Under Michigan law, a homeowner may continue to occupy the house for up to six months following foreclosure by the bank or mortgage lender. If it is a farm property, the owner has up to a year. Following foreclosure, you may have as little as six months to sell your foreclosed property and pay off the bank. If you can successfully carry out the necessary tasks, you will have "redeemed" your foreclosure.
Free Initial Phone Consultation • Reasonable Fees • Years Of Experience
If your house or farm is in foreclosure, the real estate lawyers at Galloway and Collens, PLLC, can help you handle the details of selling your property and dealing with the bank. Our attorneys have helped hundreds of clients over the past 15 years. When we sit down for your initial consultation, we will evaluate the challenges you face in selling your home, your goals and the strategies we can use to help you avoid losing your home to foreclosure. If you have equity in your home, we will make sure you get the financial credit you deserve.
Contact our offices in Huntington Woods to schedule a free initial phone consultation. In addition to sales after foreclosure, we can help you look at other options you may have to avoid losing your house to the bank, including:
- Short sales — Negotiating a sales price below the amount owed on the mortgage
- Mortgage modification — Negotiating new affordable interest rates and monthly terms, including second mortgages
- Deed in lieu of foreclosure — Letting the bank take your house back, while you receive equity
- Redemption after the sheriff's sale — Paying the sales amount set at the sheriff's sale
- Government programs to help homeowners — You may be eligible for a variety of government workout programs
Selling your property after foreclosure requires that the title is clear of all junior liens, including second mortgages, third mortgages, home equity loans or home equity lines of credit (HELOC). We work with all parties to free up your title for sale.
We offer a full range of real estate legal services for homeowners, sellers and real estate professionals.
Contact us to schedule a free initial phone consultation. We represent clients in the metropolitan Detroit area and throughout Michigan.