Legal Question in Real Estate Law in Michigan
In March of 2009 my husband and I tried to modify our home, It did not go through and we were foreclosed I guess in May of 2010, but we were not notified of this nothing put on our door nothing by mail, until November 24, 2010. We recieved a letter in the mail from a law office stating that we had 10 days to vacate. What can I do? What are my rights, if I have any?
1 Answer from Attorneys
Your question makes a great point for why homeowners should hire a real estate attorney when they decide to deal with banks, loan modifications, and foreclosure. Michigan has a right of redemption. You may be able "buy back" your home, if you can raise the money or get a loan, but it may be too late for this. Your loan modification did not "stop the clock" on foreclosure. You can check with an attorney now to see if your right of redemption period has expired or not. (this depends on your equity, and the length of time in the property). If you have not paid a payment since March of 2009, this means that you lived for "free" other than paying utilities for nearly 2 years in the property. This should have given you a chance to save money, and pay off other debt. You will also need to see a lawyer to determine if your lender will now go after you for the "deficiency" when it sells the house for much less than you owe on the loan. This means the lender may attach your other assets, garnish your wages etc.
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