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In Michigan a bank can choose either judicial or in-court foreclosure or non-judicial or out of court foreclosures. As with all states where both methods of foreclosure maybe used, the determining factor as to which process the bank will choose is whether or not the deed of trust or mortgage contains a power of sale [...]
Before any foreclosure can commence in this state, a ruling from the land court must be obtained to ensure that the home owner is not under the protection of the Soldiers and Sailors Civil Relief Act of 1940. If the home owner is protected by this law, then this will postpone the foreclosure process quite [...]
Foreclosure is the process whereby the lenders repossess a home while the homeowner fails to make mortgage payments regularly. The value of the property is used as a guarantee against non- payment of the debt and hence the home owner is forced to sell the property at a rate which is less than the market [...]
