St. Clair Shores Foreclosure Defense Lawyer
Serving Homeowners throughout Macomb, Wayne, St. Clair & Sanilac Counties
Losing your home to foreclosure is a frightening and stressful prospect. Your home is your castle, filled with your personal items, full of memories, and where you can feel safe and at ease. Whether you have owned your home for a year or for decades, it is likely your largest investment. The idea of losing that investment and what you may have poured into it is untenable. However, circumstances may have arisen that have put you behind on mortgage payments with your lender putting you on notice. Unfortunately, recent economic events have resulted in many individuals and families facing this worrisome situation.
If you are facing the threat of losing your home, it is crucial that you turn to a proven and well-respected legal professional who can provide solutions. At Joseph L. Grima & Associates P.C. we have 30 years of experience helping clients solve difficult financial issues. Our firm has helped over 10,000 people facing problems related to overwhelming debt. We understand the stress you are under and can help you find legal ways to resolve debt based on the circumstances of your particular situation.
Foreclosure Defense in Michigan
Every state has its own foreclosure process. In Michigan, specific steps must be taken by your lender to begin and proceed through the foreclosure process. Generally, when you fall four months in arrears on your mortgage, your lender will begin the process of foreclosure. If you reach the sixth month without making payments, your home may be sold through a public auction or sale by the sheriff.
The timeline of the process begins after your first missed payment. By making contact with your lender, you may be able to discuss options. By the 45th day, your lender must provide you with a single representative to deal with and provide written notice of your delinquency and options for loss mitigation. From the 45th to the 121st day, you can work with your lender for potential options, such as a loan modification or workout plan. On the 121st day, if all attempts to resolve the matter have failed, a sale date of your home is scheduled. Once it is held, your “redemption” period begins in which you will have a certain time period to redeem the property by paying whatever amount was bid at the sale plus fees and interest.
Defenses to foreclosure can include:
- Loan modification or other options available to you from your lender during the foreclosure process.
- Deed in lieu of foreclosure. This involves deeding the home back to the lender without going through a foreclosure.
- Short sale. This involves selling your home for less than what is owed to your lender.
As soon as you file for bankruptcy, an automatic stay is issued by the court that prevents creditors from pursuing any further collection attempts. This “stay” includes foreclosure. Under a Chapter 13 filing, you will be reorganizing your debts leading to one monthly payment to
If you are threatened with foreclosure, contact Joseph L. Grima & Associates P.C. at (313) 385-4076 to learn more about how we may be able to help you save your home. Your initial consultation is free.