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Michigan Report of Sale in Foreclosure

Michigan Report of Sale in Foreclosure

Name: Michigan Report of Sale in Foreclosure
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.63 (481 reviews)

Category:

Michigan Real Estate - Foreclosures

State:

Michigan

Control #:

MI-FORECL-02

Format:

Instant download

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Description

This is an official state form to be used when selling a house in foreclosure. It is used to provide proof that the sale requirements were followed and allows the plaintiff to show al expenses of publication, posting, sale, and recording to determine the amount applied to a judgment.

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FAQ

If a foreclosure sale results in excess proceeds, the lender doesn't get to keep that money. The lender is entitled to an amount that's sufficient to pay off the outstanding balance of the loan plus the costs associated with the foreclosure and salebut no more.

A lender confirmation auction is a type of foreclosure sale in which the highest bid will only be finalized after it is approved and accepted by the mortgage holder. This differs from an absolute auction, in which the winning bidder automatically takes ownership of the property.

However, you do not have to lose everything in a foreclosure. When faced with a foreclosure, there are things that you can be allowed to remove from the home. For example, you are allowed to remove personal property or anything else that's not considered part of the real estate.

Sheriff Sale Held: The "Sheriff's Deed" lists the last date the property can be redeemed. Up until the Sheriff Sale has occurred, the homeowner may still submit a loss mitigation application.To redeem the property the borrower must pay the amount bid at the sheriff sale plus interest and fees.

A court approval of a sale by a trustee, executor, administrator, guardian, or bankruptcy trustee. Sales contracts by such persons are always specified as contingent on court approval.

More specifically, it's a legal process by which the owner forfeits all rights to the property. If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it.

You can stop the foreclosure process by informing your lender that you will pay off the default amount and extra fees. Your lender would prefer to have the money much more than they would have your home, so unless there are extenuating circumstances, this should work.

If you've stopped paying your mortgage, you're allowed to remain in your home until the foreclosure process is completed. Once you reach the foreclosure sale date you go from being a homeowner to a tenant, as title legally passes from you to the new owner.

After foreclosure, you might still owe your bank some money (the deficiency), but the security (your house) is gone. So, the deficiency is now an unsecured debt.

Michigan Report of Sale in Foreclosure

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FAQ

What happens to excess proceeds from a foreclosure sale?

What does confirmation of sale mean in foreclosure?

Do you lose everything in a foreclosure?

What happens after a sheriff sale in Michigan?

What is a confirmation of sale?

What happens in a foreclosure sale?

Can you get out of foreclosure once it starts?

What happens after a foreclosure sale?

Do you still owe money after a foreclosure?

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