Mortgage Foreclosures in Huron County, Michigan: Learn About Your Options


Mortgage foreclosures in Huron County, Michigan are on the rise. Michigan’s economy has been called a “one-state depression.”

Huron Charter Township is located in Wayne County with a population nearing 15,000.

Job losses, and defaulted mortgages are now sadly the norm, and Huron Township foreclosures in Michigan are just a smaller part of a larger whole.

If you’ve missed 3 payments on your mortgage you are now considered in preforeclosure. Although you may not be aware of this, your information is made public record, and is accessible to anyone who reads the local Legal News, which publishes this information.

Where does the legal news get this information? Well, it is furnished once a week by an attorney working on behalf of the lender (bank). After 28 days, your home will be sold via sheriff’s auction, often on the steps of the county courthouse to the highest bidder.

Then, there follows a right of redemption period, which is usually 6 months if the home is owner occupied, or 30 days if it has been vacated.

Mortgage foreclosures in Huron County, Michigan

If you’re one of the people who is unfortunately facing Huron Township foreclosures in Michigan, all is not lost.

There are strategies you may want to consider, which will be explained here.

First, you may be able to file bankruptcy. Bankruptcy laws have tightened in recent years so it’s no longer as easy to file as it once used to be. If you want to go this route, obviously speak to a competent attorney. We are not attorneys but real estate investors.

Our only advice to you would be to be extra cautious before you file a bankruptcy because it will mar your credit and follow you around for years. Also, unlike what some people believe, filing a bankruptcy will not allow you to keep your house. However, it will stop the foreclosure. Again, talk to an attorney.

Second, you can work with real estate investors who may be able to help one of three ways discussed below.

Mortgage foreclosures in Huron County, Michigan

Option #1: Short Sale

A short sale is when you work with a real estate investor, and give him permission to attempt a short sale your property with the lender. It usually works like this: the investor will contact the bank and attempt to build a case for why they should sell your defaulted mortgage to the investor for a discount.

For example, if you have a $200,000 dollar home, but you owe $210,000 on the mortgage (a situation called upside down: you owe more than the property is worth), then the short seller may build a hardship case concerning your circumstances to the bank, and point out problems with the property that may make the bank hesitate to want to take it back as a bank owned property after the foreclosure.

The bank, therefore, may agree to sell the home to the investor for, say, $150,000 dollars, thereby giving the investor a $50,000 dollar discount on the defaulted mortgage.

This benefits you because if the bank accepts the short sale, you will not go through a foreclosure, and get to avoid the damaged credit that comes with it, not to mention the embarrassment you may feel.

Option #2: Lease Option

Lease option is also known as rent to own. If you are facing foreclosure, you can work with a real estate investor who has connections and may be able to work quickly to find a tenant-buyer for your home. The tenant-buyer would then purchase your home on a rent to own basis.

They would make the monthly mortgage payments, and will be able to exercise the lease option at the agreed upon time to purchase your home.

Again, this is another way to avoid the foreclosure. However, just like with the short sale strategy, you will have to move out of the home. The benefit to you is the avoidance of the foreclosure and the damage to your credit so you can move on with your life.

Option #3: Straight Sale

Real estate investors may be able to purchase your home for cash quickly if the numbers makes sense.

Carefully consider all options. Just know that you DO have options if you are facing one of the mortgage foreclosures in huron county, Michigan.

Dan Ho is a real estate investor in Michigan. Visit mortgage foreclosures in Huron county Michigan [] for more info and get in touch with experienced real estate investors.

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Author: Piyawut Sutthiruk

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