Michigan Foreclosure Law

Facts:

Judicial Foreclosure Available:     Yes

Non-Judicial Foreclosure Available:       Yes

Primary Security Instruments:      Deeds of Trust or Mortgage

Timeline:     Approximately 60 days

Right of Redemption:       Yes

Deficiency Judgments Allowed:       Varies

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Quick Summary:

In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. 

 

The foreclosure timeline in Michigan is typically 60 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.

Michigan borrowers have the right of redemption and are allowed deficiency judgments on a case by case basis.

New Information on Michigan Foreclosure Laws and regulations:

Conditions that must be met before a party may foreclose a mortgage. To view bill MI HB 4453 click here

A foreclosing party must notify the borrower of his right to meet to negotiate a modification of the loan, and 2) provides for a meeting between the foreclosing party and the borrower, which delays the foreclosure proceedings for 90-days. To view bill MI HB 4454 click here

Requires a foreclosing property to determine whether a borrower qualifies for a loan modification and specifies the methodology for doing so. To view bill MI HB 4455 click here

For more information on Michigan Foreclosure laws and regulations visit  http://www.ncsl.org/public/leglinks.cfm and click on your state.

Or Contact:

Michigan's Attorney General's Office
Law Building
P.O. Box 30212
Lansing, MI 48909
Ph: (517) 373-1110
Fax: (517) 373-4916