View Cart | 0 Items in Cart | Checkout
    Stop Foreclosure Forms Forms Mission FAQ Links Information and News Contact  
     
 
 

 FORECLOSURE DEFENSE NEWS AND INFORMATION - Michigan

 

Foreclosure defense forms must be drafted to comply with the laws of your State. Standardized forms for all States are generally not acceptable. We provide attorneys and you with the state-specific forms that are correct and valid. Free Previews available. All forms are available in Word format.





THE EMERGENCE OF SHORT SALES AS A TOOL FOR HOMEOWNERS IN MICHIGAN TO AVOID FORECLOSURE

2009-04-06
MICHIGAN IMPLEMENTS "LIFELINE LAW" TO HELP STOP MORTGAGE FORECLOSURE

2009-07-07






THE EMERGENCE OF SHORT SALES AS A TOOL FOR HOMEOWNERS IN MICHIGAN TO AVOID FORECLOSURE

What should Michigan homeowner do when they are having problems making their monthly mortgage payments, and the value of their homes has fallen below the amount of the balance of the on their mortgage? The answer, according to an April 5, 2009 article in the Detroit Free Press, is to request their lender's approval for a "short sale."

A short sale enables a distressed borrower to sell a home for less than what is owed on the mortgage with the forgiving the difference. A pilot program in Michigan seeks to encourage lenders and homeowners to consider the advantages of short sales as an alternative to the total loss situation of a foreclosure. A short sale enables a homeowner to escape the mountain of debt, while benefiting the community by avoiding the emergence of yet another vacant, foreclosed property.

To arrange for short sales, homeowners must request the permission of their lenders. This can be accomplished with an easy to use request form, available for download. With minimal effort and cost, a Michigan homeowner in arrears can arrange for an alternative to the devastation of foreclosure.



MICHIGAN IMPLEMENTS "LIFELINE LAW" TO HELP STOP MORTGAGE FORECLOSURE

Michigan ranks sixth in the nation for foreclosure. Last week, in an effort to provide relief to homeowners, Michigan enacted the "Lifeline Law", which provides homeowners with an extra ninety days to work with their banks for solutions to save their homes and stop foreclosure. The new law took effect on July 5, 2009.

The law requires lenders top notify homeowners of free counseling as soon as they send out default notices. They also have to send out a list of state-certified counselors. The law is intended to help those homeowners who have some way of continuing to make payments.

Mortgage Foreclosure Information and News for all Fifty States.

Select Your State

AlabamaAlaska
ArizonaArkansas
CaliforniaColorado
ConnecticutDelaware
FloridaGeorgia
HawaiiIdaho
IllinoisIndiana
IowaKansas
KentuckyLouisiana
MaineMaryland
MassachusettsMichigan
MinnesotaMississippi
MissouriMontana
NebraskaNevada
New HampshireNew Jersey
New MexicoNew York
North CarolinaNorth Dakota
OhioOklahoma
OregonPennsylvania
Rhode IslandSouth Carolina
South DakotaTennessee
TexasUtah
VermontVirgin Islands
VirginiaWashington
Washington DCWest Virginia
WisconsinWyoming



   

  Disclaimer
This compendium of mortgage foreclosure forms, information and news is provided to homeowners, legal organizations, and the general public as a free public service by Empire State Legal Forms, Inc. The information and forms provided on this site are not legal advice, but general information on legal issues commonly encountered. We are not a law firm, and our forms are not a substitute for an attorney or law firm. We provide legal forms at your specific direction. because the law changes rapidly, we cannot guarantee that all of the information on this site is completely current. The law is different from jurisdiction to jurisdiction, and may be subject to interpretation by different courts. The law is a personal matter, and no general information or legal tool can fit every circumstance. Furthermore, the legal information contained on this site is not legal advice and is not guaranteed to be correct, complete or up-to-date. Therefore, if you need legal advice for your specific problem, or if your specific problem is too complex to be addressed by our tools, you should consult a licensed attorney in your area.

  © 2017 Empire State Legal Forms, Inc. - All Rights Reserved.