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.
- 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:
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- Period of Forbearance
- Extended Repayment Plans
- Refinancing
Resources for Homeowners:
SCAM ALERT : Loan Modification scammers can take your money and your home if you're not cautious and well-informed. Please visit www.LoanScamAlert.org for furthur information on how to spot and report loan modification scams or call 1-888-995-4673.
If you are worried about keeping your home AVOID anyone that:
- Asks for a FEE in advance
- Guarantees that they'll stop a foreclosure or modify a loan
- Tells you to STOP PAYING your mortgage company and to pay them instead.
Helping Hardest Hit Homeowners- This is the newest resources for homeowners in Michigan who are facing hardship due to low income or unemployment. You will have to contact your servicer to see if they are participating in the program, and to see if you qualify for the assistance. This is not the only program available, so if your servicer is not participating in this program ask them what other programs you may qualify for.
