Michigan Foreclosure Defense Lawyer
Helping Clients in Detroit Avoid Foreclosure
Threats of foreclosure are frightening to any homeowner. Unfortunately, foreclosures are becoming increasingly common as the economy continues to struggle and the housing market continues to be unpredictable.
If you are facing the prospect of home foreclosure in Michigan, it is important that you contact an foreclosure defense attorney in Detroit at the Law Offices of Marshall D. Schultz. Our legal team has over 50 years of combined experience and has assisted tens of thousands of individuals dealing with financial issues.
What is the Foreclosure Process?
When you are approximately four months behind on your mortgage payments, your lender typically begins taking steps towards foreclosing on your home. When you reach six months of past due payments, your home may be subject to a public auction or sheriff's sale.
The foreclosure process is different depending on the state you are in, but there are 6 basic steps:
- Payment Default - the period when successive payments are missed
- Notice of Default / Reinstatement Period - lender notifies you that payments have not been received.
- Notice of Trustee’s Sale - if you're unable to settle the payments, the lender will notify you of the auction
- Trustee’s Sale - the public auction in which your property will be sold.
- Real Estate Owned (REO) - if property doesn't sell, the lender may get help from a real-estate owned asset manager
- Eviction - when the property is sold, you will be evicted from the property.
Exploring Foreclosure Defense Options
Foreclosure can be a daunting experience for any homeowner. Fortunately, there are various foreclosure defense options available to help you keep your home and avoid the negative impacts of foreclosure.
At Law Offices of Marshall D. Schultz, our experienced Southfield foreclosure defense lawyers can help you understand your options and determine the best course of action for your unique situation.
Here are some of the foreclosure defense options we may explore:
- Loan Modification: This option involves negotiating with your lender to modify the terms of your loan to make it more affordable for you.
- Forbearance: With forbearance, your lender agrees to temporarily reduce or suspend your mortgage payments to allow you to catch up on missed payments.
- Short Sale: A short sale involves selling your home for less than what you owe on your mortgage. This option can help you avoid foreclosure and minimize the impact on your credit score.
- Bankruptcy: Filing for bankruptcy can help stop foreclosure and give you time to catch up on missed payments. Our bankruptcy attorneys can help you determine which type of bankruptcy is best for your situation.
No matter which foreclosure defense option you choose, our team will work diligently to protect your rights and help you achieve the best possible outcome.
Be sure to contact our firm today for a FREE consultation with a Michigan foreclosure defense lawyer near you. Schedule a visit at one of our offices located in Southfield and Detroit by calling 888-822-6730.
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“I had to let my house go and it was the right move for me. I now have a new house with a way lower monthly payment and can live without fear for the first time in a long time.”
Defenses to Foreclosure
Before this happens, there are a number of defenses available to you that may prevent the loss of your home, including loan modification, deed in lieu of foreclosure, and short sale. While some of these defenses will not give you the option of staying in your home, they will at least keep a foreclosure off of your credit record. Having a foreclosure on your record can be extremely detrimental, possibly barring you from being able to obtain loans for a home or vehicle in the future.
How Does Filing Bankruptcy Stop Foreclosure?
Bankruptcy will immediately halt foreclosure proceedings against your home. When Chapter 7 or Chapter 13 bankruptcy is filed, an "automatic stay" is engaged, which prevents creditors from taking any form of collection action against you. This includes foreclosures and repossessions. If you have filed for Chapter 13, you will be able to reorganize your debts, which may give you the financial resources to catch up on past due payments and become current on your mortgage once again.
We understand the uncertainty and fear that goes along with a foreclosure threat. We will provide you with first-class representation that addresses your specific circumstances and eases the stress of the situation. With our assistance, you may be able to successfully defend against foreclosure and remain in your home.
Be sure to contact our firm today for a free consultation and schedule a visit at one of our offices located in Southfield and Detroit.
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