Foreclosure

I work for a foreclosure attorney who represents the mortgage company and this is the usual time line for foreclosure in Michigan:
Usually after 3 months of non-payment the foreclosure process is started. You should receive notification in the mail of the sale date which is 4 weeks from the start of the foreclosure. Once the sale takes place you are still legally allowed to remain in the residence usually for 6 months until the redemption period expires. The redemption period allows you to pay the balance of the mortgage if you can, but if you can't then the eviction process is started. That can take anywhere from 30-60 days depending on the circumstances.
Sorry to hear that you are dealing with this, but at least I can let you know what to expect and if you have to move you have at least 6 months to save up some money on a new place.

A.,

I'm so sorry. I'm an attorney (but not a real estate attorney), and I'm in the process of walking my brother through foreclosure as well. ONce you stop paying, it will take 3-6 months before your bank will begin foreclosure proceedings. After the foreclosure sale/auction you have 6mos generally (there are some exceptions) to "redeem" your house. You can live in the house during this time.

I am sorry to hear of your situation. I did mortgages and we were able to finance people who had gone through a foreclosure faster when they did a deed in lieu of foreclosure. I'll attach a link so you can read about it, but it can really prevent you from pulling your your credit score down which will help you when you try to finance a car or another home down the road.
http://en.wikipedia.org/wiki/Deed_in_lieu_of_foreclosure

WHat about telling the mortgage comany you want to make every effort to keep your house. Ask them if they might restructure your mortgage to make the payments more affordable to you.

http://www.expertvillage.com/video/39116_foreclosure-proc...

Hi there sorry about your situation but your not alone LOTS of people in michigan are facing the same problem. Hope the link above helps!

Well I myself havn't gone through a foreclosure, but I now quite a few people who have and here is what they've told me.
you stop making your payments and after 3 months you have a chance to pay your balance in full or they start the eviction process

now since they are so backed up with foreclosures, everyone that i've talked to say it took them months to actually get evicted and then you go to court were they basically say, ok it's not your home anymore and you dont owe anything on it.

I know it's a pretty vauge response, but thats about all that I know. I know that the bank can sue you if they'd like for any debt outstanding after they sell your home. So if your home is worth 200,000 but they sell it in the foreclure for 130,000, they can ask you to pay that 70,000 difference, but I have yet to hear anyone say that their banks have done that! They dont even bother now.

I'm surey you've already tried contacting your morgage company to work with you, sometimes they dont. This I dont understand. Have you also looked in the hope4homeowners program? Take a look at it. It's worth a shot.

good luck and I am so very sorry that your going through this. It's such a terrible time right now and I'm even more sorry you got rude responses on mamasource.

I wish I could help! There are SO MANY people going through this right now and it's very sad. I know the mortgage companies are willing to help for a while due to the fact they are having a hard time moving homes that have been foreclosed on. Just keep working with them as long as you can.

Very sorry to hear you've gotten nasty responses on Mamasource, it's totally uncalled for. Glad your still here!

Good Luck!
J. in Macomb

A.: I don't know you but I am sorry that you are going to lose your home. I know a couple of people that have gone through the same thing. One of my friends was on a ARM and his payment went up to over 2,000.00 a month on a home that he once was paying 1,300.00 he has three children and is divorced. when gas prices went up and working so far from home he just could not afford the home. after he stopped making payment he was in his house for 16 months (if not longer) in his case it was a very slow process (not sure why) and now another friend has had the same thing happen. the last payment they made was in June they have moved out of the home BUT they still have the rights to go in and out of the home bc its not consider bank owned yet so I assume in the next 1-2 months they will have the letter stating that they cant return to the home. on the other hand have you tried doing a short sale? It still messes with your credit but not as bad as if you just let the house go. Check into that with a realtor they should be able to help you out (if you want/can go that route) Best wishes in all that you do. Not sure if you are a christian but God will see you through if you ask for his guidance. God Bless, S. FYI MOST BANKS ARE NOT WILLING TO WORK WITH YOU MY BROTHER CALLED AND WROTE THE ATTORNEY GENERAL AND SEVERAL BANKS AND ASKED THEM TO AT LEAST LOCK THE RATE IN AT 9% INSTEAD OF LETTING IT RISE. BUT THEY WOULDNT AND MY BROS CREDIT SCORE IS WELL OVER 700 THEY JUST DONT CARE I GUESS THEY WOULD RATHER HAVE NONE OF YOUR MONEY THAN SOME OF IT. MAKES NO SENSE