The home foreclosures Michigan has to offer can be very beneficial for those who are looking to purchase homes at a very attractive price, all while helping the current owners to avoid Michigan real estate foreclosures.

Michigan has unique state laws, including the regulations and options which affect Michigan home foreclosures. When homeowners are considered to be in default by their lenders, meaning that their mortgage payments are late, the events that coincide with Michigan home foreclosures will begin. Specifically, three missed mortgage payments in a row sets the person into preforeclosure...and on the way to foreclosure.

There are a number of ways to stop the actual event of the Michigan real estate foreclosures from occurring. Typically taken care of outside of the courtroom, the Michigan real estate foreclosures can be handled in a variety of different ways that will halt the final act of the Michigan home foreclosures set to take place.

First, bankruptcy is an option for individuals that are dealing with upcoming Michigan home foreclosures. However, this should generally be approached as a last resort since some of the other options are much more helpful toward the individuals that are dealing with this particular problem. We are not attorneys, so this is not legal advice, but keep in mind that declaring a bankruptcy will follow an individual around and severely impact their credit for years, and will not allow you to keep the home, while other options may be equally viable and in some cases even more convenient to the individual that is dealing with the problem of Michigan real estate foreclosures and their formal proceedings.

Two other options remain open in most cases for residents trying to deal with Michigan real estate foreclosures.

One other option that exists for those facing Michigan home foreclosures is known as the short sale option. Michigan home foreclosures can be stopped when the individual owners agree to offer their home up for sale as a short sale to a real estate investor.

When a home is worth less than the amount that is owed on the home, it can be considered for a short sale. Michigan home foreclosures can be avoided if a home meets these criteria by offering the home as a short sale for an investor that wants to turn the home over for a profit and assume the risk of the mortgage and holding costs of the property.

They are also great options for those who are looking to stop Michigan real estate foreclosures in order to find a relatively cheap home to purchase for themselves. Generally speaking, the lenders (usually being the bank) will then sell the home at a deeply discounted price because of the depreciation in value on the home. The lender will not want to spend the money to fix the home up and will either consider the home for short sale or put the residency on the list of Michigan real estate foreclosures. An example of a successful short sale overcoming Michigan real estate foreclosures and proceedings would include a home that needed new paint and a new roof and, due to this, being discounted perhaps tens of thousands of dollars.

Short sales are often accepted by the lender because for the bank to go through the foreclosure process often costs it tens of thousands of dollars, so to them it's a great way to wipe off "bad debt" from their records.

The third option that exists for residents to sidetrack the official Michigan home foreclosures lies in the ability for the residents to investigate lease options. Michigan real estate foreclosures are able to be avoided when a prospective buyer moves in to the home and pays the note instead of the residents that were facing foreclosure.

Home foreclosures Michigan has to offer can easily be turned into rent to own properties for buyers interested in this type of investment....and there are many of them.

Renting with an option to buy will allow the buyer to concentrate on building equity in the form of their housing situation, should they choose to remain living there, and the previous owners of the home are able to avoid foreclosure and keep their records clean. Michigan home foreclosures can be stopped if the individuals involved are aware of their options.

Keep in mind that in all three cases the homeowner will not get to keep the house, whether it's a bankruptcy, a short sale, or a lease option. However, in the case of the bankruptcy credit is shattered, whereas in a successful short sale or lease option the homeowner in distress can often save his credit.

Having such unique laws regarding Michigan home foreclosures may be part of the reason that many people are not aware of these options. This is why it is so important that residents and individuals facing Michigan home foreclosures educate themselves, this way the home owners can protect themselves as much as possible.

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