Michigan Foreclosures and Foreclosed Homes for Sale

Foreclosure law in Michigan is greatly dictated by individual mortgages. The majority of foreclosures are non-judicial, which can occur when there is a clause in the mortgage authorizing them, although judicial foreclosures are allowed. In addition, the right of redemption and the ability to stop the foreclosure by paying the default amount in full will also be outlined in the individual mortgage.

Lenders are not required by law in Michigan to notify the borrower of the impending foreclosure sale. The auction will typically take place around two months after the start of the foreclosure process, and must be preceded by a notice of sale published in a local newspaper once a week for four weeks. In addition, the notice must also be placed somewhere on the property. It is important to carefully read these notices, as they will lay out the terms of the sale, including the redemption period, if any.

Most auctions are held at the county courthouse between 9:00 am and 4:00 pm on the scheduled date, and are presided over by the county sheriff or an appointed trustee. Bidding is open to the general public, with the property going to the highest bidder. The terms of the sale will be posted in the notice of sale, and are strictly adhered to. They may allow a small deposit on the day of the auction, with the remaining funds to be paid within a specified time frame, or they may require full payment up front.

After the auction is completed, the documents for ownership transfer will be completed with the winning bidder. These documents must stipulate the redemption period, which will vary, depending on the terms of the mortgage. Most Michigan mortgages allow a redemption period of six months, during which time the borrower can take back the property by paying the amount of the bid plus costs.

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