Michigan foreclosure process

Foreclosures Real Estate in the State of Michigan are largely non-judicial and handled primarily out-of-court. The process of foreclosure generally takes 3-14 months and this period depends on the permitted redemption period. A typical foreclosure would take about eight months.

Pre-foreclosure Period

Foreclosure in the State of Michigan can also be judicial and can be processed through the Court. However, most of the mortgages contain the power-of-sale clause empowering the lender to dispose off the property in a sale, out-of-court, to recover the due of debts if the borrower defaults.

It is not mandatory by Michigan law for the lender to issue a notice of default to the borrower before initiating the foreclosure procedure. However, there may be such a stipulation to issue a notice of default in the mortgage. Whether or not the borrower has the right to halt the foreclosure process, by paying off the amount in default, is defined in the mortgage.

Auction Notice

Generally the foreclosure sale is scheduled in about two months after the process is initiated by the lender. A notice of sale is required to be published in a local newspaper, once a week, for a period of four consecutive weeks. The sale shall not be scheduled within a period of 28 days from the date of publication of the first notice in the newspaper.

The notice of sale must contain the following details;

• The names of the lender and the borrower


• Complete information of the mortgage


• Amount in default


• Full description of the property


• The period for redemption by the borrower

Within a period of 15 days from the date of the first publication of the notice in the newspaper, a true copy of the notice shall be posted in a conspicuous place in the property.

Usually, the foreclosures sale is conducted as a public auction at the County Courthouse between the hours of 9:00 a.m. and 4:00 p.m. by a trustee or the Sheriff. A postponement of the sale is permitted by posting a notice of adjournment at the time and location of the sale.

Any member of the public, including the lender, may tender a bid for the property at the time of the sale. The property is sold to the highest bidder. The person conducting the sale, that is the Sheriff or the trustee, shall complete the necessary documents for transfer of ownership rights to the winning bidder of the sale. The transfer documents shall also contain the period of expiry of redemption.

The deed of transfer of ownership shall be completed within 20 days from the date of the sale. Any delay in this process shall not invalidate the sale, but the period of redemption shall not commence unless the deed is completed and signed by the Sheriff.

The period of redemption varies and shall be mentioned in the notice of sale. Typically the redemption period runs six months. During the redemption period, the borrower has the option of redeeming the property by remitting the winning bid along with all applicable costs.

Tempting Real Estate Buyers With More Choices

In a world of sellers, buyers are spoilt for choices and better deals. And this is true for the property market as well. With more and more Michigan foreclosure homes on the market, buyers are taking their time to look for excellent bargains! Beautiful and well-located Michigan foreclosures are now being sold at almost 25% -50% off from their market value.

In a booming real estate market where new construction usually costs and arm and a leg, new homebuyers can now make huge savings by investing in Michigan foreclosures, Michigan bank foreclosures in some of the best cities in the state such as Battle Creek, Dearborn, Detroit, Flint, Grand Rapids, and Highland Parks etc.

So why are Michigan foreclosure homes so hot? For starters, the state has, continuously, ranked among the list of states with the highest rate of foreclosures for 2007-2008. In fact, in May 2007, Michigan State was ranked at #8, a jump of two spots form April, while for this month Michigan has recorded 9,461 filings for foreclosures indicating an increase of almost 38% from the 2nd quarter of 2007!

It’s only natural that with so many Michigan foreclosures to choose from, buyers are increasingly ruling the real estate market. Today, there is a good range of Michigan foreclosures available in top cities such as Bloomfield Hills and West Bloomfield. Furthermore, the residential real estate has seen a rise of over 10% from last year, creating a big market for Michigan bank foreclosures. If you are out for an investment, then you shouldn’t waste this incredible opportunity.

With 1 foreclosure per 455 households, Michigan foreclosure homes offers you tempting real estate buys at cheaper prices and lower interest rates. Presenting a unique opportunity to grab at, Michigan foreclosures are available in a swanky neighborhood at almost half the market price. But that’s not all, since the appreciation is still very positive, you, as a buyer, will also benefit from instant equity on your new purchase.

Michigan home foreclosures have definitely taken the place of the stocks and other high-risk forms of investment, as they give out excellent returns. Not only can you use your new home as fixer upper but you can even use it as rental property. Start your search for the best Michigan foreclosure homes by looking up Michigan foreclosure listings on the Internet. Foreclosure listings by reputable real estate brokers will guarantee your accurate and updated information on the most amazing Michigan foreclosures.

