The purpose of this page is to educate families in Eaton County who are facing foreclosure, or who are currently in active foreclosure. No matter where you are at in the this process this page provides information that educates homeowners about the options that may be available to them. We hope to give homeowners the ability to take steps to resolve this issue, and give them resources that may help them along the way.
If you are a homeowner that is having difficulty communicating with their lender and you feel that you need a third party to help please contact our office to see if you qualify for an appointment.
The Foreclosure Process:
- Foreclosure Time-line: This document is very helpful because it explains the process and time-line of foreclosures.This is a general time-line. Every lender follows their own guidelines, so if you have a specific time-line related question contact your lenders Home Retention/Loss Mitigation department.
Options for a homeowner to prevent Foreclosure: - If the homeowner does not want to keep the home:
- A homeowner can discuss the option of a Short Sale with the bank- This is where a homeowner works with a local Real-estate Agent to sell the house in a determined period of time at a price that the lender agrees with.
- A Homeowner can discuss with the option of a Deed In-Lieu of foreclosure- This is when a homeowner returns the deed of the home to the bank and leaves the home within a short, specified period of time.
- If the homeowner wants to keep the home:
- A homeowner can discuss what options are available through the Lender. The most common way to do this is to request a loan modification. The following document is a step by step guide to help you navigate through this process.
- Every Lender has different types of "work out" options available, and each have different specifications and requirements. Some alternatives to a loan modification are:
- Period of Forbearance
- Extended Repayment Plans
- Refinancing
Resources for Homeowners: Making Home Affordable - This website explains Obama's Home Affordability and Stability Program that was announced last year. It is a great resource for anyone with questions regarding eligibility.
Housing Services Resource Directory
