An Overview of Michigan Foreclosure Law (Part A)
October 26th, 2010
Due to the current economic crises, home foreclosure rates have been soaring in the United States. In order to slow the rate of foreclosure in Michigan, a new Michigan Foreclosure Law was passed in July of 2009. This law requires mortgage lenders to notify their borrowers before they initiate foreclosure proceedings. It also states that those in danger of foreclosure may request a meeting with their lender.
If you request a meeting about your foreclosure in Michigan, then your lender may not initiate the foreclosure until 90 days after the letter is sent. If you have questions about the Michigan Foreclosure Law, or if you want to request a meeting with your lender, then you may want to get the professional help of an Ann Arbor foreclosure attorney.
Requesting a Meeting Under the Michigan Foreclosure Law
When you receive the letter with the imminent foreclosure notification, it will include instructions on how to request a meeting. In the letter there will be a phone number for your mortgage lender's agent, whom you must contact within 14 days. Again, if you do request a meeting, your lender may not initiate foreclosure proceedings for 90 days after the letter is sent.
The letter you receive will contain a list of home foreclosure counselors who can assist you at the lender meeting. If you do not request a meeting within 14 days of receiving the letter, then your lender can go ahead with the foreclosure in Michigan. If you want to keep your home, then you should request a meeting.
An Ann Arbor foreclosure attorney can assist you with scheduling your meeting.
What happens at the meeting?
At the meeting, you will meet with a representative of your mortgage lender. If you are able to meet certain requirements of the Michigan Foreclosure Law, then this representative will present a modification of your loan. If you don't meet the specified requirements, then after 90 days your lender may proceed with foreclosure.
With the help of your Ann Arbor foreclosure attorney, you can do your best to meet the necessary requirements and modify your home loan. An attorney can accompany you to the meeting with your lender's representative, and help defend your interests.