Foreclosure Law in Michigan

Foreclosure Law in Michigan

The foreclosure sale is often referred to as a “Sheriff’s Sale.” People are often concerned that an actual sheriff will come and evict them from their home on that date and/or hold the auction on the property. Neither is true. This term simply refers to the public auction that is held at the county municipal offices on the date indicated on the foreclosure notice.

At this auction, a third party has the opportunity to bid on the property and take over the banks position as the mortgage holder. If no one makes an adequate offer, the mortgage continues to be held by the bank for the 6 month redemption period.  There are some instances where the redemption period is longer than 6 months depending on the size of the property or the amount owed on the property as compared to its value.

If you intend to keep your home, it is important that you take steps prior to the judicial foreclosure or Sheriff’s Sale. After the sale occurs, all of the power shifts to the bank.  So time is critical if you are behind on payments or facing a foreclosure sale date to regain control and prevent the foreclosure from occurring.

You can legally and immediately stop a foreclosure sale by filing a Chapter 13 plan prior to the sale.  In fact we offer same day protection.