Michigan Foreclosure Law is somewhat different than other states I have been reading about on Short Sale Superstars.

I'll make it easy by going step by step:

1) Home owners misses 3 mortgage payments.

2) 15 days before it goes in the newspaper, a notice of foreclosure is placed on the door.

3) It then must appear in the papers for 4 consecutive weeks.

4) Then it goes to the sheriffs sale.

4) After the sheriffs sale, Michigan has a 6 month redemption period.

5) During the redemption period the homeowner can "redeem" the property by paying all the fees and back payments. A redemption amount is given to the Servicing Company so the homeowner can request the redemption amount.

6) We still can continue to market and sell the home as a short sale during these 6 months.

7) Until the 6 months are over the bank does not have title to the property. We still deal with the sellers and their banks.

8) The sale is recorded with the County as a foreclosure and you can see the county records and count 6 months to that day and know that at that time the sellers (homeowners) will have no redemption rights.

9) ****If you own over 3 Ac the redemption period is one year not 6 months.

10) We are a non-judicial state. The common term is foreclosure by advertisement.

11) We are a deficiency state which means that the mortgage company can come back and go after the seller if the sheriffs sale is less than the amount owed the lender.

12) If the home is abandoned then the bank can take possession before the 6 months.