Understanding the New Foreclosure Laws in Michigan
In July of 2009, Michigan passed a new statute changing the Michigan foreclosure process. Homeowners now have an extra 90 days to reorganize their finances and explore options to keep their homes.
For more information about the new foreclosure process, contact me, attorney Martin Krall. If you are upside down on your mortgage, I can help you explore your options to keep your home, build home equity, and use the new foreclosure laws to your advantage.
Prompt Legal Action Can Help to Save Your Home
Under the new foreclosure laws, a lender is required to send you a letter indicating the impending foreclosure, the reason for foreclosure, the contact information of the lender's representative, and other information. However, it is up to you to request a meeting with your lender and take legal action to keep your home. Talk over your options with an experienced bankruptcy attorney.
A More Transparent System
Until recently, the Michigan foreclosure process was a mystery to homeowners at risk for losing their homes. In the past, banks were not required to give notice of a foreclosure. Instead, they often just placed a sticker on the homeowner's door. Today, however, banks are required to send notice to borrowers of the foreclosure as well as contact information of the lender's representative. This more transparent system is an asset to people facing foreclosure, as it gives them more opportunities to deal directly with the lender.
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Legal Help — Information about New Foreclosure Laws in Michigan
If you risk losing your house to foreclosure, you can't afford to pass up a free consultation with an experienced lawyer. For more information about the new foreclosure laws in Michigan, contact me today My firm serves people in and around Macomb County, Michigan, in areas including Roseville, Warren, Sterling Heights, St. Clair Shores, and Clinton, Harrison, Macomb and Shelby townships.
