If you’ve gotten a foreclosure notice of default in Michigan and want to know more about what to expect and what you can do, this article will explain. Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure. The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy). The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself. Although this can be embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning. The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late. If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.
Here’s a Few Key Steps You Should Take if You’ve Received a Foreclosure Notice of Default in Michigan
1) Stay calm and don’t panic
This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.
2) Educate yourself
Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.
3) Gather your resources
There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules. We offer a helpful guide about stopping foreclosure in Michigan.
4) Learn more about the process
Understanding the process of foreclosure can go a long way. Educate yourself on the process so you know what to expect and the best course of action to take.
The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.
Have You Received a Foreclosure Notice of Default in Michigan?
If you’ve received a foreclosure notice, time is of the essence but you do have options. Be sure to communicate with the collector, whether it’s a bank or a local municipality for property taxes. Always keep in mind that these people don’t want your property. They want to collect money, so they will be willing to work with you.