What is Foreclosure in Taylor, Michigan?

Find the right Foreclosure Bankruptcy attorney in Taylor, MI

Foreclosure is the procedure through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Taylor, Michigan has consistently failed to make their payments. When a house is foreclosed, it is typically sold at auction shortly thereafter. This is because banks typically want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an simple way to do this.

In every state, including Michigan, there is an option to go through foreclosure by a judicial sale, which is a process in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and lastly to the debtor if anything is left. In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Taylor, Michigan attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in Michigan?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is necessary to remember that the bank does not really want your Taylor house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Taylor, Michigan Attorney Help?

If you are facing the possibility of foreclosure, a good Taylor, Michigan real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Taylor

Taylor is a city located in Wayne County, Michigan. It was founded in 1847, officially incorporated in 1968, and has a population of roughly 65,000 people. The city was originally called Taylor Township before it was incorporated. Taylor is named after Zachary Taylor, a national military hero and the 12th President of the U.S.

Currently is a thriving and vibrant business and residential community. It is home to the Southland Shopping Center and the Gibraltar Trade Center. Wayne County Community College (Downriver Campus) is located in Taylor, and the city also has an excellent public education system.

Recreation plays a big role for the residents of Taylor. Most of the city's community events are held a Heritage Park, which is a large park that features picnic areas, soccer and baseball fields, and a fishing pond. The Taylor Sportsplex is also a popular destination. Taylor is locally referred as "Taylortucky" due a relatively strong influence from Southern roots and culture.

Lawyers in Taylor, Michigan will generally process legal claims at the 23rd District Court located in Taylor. Taylor lawyers handle a variety of legal matters and often work closely with entities such as the Michigan State Police.

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