Soaring Michigan bank foreclosure rates

The year 2007 started with an increase in the number of Michigan bank foreclosures. In reality the foreclosure rate had doubled in the period between 2004 and 2006 and the trend continued through 2007. By the 2nd quarter of 2006, there were 8,240 Michigan foreclosure homes that were available for investment purposes. By the end of the year, the foreclosure rate was one per 904 homes. Most of the foreclosure rates were based on facts and figures taken from the top 10 cities of Michigan including Warren, Grand Rapid, Burton, Detroit, Grand Blanc, Dearborn, Lansing, Flint, Southfield, and Jackson. Your ideal bet should be Michigan foreclosure homes because you can get a good discount ranging from 10%-15% of the market price. There is a huge variety of Michigan home foreclosures available from REO to VA, HUD homes, fixer-upper, distressed property, handyman specials, and even commercial property.

Find Michigan foreclosed home listings

For a new homebuyer, it may be a little difficult to find Michigan bank foreclosures. Hence we at ForeclosureConnections.com are offering you a deal that you just can’t refuse. Register with us for a 7-day trial membership and browse through our comprehensive and updated Michigan foreclosure listings. You will get privileged access to all the important information regarding Michigan bank foreclosures for sale like the price of the home, the location of the property, the number of beds/baths, optional space if any, and then there are images of each of the property. There are more than 5000 Michigan foreclosures that you can browse through and everyday we update the list so that you don’t miss out on any good deal after all you deserve nothing but the very best. So here’s your opportunity to find your dream home from our list of Michigan bank foreclosures.

Detroit Foreclosures at 4.5 Times the Nation's Average

According to the report released by a mortgage research company, Detroit metropolitan area has reported one foreclosure per 33 homes from July to September. Only Stockton metropolitan, California has a higher foreclosure rate at 1 per 31 households. Currently, Detroit foreclosures are around 4.5 times of what the national average is.

Foreclosures in Detroit have managed to push the metro area at the number two spot on the top 100 largest metropolitan areas foreclosures list. Currently, there is one foreclosure filed per 29 households. The Detroit metro area comprises of Wayne County, which reported 28,705 foreclosure properties and a 26% rise in the previous 6 months. Other cities which make the top 10 on this list are Chicago, Detroit, Denver, Dallas, Las Vegas, Phoenix and Sacramento.

As of August 2007, Detroit foreclosure filings had increased by 53%. Wayne County foreclosures lead the way in Michigan State with 2,698 for the month of August. Following Wayne closely are Macomb and Oakland Counties at second and third positions respectively.

Prime reasons for hike in foreclosure filings? Most important reason is the high unemployment rate in Wayne Country, besides usual contributing factors such as ARM, real estate price increase and increasing home inventories. With a slowing down in the economy, people who invested in real estate in order to make quick money now find themselves stuck with these properties as they are unable to sell them.

The Detroit foreclosures market scenario is not much different than Wayne County’s. With many long-term investors finding themselves in foreclosure trouble, there is an increase in the vacant homes inventory. There is also a lack of those who want to rent the properties as many residents of Michigan State are leaving it in search of better employment and lifestyle opportunities.

However, help is at hand for Michigan foreclosures market, which witnessed a 40% rise since last year, as President Bush authorizes the Federal Housing Administration (FDA) to permit anyone with a subprime loan to refinance. An estimated 80,000 homeowners on the brink of foreclosure will be able to refinance with FDA’s help.

Does this signal the end of subprime woes for homeowners facing foreclosure possibility in America? Only time will tell. But one thing is for certain, that Detroit foreclosures are most likely to climb down from their high ranking spot and offer some relief to a tense real estate market.

Michigan Bank Foreclosures for sale

Is Michigan the Place to be?

Yes! Michigan is definitely the place to be especially with the kind of great employment benefits that people can get in the state. But that’s not all; you get a great climate, outdoor sports, positive educational environment, five great lakes, sandy beaches and some of the best foreclosure homes in Michigan. Events are galore and throughout the year Michigan witnesses some event or the other.

