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The procedure of foreclosing of properties varies from one state to another, depending on whether it follows mortgages or deeds of trust for purchase of real estate. States that use mortgages usually conduct judicial foreclosures, using the system of courts to foreclose a property. States using deeds of trust conduct non-judicial foreclosures, settling the foreclosure process outside of the system of courts allowed by state laws.
The process of foreclosed homes for sale in Michigan, which can take 3-14 months, is primarily dealt with outside the court system. Usually, it takes about eight months. Most of the foreclosures in Michigan are conducted out of the court, as a clause in the mortgage allows the lender to sell the property outside the court system. The Michigan law does not require that the lender send a notice of default to the owner before going for the sale of the foreclosure, but a clause incorporated in the mortgage may require that the borrower be informed beforehand. The owner’s right to prevent the foreclosure and repay the loan is also guided by the mortgage.
A notice of sale is usually published once a week for four successive weeks in a local daily for the foreclosure sale, which is scheduled two months after the lender, starts the process, not less than 28 days before the date of the scheduled sale. The notice is also posted on the property during the publication period. The notice of sale contains the lender and borrower names, default amount, mortgage information, a description of the property as per law, and the length of the period to redeem the property. The auction is usually conducted at the county courthouse between 9 am and 4 pm by a sheriff or a trustee. Anybody is allowed to bid and the winning bidder gets the property. Any postponement of the sale is announced by posting a notice at the time and venue of the sale.
The winning bidder of the foreclosed homes for sale in Michigan must receive the necessary documents stating the transfer of ownership and they must state clearly the duration of the expiry of the redemption period. The redemption period is variable, but usually runs for six months from the date of sale during which the owner can win back the property by paying the amount equivalent to the winning bid plus any costs incurred.
HUD Fair Housing Equal Opportunity