What You Need to Know About Mortgage Foreclosure Sales

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. 

Learn more about mortgage foreclosure sales here.

 

Get Started Today: Schedule Your Consultation!

 

It can be very complicated and tricky if you don’t know how to navigate these types of situations. Our competent Real Estate attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, PC, can help you understand this process and file your case. 734-665-4441 

What is a Mortgage Foreclosure?

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 goes into default. 

Learn more about mortgage foreclosure sales here.

 

Get Started Today: Schedule Your Consultation!

 

It can be very complicated and tricky if you don’t know how to navigate these types of situations. Our competent Real Estate attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, PC, can help you understand this process and file your case. 734-665-4441