Canton, Michigan Residents Fight Off Foreclosures!

Canton, Michigan residents are able to fight off more foreclosures with this simple, back-to-basic approach to not only understanding how the mortgage and foreclosure systems work, but also by educating themselves through ample supplies of quality foreclosure resources.

Before you go about fighting off foreclosures, it is important to get yourself organized. Don’t be afraid to talk to your spouse about a possible foreclosure. Also, prepare a list of important names and numbers including those of your lender or servicer. The name of your lender or servicer and their address and phone number should be listed on your monthly mortgage statement or mortgage coupons. The term "lender" and "servicer" are often used interchangeably, but you should always contact whatever company you are sending payments to.

When calling your lender, you should have the following information available:

Your account number (located on your mortgage statement or coupon)
You must be able to briefly explain your situation
Have a copy of your paycheck stub or other income information
A list of regular household expenses.

In a nutshell, “foreclosure” is a legal process where a bank or mortgage company can take back your home in order to satisfy your mortgage loan to them. If you fail to make your mortgage payments it can result in a foreclosure. This includes first mortgages, second mortgages and home equity lines of credit. A foreclosure can also be due to non-payment of real estate property taxes.

After one missed payment on your mortgage, you are technically in breach of your agreement. Although most lenders do not start foreclosure proceedings after one missed mortgage payment, late charges apply and over time can add up. If you continue to miss your payments it will make it harder for you to catch up. Most lenders will start the foreclosure process after you are three payments behind.

If you are wondering what to do once your lender has started foreclosure proceedings, you must firstly contact an attorney as soon as possible. You may also want to contact a MSHDA-approved foreclosure prevention counselor in your county. Many Michigan counties have lawyer referral services that can assist you in finding an attorney.

There are a number of other great resources available to you online. For example, a very useful tool is having a full listing of HUD-Approved Housing Counseling Agencies in Michigan and valuable information supplied by HUD on what do to if you are unable to make your mortgage payment. The "Save the Dream" foundation in Michigan also supplies foreclosure resources and information from the State of Michigan.

If you know of any other useful links, please feel free to leave them in the comments below.

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