Lenders in Michigan can foreclosure properties based on the Mortgage or Deed of Trust through the judicial or non-judicial foreclosure process.
- The usual timeline for completing the Michigan foreclosure process is 60 days, where the court may permit a time interval, varying from case to case, to the borrower to repay the debt.
- The lender can resort to non-judicial foreclosure in deeds of trust with the power of sale clause.
- In such Michigan foreclosure cases, the lender can sell the property after obtaining pre-authorization from the borrower.
- However, where the Deed specifies any specific time, place, or manner in which the property has to be foreclosed, the lender has to adhere to such specifications.
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