What is Foreclosure in Westland, Michigan?

Find the right Foreclosure Bankruptcy attorney in Westland, MI

Foreclosure is the process 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 Westland, Michigan has repeatedly failed to make their payments. When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an easy way to do this.

In all states in the United States, including Michigan, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Westland, Michigan to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Michigan?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. One should remember that banks generally don't want to take your house in Westland. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't work anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might be forgiven. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Westland, Michigan Attorney Help?

If you are facing foreclosure, a good Westland, Michigan real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Westland

Westland, Michigan is located in Wayne County just about 16 miles away from the city of Detroit. It has a budding population of over 86,000 residents. The city had its humble beginnings in the 18th century as a prime location for mill industries.

Currently, Westland is an ideal location for persons seeking employment and residential opportunities. Its location near Detroit makes it an excellent place for commuters to live and engage in retail and commercial activity. For example, the Westland Shopping Center is located in the city. The Shopping Center has over 100 stores that shoppers can choose from. As an "All-American City", Westland also has an abundance of recreational and dining opportunities throughout the city.

Westland is presently invested in preserving its historical roots. Recently in 2009 the city received a grant through the Neighborhood Stabilization Program. The grant was in the amount of over million and will be used for restoring historic districts.

Many Westland, Michigan lawyers belong to several bar associations, including the Detroit Metropolitan Bar Association. Membership in multiple bars allows lawyers in Westland to serve their community with a more thorough legal perspective. Most Westland claims are heard in the 18th District Court of Michigan, which was recently renovated to promote more efficient court operations.

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