Q. When the lender forecloses you have to get out right away, right? – Ans. In Michigan when you miss your payment is 30 days past due you are in default, usually by the time a homeowner has missed 3 payments the bank and the collection department have been in contact(Note, return or answer those calls, they will try to work it out with you and possibly you will come out of it okay, it is better than going to foreclosure). At 90 days the loan is in serious default and the legal system begins to take over. Notice is served on the property by a posting on the property. In our area it is usually a notice tacked or stapled to the property by a deputy of the local sheriff. The Sheriff
Categories