How to Prevent Foreclosure from the Bank in Detroit, Michigan
If you are facing a bank foreclosure in Detroit, Michigan, you must address the foreclosure to save your home. In Wayne County, there is assistance available to fight the growing foreclosure epidemic affecting homeowners. Even though foreclosure can be scary, it is preventable. With the proper resources, you can develop a plan to avoid losing your Detroit home. According to RealtyTrac, the foreclosure process in Michigan can take up to 14 months. Utilize the time wisely to save your home from bank foreclosure.
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Call the bank at the first sign of struggle. It is best to explain your financial difficulty before you fall behind. Your lender may be able to place you on a repayment plan or grant you a forbearance. If you are current, you may also qualify to refinance the loan. Detroit lenders typically are willing to work with homeowners to make mortgages more affordable. Depending how far behind you are on the mortgage, a loan modification can significantly lower your monthly payment. Your lender can evaluate the loan and explore all possible options.
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Seek services provided by the Wayne County Mortgage Foreclosure Prevention Program. The county teamed up with nonprofit providers such as United Way, Fannie Mae and local housing counselors to provide Detroit homeowners with assistance. Each case is reviewed by an experienced counselor. The counselor will work with your lender to create an affordable solution. Since United Way is a partner, they may be able to provide you and your family with assistance to cover other basic needs. Call 877-693-6199 to apply.
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Check into alternative programs. If you are unable to prevent the bank from foreclosing on your Detroit home, you can consider a deed-in-lieu of foreclosure. Your lender may be willing to allow you to transfer ownership back to the bank without having to go through the foreclosure process. Some Detroit lenders even provide homeowners with money for relocation expenses through the Home Affordable Foreclosure Alternative Program.
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Contact your lender to discuss the possibility of renting your home from the bank. Through the Retaining Occupancy on Foreclosure program, also referred to as ROOF, homeowners of a foreclosed property can stay in the home for up to three months. You are required to pay rent, based on your income. You will also be responsible for maintaining all utilities. The program was established by the Detroit Office of Foreclosure Prevention and the legal service provider Response Potestivo & Associates.
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