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What are the steps in the foreclosure process?

On Behalf of | Aug 12, 2019 | Uncategorized

Facing foreclosure on your home in Michigan is a scary prospect. The thought of losing your home can be quite upsetting and make you fear what comes next. The good news is that the foreclosure process usually progresses the same regardless of where you live or what lender you use. In addition, along the way, your lender may give you the chance to come out of foreclosure, so until the process is final, you may be able to turn things around.

Realtor.com explains there are four main steps in the foreclosure process. The first step in the process is actually yours to make. It is missing your first payment and going into default. The moment you miss your payment due date, the foreclosure process begins.

The next step is when your lender gives you a notice of default. This notice provides you with a certain amount of time to pay any past-due mortgage payments. This is the formal beginning of the process.

The third step is when your lender puts the house up for auction. You will again get some time to bring your account current before the auction occurs. The auction is the last step. Your home is then sold to the highest bidder and you lose ownership completely.

After the auction, you will have a landlord. Whoever won the auction will have to evict you if you have not left your home yet. Expect the eviction process to begin. This information is for education and is not legal advice.