Stop foreclosure in Michigan
Owning a home is the core of the American Dream And generations of Michiganders have sacrificed to make the dream come true. Yet despite all that hard work, millions of families across the U.S. are on the brink of losing their homes to foreclosure. Many Michigan homeowners don’t know how suddenly their houses can be taken from them and how little time the process gives them to save their homes.
Don’t allow your lender to ruin your family’s dreams! The Chapter 13 bankruptcy process stops the foreclosure process by consolidating your debts into a much lower monthly repayment plan. Call or text DebtStoppers at 313-880-3970 to schedule a no-obligation debt settlement consultation with one of our experienced Michigan bankruptcy lawyers. We’ll explain the foreclosure process and how bankruptcy can keep you in your home.
The Foreclosure Process in Michigan
If you financed your house, you probably signed a mortgage agreement or a deed of trust. In these agreements, the bank provides you with the cash you need to buy your house, and you promise to pay it back in monthly installments. Under the terms of these contracts and Michigan laws, the loan is “secured” by the real estate purchased. This means that if you fall behind on your payments, the lender is legally permitted to assume ownership of the property.
Michigan laws permit a non-judicial foreclosure process that allows lenders to foreclose on a property by advertisement, without ever setting foot in a courtroom. This process is sometimes known as the “power of sale.” After advertising your home for sale, the bank will sell it to the highest bidder and then get a “deficiency judgment” for the difference between what you owe and the sale price. Not only will you lose your home, but you could also still be on the hook for thousands more.
You Can Stop Michigan Foreclosure
Fortunately, the Chapter 13 bankruptcy process in Michigan can help you avoid foreclosure. As soon as you file your petition, the court will grant you an automatic stay prohibiting your creditors from trying to collect from you. This means that your bank CANNOT FORECLOSE on your home, and if they’ve already started the process, they must immediately STOP.
On top of the temporary relief provided by the automatic stay, Chapter 13 will reduce and restructure your debts into a 3-to-5-year payment plan. While you’ll still have to pay your mortgage after filing, Chapter 13 wipes out approximately 90% of your other debts, making your total monthly payments — and your mortgage payment — affordable again.
The Redemption Period
Once your home is sold in foreclosure, the law gives you a 6-12 month “redemption period.” During this time, you can get your house back by paying off the entire loan balance, as well as all outstanding interest payments and various additional costs. This may sound like an answer, but in reality, no one can put together the hundreds of thousands in cash necessary to make it work.
Get Help and Save Your Home
You don’t have to stand by and watch the bank destroy your American Dream. At DebtStoppers, our skilled Michigan attorneys can stop foreclosures through Chapter 13 bankruptcy. Call or text us today at 313-880-3970 to request a free financial evaluation.
DebtStoppers lawyers have protected thousands of homes from foreclosure, and we can help save your family’s as well. You don’t have any time to waste, so call or text DebtStoppers at 313-880-3970 today to discuss your options!