Are You Facing Foreclosure in Michigan?
Facing foreclosure in Michigan can be stressful to say the very least. There are many reasons for it, especially in a weak economy. It can be a hassle to get everything taken care of in time before you foreclose.
Why do people go into foreclosure?
- Job loss or reduced wages
- Medical expenses or health challenges
- Inherited properties they can’t afford
- Mounting debt and inability to pay off loans
How long does it take to be foreclosed on?
Depending on what state you’re in, it can take anywhere from 4 months to a year once your lender starts the foreclosure process
What options do you have to stop foreclosure?
- File for Bankruptcy
An attorney may advise you to file for bankruptcy. While this advice is well-intentioned, it can sometimes only delay the foreclosure process. Bankruptcy may buy you some time, but the end result is often that your house still gets auctioned unless you bring your mortgage payments current.
If your home goes to foreclosure, this means:
- You will lose your home
- You will have both a bankruptcy and a foreclosure on your credit report
- Your credit score will take a major hit
- A bankruptcy and foreclosure can prevent you from buying another home for up to 7 years
- Sell Your House Fast
The easiest solution is to sell your house quickly. By doing so, you avoid both foreclosure and bankruptcy on your credit report and move forward without foreclosure haunting you for years to come.
The Qualified Property Solution
At Mike Buys Houses, we want to create a solution that helps you avoid foreclosure. We may be able to buy your home on your timeline and, if needed, work with your lender to stop foreclosure even if you have little or no equity.
Our goal is to help you move on with your life and protect your credit. Our professional team is dedicated to working with people in situations like yours to get their financial life back on track.
Call us today at 248-721-9777 for a confidential, no-obligation consultation.
Frequently Asked Questions About Foreclosure in Michigan
In Michigan, foreclosure can take as little as four months from the time your lender starts the process. However, some cases can stretch longer depending on court involvement and whether you try to stop or delay the sale.
Yes, but you need to act quickly. Options include selling your home before the auction, working out a repayment plan with your lender, or filing for bankruptcy (though that usually just delays foreclosure, not prevents it).
A foreclosure can lower your credit score by 100 to 160 points and remain on your credit report for up to seven years. Selling before foreclosure helps protect your credit and makes it easier to buy another home later.
Yes, you can sell your home up until the day of the foreclosure auction. If you sell fast, especially to a cash buyer like Mike Buys Houses, you can avoid losing the property and prevent the foreclosure from appearing on your record.
Even if you have little or no equity, you may still be able to sell your home. We can often work directly with your lender to create a short sale or payoff agreement that helps you avoid foreclosure.
No repairs, cleaning, or showings are needed. We buy houses as-is, so you can move on quickly without spending money on updates or fixes.
We can make a cash offer and close in as little as 7 days, depending on your situation. Acting fast gives you the best chance to stop foreclosure and protect your credit.
Give Us A Call Today at 248-721-9777 or
Mike Buys Houses For Cash
32455 W 12 Mile Rd, Farmington Hills, MI, USA
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