MI Foreclosure Buying Procedures
National Overnight
TODAY
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Last Week
4.51%
5.06%
3.24%
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A non-judicial method is principally followed for deed of trust foreclosure in Michigan. The lender, however, can choose to go for a judicial foreclosure if the deed of trust has no power of sale clause within it.
The public auction of foreclosure sale takes place only sixty days after the owner of a property is presented with the notice of default.
Once a foreclosure property enters the ‘Real Estate Owned’ stage it is, more often than not, more expensive than it was during the preforeclosure stage. Therefore, waiting till the last stage is not suggested.
