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Lender started foreclosure … What should I do?

October 26, 2012

Q. My lender has started foreclosure proceedings. What should I do?

A. Immediately contact an attorney and/or a MSHDA approved foreclosure prevention counselor in your county. Click on the following link for information on foreclosure prevention counselors. http://www.mshda.info/counseling_search/. Many Michigan counties also have lawyer referral services that can assist you in finding an attorney. The Save the Dream toll-free number is 866-946-7432. Operated by the Michigan State Housing Development Authority (MSHDA), the hotline directs homeowners to a homeownership counselor in their county who specializes in foreclosure prevention.

For more specifics and some general counsel on “short sales”, auctions, time tables, tax consequences (there’s a big one), etc, give me a call asap.

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