Home foreclosures in Michigan occur in every part of the state; they are not confined to areas of low unemployment nor economic downturns. The more than six thousand home foreclosures in Michigan have been laid at the doorstep of the cost-cutting auto manufacturers.

That blame ignores the fact that other Michigan industries are in worse shape than the Big Three, and their employees have not experienced foreclosure.

The state's homeowners have come up with their own strategies for avoiding foreclosures in Michigan. They are learning to prepare for economic emergencies, even in an economic environment which has every dollar earmarked for an expense before the paychecks have been printed. As difficult as saving may be, many Michigan homeowners recognize the wisdom of having two or three months of mortgage payments held in reserve as a way to limit their exposure to foreclosures in Michigan.

Another way for homeowners to avoid foreclosures in Michigan is to have an equity-based line of credit, against which they can borrow to meet their mortgage payments in times of need. The line of credit can be used to pay for other necessities in times of lowered income, and the income can be applied to the mortgage payments. While a equity credit lines is a temporary solutions, they may work long enough to save the homeowners from foreclosures in Michigan

Why Skipping Payments is Not Smart

The fastest way for homeowners to find themselves facing foreclosures in Michigan is for them to start skipping their monthly house payments. If you are facing a choice between skipping your credit card payments and your mortgage payments, you'll have to choose between keeping your credit cards and keeping your home. If you do miss a house payment, you will only aggravate the situation by ignoring your mortgager's attempts to contact you.

If at all possible, keep your house payments current. If you can foresee a time when you will not be able to do so, you might even consider putting your home up for sale and looking for a cheaper place to live. Doing so will allow you to keep control of your own finances.

If you find yourself behind in your house payments, even if only by two months, you are facing foreclosure in Michigan. Try paying the late payments in full as soon as you can; while you'll still be struggling to meet future mortgage payments, you may avoid foreclosure.

Your good faith efforts to get caught up on your delinquent payments, as long as they are not excessive, will act in your favor when your lender makes a decision on foreclosure.

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