Avoid Foreclosure On Your Home
Sell your Michigan house quickly to avoid foreclosure. Get a decent cash offer to pay off your mortgage debts. Enjoy a fast, easy and profitable sale of your Michigan home.
Nothing comes at you faster than the news of a foreclosure. You’re sitting comfortably on your sofa watching a show, and the next minute, you receive a notice that the bank could auction your home. You begin to feel disadvantaged and helpless. While this is a normal reaction to a foreclosure notice, it is avoidable. We will provide a detailed answer to this in a bit. But first, here is a backdrop to foreclosure in Michigan.
The Concept Of Foreclosure In MI
The Nolo Legal Encyclopedia defines a Foreclosure as “the legal process that allows a lender, or a subsequent loan owner, to sell your property to satisfy the loan debt.” In essence, a foreclosure is a power a loan owner wields in a loan or mortgage transaction when a borrower defaults on the repayment date. The power of foreclosure is legal and can be exercised by the lender with or without instituting a foreclosure action before the court.
Judicial Foreclosure
If the lender/bank opts to institute an action for foreclosure before the court, it is referred to as a Judicial Foreclosure. Here, an attorney acting on behalf of the lender will file a claim before a Michigan Circuit Court, demanding that your home be foreclosed on.
After filing the claim, you will be served with the complaint as notice of the foreclosure. Michigan laws dictate that you have 21 days to respond to the notice by filing a responsive pleading. Then the court decides on the petition and gives its judgment (in most cases, it is an order of a sale of your Michigan property).
Non-Judicial Foreclosure
The lender/bank can also adopt the Non-judicial Foreclosure route. Here, an attorney acting on behalf of the lender approaches a local Michigan land office and records a notice of default. Then he serves the borrower with a notice of default and a notice of sale. Once the notice is served, the property is sold at auction.
If you followed both foreclosure alternatives, you’d find that none work to a borrower’s advantage. Whether the lender opts for the faster process or adopts, the slower judicial alternative, you’ll still face the physical and mental rigor of a foreclosure.
So what do you do when your Michigan house is to be foreclosed on?
What Do I Do When Faced With A Foreclosure?
We’ve been asked “what to do when faced with a foreclosure” or “how to avoid foreclosure” several times. And every time we’ve been asked this question, our pretty simple answer has stayed the same; Sell Your Michigan Home For Cash. Here are a few things to note when selling to avoid foreclosure:
Avoid Distress Sales
It is not unimaginable to find buyers engaging in distress or short sales when faced with a foreclosure. In all honesty, distress sales are not bad. They could be profitable enough to finance the issue of foreclosure. However, the downside to distress or short sales is that you end up selling your Michigan home at a loss.Sell To A Reliable Michigan Cash Buyer Company
While the idea of a sale might sound crazy, it is the best option at your disposal. With a sale, you could make more money than is owed to the lender, settle your mortgage debt and keep the difference as profit. But this is only possible when you sell your Michigan home to a reliable cash buyer. If you fall prey to scammers, you could either sell your house for a price lesser than the amount owed or lose the property altogether.We Buy Houses in Foreclosure in Michigan
You should only sell your house to a Michigan cash home buyer who is tested and trusted with foreclosure-influenced sales.
Cash For Michigan Houses assists homeowners like you who have faced foreclosure. We buy houses as-is and at competitive prices. Our cash buyer company also offers Michigan homeowners seamless house sales with fast closings. In addition, we’ve developed strategic ways to wriggle out of foreclosure at different stages. So please trust that we will have no difficulty dealing with yours.
Our sales experts will assess the state of your property, give you an honest and fair offer and close in time to avoid foreclosure.
Trust Cash For Michigan Houses With Your Foreclosure Sale
Our clients can attest that our cash buyer company is the best at resolving foreclosure issues. We are a proficient team of real estate investors and employ a tactical approach to resolving foreclosures. We are also not out to take advantage of the challenge posed to you by the foreclosure. Instead, we are particular about helping you out of your situation.
As a result, we will ensure that you get a cash offer matching your house’s Michigan market value. The Cash For Michigan Houses team will also be open to guide, direct and stand with you throughout the foreclosure process.
At What Point During A Foreclosure Should I Sell My Michigan Home?
You can sell your Michigan property anytime during a foreclosure before the redemption period lapses. At Cash For Michigan Houses, we have classified foreclosure sales into three (3) categories:
You can sell your Michigan home after the repayment period has lapsed. At this point, the lender realizes that you have failed to pay your mortgage debt and is ready to foreclose on your home. However, he is yet to kick-start the foreclosure process. So this gives you time to sell your property and repay the loan.
Our property sales process is structured toward delivering speedy & timely transactions. Thus, we can sell your Michigan house for cash fast and close the transaction within a week of accepting our cash offer.
A Michigan homeowner is free to sell their house for cash after a foreclosure notice and notice of sale have been served, but the house is yet to be auctioned. In essence, if the lender is set to auction your house but is yet to do so, you can still sell your house to us at Cash For Michigan houses. We will close the property sale quickly, leave you with sufficient funds to cover the principal and interest accrued, and you’ll still have some profit from the sale.
Generally, mortgage agreements and notices of sale provide for a redemption period. The redemption period allows you to repay the amount owed alongside the interest and several other costs accrued over a defined period.
During redemption, you can find other means of financing the loan, or you could exercise the power of sale. In other words, you have the option of selling your Michigan home to a cash buyer company like Cash For Michigan houses.
Now you know that you never have to panic or fuss about foreclosures. All you need to do is sell your Michigan house for cash and repay the mortgage loan before the redemption period expires. And you can confidently approach us for help with the sale of your Michigan home, knowing that we have your best interest at heart.