Foreclosure Litigation
Foreclosure proceedings can be among the most emotionally and financially stressful periods in the life of a homeowner. While it can be a difficult, unpleasant prospect to face, an important first step is to be familiar with the basics of foreclosure litigation.
What is foreclosure?
The foreclosure process in Michigan can begin when one of the following events occurs:
- The mortgage payments between a homeowner and his or her lender become delinquent
- Back property taxes are owed on the home
When back property taxes are owed on the property, federal, state or local agencies can initiate a tax sale. Missing only two monthly payments can result in your being served with a notice of default in some states, which means the lender has initiated foreclosure proceedings through the court system. At this point any mortgage or lien holders with a vested interest in loans related to your property can initiate a foreclose proceeding.
What can a homeowner do when faced with foreclosure?
When faced with a foreclosure, you have several options:
- Pay the missed mortgage payments (arrearages) plus any late penalties or fees to bring the mortgage current
- Work out a payment schedule with the lender such as a loan modification
- File for Chapter 13 bankruptcy to legally stop the foreclosure proceedings
- Surrender the property back to the bank
No matter which of these options you choose, you should obtain foreclosure help from a qualified attorney or agency. You need to determine how you want to proceed prior to the foreclosure sale occurring, as your options are fairly limited once the sale has occurred.
Attorneys familiar with the foreclosure process
Any foreclosure proceeding can be an upsetting and emotionally draining experience. Now is the time to enlist the legal assistance of a qualified foreclosure prevention attorney.
Acclaim Legal Services can provide the fast, knowledgeable foreclosure experience that you need to handle your case. Our qualified bankruptcy attorneys work every day to save our clients’ homes and restructure their debts to make a balanced budget. We can provide the same expertise to your foreclosure matter.
We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in
