Foreclosure Help in Michigan

Different from other states, most foreclosures in Michigan are completed without the case being brought to court. The foreclosure process begins when the lender decides to exercise their right to sell a property on which repayments are not being made. This doesn’t mean a property can be taken away overnight, or homeowners should expect things to happen suddenly – but it does mean they should be aware of their rights and the rights of banks and lenders when it comes to Michigan properties. Before looking further into foreclosure, though, let’s get an overview of the homeownership situation in Michigan.

Wealth, income, and population

Michigan is an average-sized state, with a population just below ten million that hasn’t demonstrated considerable change in the last decade. However, Michigan does offer an interesting contrast: a median household income only slightly below the national average next to a median property value significantly below the national average. This suggests a culture of smaller loans and risks when it comes to Michigan families and their attitudes towards purchasing and owning their homes.

Homeownership in the two peninsulas

The above two factors make it no surprise that Michigan ranks well above average in one other metric: the total percent of homeownership, where Michigan rests at a comfortable 70%. All these figures don’t necessarily account for the full picture, however: Michigan holds some contrasting regions and cities. These include Detroit, famous in the past years for huge numbers of empty lots, unoccupied homes, foreclosure and low rent, but also Grand Rapids, which in recent years has become a homeownership hotspot for young people. In a diverse state with regional differences, homeowners should keep their focus not just on the statewide picture, but also on what’s happening their city and area.

Have a specific question about Avoiding Foreclosure in Alabama? Check out our Foreclosure FAQ’s section.

Foreclosure

Since Michigan is not a judicial foreclosure state, it’s important for homeowners to be in the know about their rights and resources. The fact that most foreclosure cases won’t be settled in court means expensive legal fees and processes are likely to not come into play – but also that homeowners may have to take different avenues to defend their homes. Here are a few resources they can start with:

Start by looking over these resources and learning about what foreclosure means in Michigan, and who you can turn to if you need to get help, and inform yourself of what your options and possibilities are.