For homeowners facing foreclosure, understanding the process of foreclosure and the options they have to stop missed payments from leading to foreclosure is important. If a homeowner can get together with his or her mortgage lender early on, and the mortgage lender is willing to work with the homeowner, the lender may offer the homeowner… [Continue Reading]
Foreclosure Timeline in Michigan
It is difficult for some homeowners to figure out the next step after receiving notice that their mortgage lenders have started foreclosure proceedings. The most immediate concern may be where to go and how long after the process starts the homeowner will be expected to leave the home. Fortunately for homeowners, they do not have… [Continue Reading]
Reaffirming Mortgage Debt After Filing for Bankruptcy
When a homeowner is facing foreclosure because of financial problems, and also has other significant debts that are unmanageable, bankruptcy may be the best way forward. However, when a mortgage debt is discharged in a Chapter 7 bankruptcy, the homeowner does not get to keep the house free and clear of debt. If the homeowner… [Continue Reading]
Basics on Mortgage Foreclosures
Despite the substantive decline in mortgage foreclosures since the height of the Great Recession, in June 2016 there were nearly 100,000 homes across the country in some stage of the foreclosure process, according to RealtyTrac. The crisis may have subsided, but historical trends continue to show an average of 80,000-120,000 homes in some stage of… [Continue Reading]
