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ANN ARBOR, Mich. - Michimich -- Mortgage foreclosure is a non-judicial action to sell a property through an auction facilitated by a county Sheriff's department. This type of action is commenced by a mortgage company or lender (Mortgagee) when a property owner or borrower (Mortgagor) falls behind in their mortgage payments, doesn't make any other payment arrangements, and doesn't wish to keep the property. Eventually, the account will go into default.
A mortgage document contains a power of sale clause that has become operative by reason of a default in the condition of the mortgage. The mortgage company hires a debt collector to manage the process by notifying the mortgagee, arranging for the property to be sold through the county Sheriff's office where the property is located, and post the appropriate auction sale notices on the property, and for publication in the legal newspaper of that county. The Sheriff's office will conduct the sale through an auction where bids are placed starting with a minimum bid of the amount due on the mortgage. Ultimately, the property will be sold to the highest bidder.
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Learn more about mortgage foreclosure sales here (https://www.psedlaw.com/learn/more/real-estate-attorneys-ann-arbor-mortgage-foreclosure-sales).
Need help from an expert real estate attorney in Ann Arbor? Pear Sperling Eggan & Daniels, P.C. can discuss your case and help you determine the best solutions to fit your needs.
About Pear Sperling Eggan & Daniels, P.C.: Pear Sperling Eggan & Daniels, P.C. is one of the oldest law firms in Washtenaw County, Michigan. Founded in 1948, Pear Sperling has adapted with the ever-changing needs of clients and flourished into a well-respected and successful law firm, trusted by clients, judges and other attorneys. Top Rated Michigan Superlawyers®, AV® rated, and their attorneys are held to the highest rating possible based on peer review. https://www.psedlaw.com
A mortgage document contains a power of sale clause that has become operative by reason of a default in the condition of the mortgage. The mortgage company hires a debt collector to manage the process by notifying the mortgagee, arranging for the property to be sold through the county Sheriff's office where the property is located, and post the appropriate auction sale notices on the property, and for publication in the legal newspaper of that county. The Sheriff's office will conduct the sale through an auction where bids are placed starting with a minimum bid of the amount due on the mortgage. Ultimately, the property will be sold to the highest bidder.
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Learn more about mortgage foreclosure sales here (https://www.psedlaw.com/learn/more/real-estate-attorneys-ann-arbor-mortgage-foreclosure-sales).
Need help from an expert real estate attorney in Ann Arbor? Pear Sperling Eggan & Daniels, P.C. can discuss your case and help you determine the best solutions to fit your needs.
About Pear Sperling Eggan & Daniels, P.C.: Pear Sperling Eggan & Daniels, P.C. is one of the oldest law firms in Washtenaw County, Michigan. Founded in 1948, Pear Sperling has adapted with the ever-changing needs of clients and flourished into a well-respected and successful law firm, trusted by clients, judges and other attorneys. Top Rated Michigan Superlawyers®, AV® rated, and their attorneys are held to the highest rating possible based on peer review. https://www.psedlaw.com
Source: Pear Sperling Eggan & Daniels, P.C.
Filed Under: Legal
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