Michigan Foreclosure Prevention
By Kurt O'Keefe, Detroit Consumer Attorney on Aug 6, 2008 in Foreclosure Process
Michigan attorneys can help prevent foreclosure of your home.
As the sub-prime mortgage crisis intensifies, foreclosures increase, and mortgage companies try to take houses even when the homeowner has the money to pay!
One Detroit homeowner could not get the mortgage company foreclosing on her to take the full amount she owed. They STILL tried to evict her!
Ms. Pinkins, the Detroit homeowner, a 72 year old with disabilities, was the victim of a predatory loan.
She did not try to get out of paying, but came up with a reverse mortgage to pay the full amount owed. Countrywide still would not take her money.
Could have been one of the standard snafus, where the servicer cannot figure out what is actually owed, or something more sinister.
Nevertheless, only demonstrations and publicity stopped Ms. Pinkins from being evicted.
It is best not to wait until being evicted after the redemption period has run on the foreclosure sale on your home. In Michigan, you have 6 months AFTER a foreclosure sale to pay off the balance owed and keep your home. That is what Ms. Pinkins was trying to do.
If you file Chapter 13 bankruptcy before a foreclosure sale, you stop the sale.
This allows your attorney to file a plan to catch up on the missed payments, if there is no dispute about what you owe.
Or, if you have predatory lending claims, for violations of the Truth in Lending Act, or Real Estate Settlement and Procedures Act, or other claims, those can be brought in the bankruptcy court while your Chapter 13 case is pending.
As always, the best way to look after yourself is to have the facts, and find competent counsel to help you.
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