Michigan has state of the art infrastructure while a stimulating cultural and historical heritage makes up for the rest. The best part is whether you buy a new home or you buy Michigan foreclosed homes, the overall cost of living is quite reasonable. Let us look at an example: if you are earning $109,684 and you have a home in Columbus Ohio, and if you want to enjoy the same lifestyle as offered by Columbus, OH in Michigan then you will need to earn only $100,000.

Michigan offers an energetic business climate backed by 7,500 information technology companies, and eleven high-tech Smart Zones. Buying a home through Michigan house foreclosures is not that difficult at all as you may perceive. In fact all you need to do is find the right home and bid at the auction.

State of Michigan Foreclosures

Michigan went hand in hand with Ohio by documenting one of the highest foreclosure rates in February 2006. Michigan reported 10,343 homes entering some stage of foreclosure, which is more than twice the numbers that were reported in the previous month. So the state has recorded one new foreclosure for every 408 households. In January 2006, the foreclosure rate in Michigan was around one in every 366 households, and this gave the state a 2nd ranking. In spite of the current foreclosure rates in Michigan, the overall percentage increase has gone down substantially in the last couple of months.

It is predicted that in the next few months, the rates may go down in Michigan. Due to the number of filings in the last year, an inventory of Michigan foreclosure homes has been created. These homes belong to HUD, VA, banks and other lending institutions and are auctioned regularly. Some of the bank foreclosures in Michigan have even been sold at a 25% discount from the actual price of the home in the real estate market. In a way real estate is doing quite well in the state.

Now how do you find such homes? Of course you can search for them in the newspapers or contact the lenders or banks but in all probability, you will not get an updated and comprehensive listing. So the best way is to find Michigan foreclosure listings with online real estate agencies and companies. For that you will have to take their membership but you have nothing to lose. You will get a comprehensive list with details of each Michigan bank foreclosures including the area and the neighborhood.

Mount Prospect foreclosures for sale are perfect for everyone looking for a home

Mount Prospect Has Something for Everyone

Mount Prospect is one of those small cities that have an almost perfect location. It is located near Chicago, and that makes Mount Prospect perfect for those who desire to live in a smaller city with less expensive real estate listings. In addition, residents have a short commute to one of the nearby commercial areas. Mount Prospect offers many pluses to residents. It is mainly a residential community that gives commuters a nice place to go home to, and that includes the Mount Prospect foreclosure listings that give you access to many nice homes for sale.

Does That Sound Interesting To You?

Feeling good about the price you paid for your new home is possible, especially with Mount Prospect bank foreclosures. These distressed houses give you one of the best ways to buy a house for a lot less than you might think that you have to pay. Why should you pay full price for a home when you can get something extremely similar for less? We offer good deals with the sense of contentment that comes with knowing you did not spend more than you could afford and not as much as everyone else.

Do Not Wait To Secure a Home in Mount Prospect

Waiting to secure your own property in Mount Prospect is not a good idea. Illinois is quickly becoming a popular place to live and to raise a family, and it is a state that is growing all the time. Follow your instincts and go to our site to see the houses that are selling in Mount Prospect.

Buy Michigan Foreclosure Homes and Save Thousands

When you want to save, you can buy Michigan foreclosure homes. You can take advantage of the great difference between the discounted price and the original market value of the property. Michigan foreclosure homes are ideal for anyone who is a first-time buyer or who wants to enjoy excellent profit margin as a real estate seller.


One of the great investment opportunities when it comes to foreclosures is the Michigan foreclosures. These days, they are made available as discounted properties during auctions and sales initiated by the lending company or the bank. A foreclosure usually begins when the home owner misses his payments for the mortgage of their home. So the lender can collect the remaining money owed, h e will seize the property and sell it as a foreclosed home. This will enable him to obtain adequate money to settle the loan debt. But because the lender is only after earning what is due and not the entire value of the property, repossessed homes are way lower in sales price. This only means that if you buy foreclosed homes in Michigan, you can actually save a huge portion of your hard-earned money.

At ForeclosureConnections.com, we can show you how you can get this big savings amount just by buying Michigan foreclosure homes. Moreover, we have a very extensive collection of foreclosed properties in the state, we certainly have something that will fulfill your needs. Every foreclosed property has its accompanying information such as the location, price, and even the contact details of the seller. We can also help you not only make viable real estate investments but sound decisions by assisting you the overall value of the foreclosed home of your choice. Our 24-7 customer support will always be there to answer your every inquiry regarding Michigan foreclosure homes.