If a mortgage agreement for a Michigan property contains a power of sale clause then the lender can sell the property by providing the borrower and the public with the notice required in the mortgage agreement, or by state law, and by conducting the sale in accordance with the terms of the agreement, or state law.
However, if there is no power of sale clause in the mortgage agreement then the lender must go to court to obtain a default decree. The court typically gives the borrower a chance to repay the loan. If the borrower does not repay the loan in that time then the court issues a notice of sale and the foreclosure sale can take place.
Speak to an Experienced Foreclosure Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.