Make your own loan modification by understanding the foreclosure process.

Many people, frustrated with the unwillingness of banks to process meaningful loan modifications are taking matters into their own hands.

http://www.nytimes.com/2010/06/01/business/01nopay.html?hp

Michigan allows for both foreclosure by judicial action and by advertisement. The vast majority of foreclosures are by advertisement, but even this expedited process allows homeowners to live in their homes for a significant period of time without making any payments to the banks. Different aspects of the process can be stretched out allowing you to maximize the amount of time until you have to move.

During this time, you can save the money you would otherwise have paid to your mortgage lender and get re-established. It is not uncommon for my clients to live in their homes for well over a year without making any payments. Of course there are consequences of doing so and this isn't something you should undertake lightly, but it is something I have been helping clients with for fifteen years. If you'd like to learn more contact my law office for an appointment.