Visit http://www.cdpe.com to and search for an agent in your area. These are some of the best trained individuals helping homeowners across the nation. REMEBER - You should not pay a dime to anyone in your situation. That is part of the process and why there are so many people out there to help. Good Luck - if you need help finding someone shoot me an email. My prayers are with you.
Jimmy Mulhern
0 votes Thank Flag Link Thu Apr 30, 2009
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