How do I write a letter to pre foreclosure?
Dear (Defendant), I’d like to take this opportunity to introduce myself. My name is (your name) and my family and I have been looking for a home in your area. We realize that you and your family may be going through a difficult time and there may be a way that we can help you.
What is the redemption period in Michigan?
Under Michigan law, the homeowners can redeem the home after the foreclosure sale within: six months, if more than two-thirds of the original indebtedness is still owed, or. one year, if the amount owed is less.
How many missed payments before foreclosure in Michigan?
Under federal law, the servicer usually can’t officially begin a foreclosure until you’re more than 120 days past due on payments, subject to a few exceptions. (12 C.F.R. § 1024.41). This 120-day period provides most homeowners with ample opportunity to submit a loss mitigation application to the servicer.
What is the golden letter?
It’s a short, hand-addressed letter that asks homeowners the simple question, “Would you be interested in selling your home to a client of mine?” With so many buyers out there and so few listings, this is a great way to bolster your lead pipeline without much hassle. Learn more here!
What is the foreclosure process in Michigan?
Under Michigan’s Foreclosure by Advertisement Law, a company must publish a Notice of Sale once a week for four weeks, in a newspaper of general circulation in the county where the property is located. The notice must also be posted on the property at least 15 days after the first Notice of Sale is posted.
What are the foreclosure laws in Michigan?
Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. In Michigan, the redemption period is: six months if you owed more than 66 and 2/3rd% of the original loan amount. one year if you owed less than 66 and 2/3rd% of the original loan amount, or.