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Michigan Foreclosure Laws
Before you act, please consult with one of our Loan Modification specialists. Complete the Loan Modification form and we will provide you with a free Loan Modification Evaluation. We may be able to help you stop foreclosure.
| Judicial Foreclosure Available: |
Yes |
| Non-Judicial Foreclosure Available: |
Yes |
| Primary Security Instruments: |
Deed of Trust, Mortgage |
| Timeline: |
Typically 60 days |
| Right of Redemption: |
Yes |
| Deficiency Judgments Allowed: |
Varies |
In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
Judicial Foreclosure involves the sale of the mortgaged property under the supervision of a court. The property is subject to auction by the county sheriff or some other officer of the court. The proceeds first go to the lender to satisfy the mortgage; then other lien holders; and, finally, to the borrower if any proceeds are left. All parties must be notified of the foreclosure. A judicial decision is announced after pleadings at a hearing in a state or local court.
Non-Judicial Foreclosure (Power of Sale)
Also known as Foreclosure by power of sale, Non-Judicial Foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
- A notice of sale must be published once a week for four (4) in a newspaper of general circulation in the county where the property is located. The notice must also be posted on the property at least fifteen (15) days after the first notice of sale is published.
- The notice must contain the borrower and lenders name, a description of the property, the terms of the sale and the time, place and date of the sale.
- The sale must be made at public auction to the highest bidder. The trustee or the sheriff of the county, if different, may conduct the sale between the hours of 9:00 am and 4:00 pm on the date specified in the notice of sale.
- The sale may be postponed by posting a notice at the time and place where the sale was to originally be held. If the postponement is for more than one week, it must also be published in the manner as the original notice of sale was given.
United States Foreclosure Law
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