Who Would Choose a Michigan Foreclosure?

Who Would Choose a Michigan Foreclosure? Choose a Michigan foreclosure? Who would do that? Sounds crazy, right?

Well, more and more Michiganders can barely afford their mortgages along with other bills, so they are voluntarily defaulting on their payments in order to get a better standard of living back for themselves. These families have a variety of reasons for doing so; for instance, their lender wouldn’t do a workout plan, they needed to put some money back into the family business, or they want to be able to work part-time and still live in their home. Whatever the reason, these “Strategic Defaults” are never advised. Although it might seem like a way to “stick it to the man”, default and foreclosure should be a last resort. They shouldn’t be viewed as a financial break.

Many families outside of Michigan are also doing the same thing. Most other states require a judicial foreclosure, which means the foreclosure must go through the court system. They might hire an attorney to keep their case tied up in court for months or even years before any action can be taken by the lender, just so they can have some extra cash. This is not the case in Michigan; the foreclosure process here is much simpler and only requires a lender to file with the county in which the property is located.

Bottom line, if you can afford to make your payments, the legal, ethical thing to do is to keep making them, even if it is difficult. It’s been said that the right thing to do is usually the hardest thing to do. However, many people have experienced legitimate financial hardship and significant setbacks. If you honestly cannot afford to make your payments, and you’re headed for a Michigan foreclosure anyway, maybe a short sale is the right option for you. Give us a call today and we’ll help you figure that out.


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