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Understanding the Foreclosure Process

Foreclosure - FAQ's
Saginaw County Property Tax Foreclosure
MSHDA Step Forward Program for homeowners who are in danger of losing their homes.

During this time if you can make a partial payment – make it.

Don t commit to a workout plan if you cannot maintain it or make the payments.

In most cases, the collection and foreclosure process continues while your request for a workout is under review.

Make sure you are communicating with someone who has the authority to do a workout and get it in writing.

Refinance - If you have an Adjustable Rate Mortgage (ARM) or if you have late payments find out if you are eligible for MSHDA's SAVE THE DREAM? Refinance Programs or the FHA Secure Product.

Payments can be made beyond the 15 days, but 30 days late raises a red flag and can hinder your ability to refinance.

Be Realistic – if you cannot afford to keep your home, list it with a reputable Realtor and sell it.


To SELL the house – you must pay everything listed above or in the case of a short sale, get permission and a waiver of deficiency from the bank.

Save Your Money to help you move.

Avoid Rescue Scams

  Don't give someone money who says they can prevent a Foreclosure

  Don't sign paperwork you aren't familiar with


Facing Foreclosure? You Have Options

First Step: Determine if default is Curable or Incurable
1. Repayment Agreement – A temporary change in terms and conditions that can exceed 12 months and requires a cash down payment.
2. Forbearance – a written agreement between mortgagee and mortgagor that consists of a plan enabling mortgagor to reinstate their loan. Payments can be suspended or reduced.
3. Modification – Permanent changes in terms and/or conditions of the note and security instrument.
4. Partial Claim or Advance Claim – Mortgagee/Insuring entity will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan.
5. Refinance – Taking out a loan to pay off an existing loan, with equity to enchance cash flow and keep home without burden of mortgage loan payments.

If Default is Incurable – Begin Saving your money to help you move
1. Pre-Foreclosure/Short Sale – Lender agrees to take less than amount owed to accomplish sale of property and avoid foreclosure
2. Deed-in-Lieu – Avoids foreclosure by turning the property over to the lender.
3. Foreclosure – Legal process for reclaiming real property from delinquent borrowers.
4. Sale of Home – Dispensing of property and transitioning to a more affordable form of housing.
5. Bankruptcy (Chapter 7) – Court absolves unsecured debt when there are no assets to liquidate for recovery.
6. Bankruptcy (Chapter 13) – A reorganization of debt to allow the debtor to pay arrearage over a time while maintaining regular payments as they occur.

Be Realistic – If you cannot afford to keep your home, list it with a reputable realtor and sell it.
Warning: Avoid Rescue Scams
1. DO NOT give someone money who says they can prevent a Foreclosure.
2. DO NOT SIGN paperwork you are not familiar with.

Be Informed of Your Options and Communicate with your Lender!
If you need help deciding which option is most suited to you or your loved ones, give us a call at 989-921-0569. We’ll be glad to help!!



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