Legal Question in Real Estate Law in Michigan
letting your house foreclose
what happens when you let your house go into forclosure?
on purpose due to health issues??
my little cottage up in northern micihigan is up for sale
but not selling!
my doctors want me to move out of this cold
I think I should be careful what I am doing
since the economy is hurting so badly
I am getting older and need to move where it is warm!
and closer to good medical care
At the moment Im out in a forrest
can you tell me what are the procedures
of a foreclosure??
what will happen?
is it after three late payments the bank seizes the house??
if I stop my house payments will they bother my income at all????
or just take my house???
I truly need to get out of here the winters are horrible
our power lines nearly fell right on top of my cottage
this last winter and I have been snowed in
I have severe reynauds disease and heart issues!
I could hear the power lines with too much snow on them!
they sounded like a drum up
in the sky they were ready to fall down on top of me!
I had to call 911!
1 Answer from Attorneys
Re: letting your house foreclose
You may want to contact your lender about a deed in lieu of foreclosure, this would be the most likely way to avoid a deficiency against you. What happens if you just stop paying, is after a few months, the lender will typically do a foreclosure sale by publication. Once the sale happens you have a redemption period of 6 months, and then that is when they will evict you from your home. At that time, if the sale was for less than the loan amount, they might pursue a deficiency judgment against you. If they do this, this can impact your income.
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