This is a summary of the new foreclosure law in Michigan, effective July 5, 2009. Notice requirements are covered and housing counselor contact information is provided.
Summary of Michigan Law and Tenants' Rights in Foreclosure
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Michigan
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MI-FORECL-04
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Phase 1: Payment Default. Phase 2: Notice of Default. Phase 3: Notice of Trustee's Sale. Phase 4: Trustee's Sale. Phase 5: Real Estate Owned (REO) Phase 6: Eviction. The Bottom Line.
Landlords screen to ensure that each tenant can pay the rent each month, will take care of the property, and most likely live peacefully with the other residents in the community. However, the presence of a foreclosure on a credit report does not prevent subsequently renting a home.
The California foreclosure process can last up to 200 days or longer. Day 1 is when a payment is missed; your loan is officially in default around day 90. After 180 days, you'll receive a notice of trustee sale. About 20 days later, your bank can then set the auction.
During a foreclosure, your landlord still owns the property and is responsible for it. You have the right to stay in your home during a foreclosure and for a period of time after, but you could still be evicted for other reasons.
Persons who have complaints against landlords/property owners can file a complaint with the Michigan Attorney General's Consumer Protection Division at 517-373-1140.
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.
In general, you can miss about four mortgage paymentsapproximately 120 daysbefore your home lender will start the foreclosure process.
To begin the foreclosure, the lender's attorney publishes a notice of sale once a week for four successive weeks in a newspaper published in the county in which the property is located. If no newspaper is published in the county, the notice must be published in an adjacent county.
In Michigan, oral and written leases are allowed, but leases longer than 1-year must be in written form to be valid. Michigan law (Landlord and Tenant Relationship Act 348 of 1972) grants tenants certain rights like the right to the return of a security deposit and the right to a habitable dwelling.
