Michigan Foreclosure Law

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Below you will find information specific to Michigan foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	YES
Primary Security Instruments	Deed of Trust, Mortgage
How long does it take?	About 2 months
Right of Redemption	12 months
Deficiency Judments Allowed?	YES
Sale Publication Period	30 Days
Sale/NTS	Sheriff

 

Non-Judicial Foreclosures

In Michigan foreclosure law, a non-judicial method of foreclosure is primarily used mainly because mortgages contain such clauses to give the lender the right to sell the property without any court action. This is why it is important to understand the details outlined in your mortgage. In Michigan, it is also not required in some cases to notify a buyer that he or she is in default. This allows the lender to move forward with a foreclosure sale without that notice of default. This is another important detail that would be outlined in a particular mortgage agreement and a good reason you should be up to date with everything included in that agreement.

 

Publication Period

Like many other states, Michigan requires a 30 day publication period where the lender will publish information about the mortgage, a legal description about the property, both the names of the borrower in default and the lender, and the right of redemption timeframe. The lender will publish once a week for a total of four weeks, the notice of sale, in a local newspaper along with posting it on the property itself. After the publication period expires, the sheriff or a trustee will hold a public auction in attempt to sell the property and anyone is eligible for bidding. Soon after bidding, a transfer of ownership takes place on the property to the winning bidder.

 

Right of Redemption

As mentioned before, there is a right of redemption period where a borrower can redeem their property. The borrower in default, in this case, would need to pay the winning bid amount from auction and any additional costs. The right of redemption period lasts up to twelve months but is usually no more than six months after the date of sale.

Related Links:

Michigan Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Notice of Sale: Understand what it is and how it relates to the foreclosure process.
Notice of Default: A document that begins the foreclosure process. We define it more clearly here.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.