An Overview of Michigan Foreclosure Law (Part B)
November 2nd, 2010
According to the Michigan Foreclosure Law, besides sending a letter, your mortgage lender must publish their intent to foreclose on your home. They must do this in the legal news, along with your address. The reason your address is published is so that other parties who may be able to help you can contact you with their services.
Once this happens, you will receive a ton of letters from companies who will claim that they can help you. Many of these companies are scams and will only try to take your money. The best thing to do to protect your home is to call an Ann Arbor foreclosure attorney. An experienced Ann Arbor foreclosure attorney can help you understand your legal options and may be able to help you save your home from foreclosure.
How do I obtain a loan modification?
In order to grant a loan modification under the Michigan Foreclosure Law, most lenders will request a hardship letter, a tax return and a proof of income. Your lender will then analyze this information to determine the terms of the loan modification. This process may take months due to the fact that lenders are currently overwhelmed with delinquent payments.
To help facilitate the Michigan Foreclosure Law, the U.S. government has offered some mortgage lenders incentives to grant loan modifications.
Dealing With Your Mortgage Lender
Unfortunately, many people face difficulties when dealing with their mortgage lenders. Lenders are notorious for losing information that they obtained to modify your loan. On top of this, your mortgage lender is often not the same as the company that services the loan. Therefore, the service agent may not have the ability to modify your loan.
If you have a problem with your mortgage lender during the loan modification process, you may want to have your Ann Arbor foreclosure attorney contact them. Working with an attorney who is familiar with this process may be able to speed things up.
Or, You May Consider Bankruptcy
If delinquent payments on your home are just one of your financial woes, and you don't think the Michigan Foreclosure Law will help, then you may consider filing for bankruptcy in Michigan. In a Chapter 13 bankruptcy proceeding, you can put a stop to the foreclosure process. You may then be able to restructure your debts, lower your payments and make them over an extended period of time.
To stop your home from foreclosure by filing Chapter 13 bankruptcy, you can contact an Ann Arbor foreclosure attorney who also handles bankruptcy cases. An experienced attorney will go over your options for keeping your home, and can guide you throughout the bankruptcy process.
How can an Ann Arbor foreclosure attorney help?
If you are facing a personal financial crisis such as the need to protect your home from foreclosure or declare bankruptcy in Michigan, don't exacerbate the problem by seeking the services of a so-called bankruptcy "sweatshop" or bankruptcy mill. The Ann Arbor foreclosure attorney team at Johnson and McLoyd isn't interested in churning out as many cases in a month as possible. Instead, we focus on providing personalized bankruptcy and foreclosure help that is unique to your situation and needs. Contact us today for a free 30 minute consultation - 734-669-9080.