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What are the steps to foreclosure in Michigan (Detroit area)?

Unfortunately I've run into some problems with my house. My job has recently cut my hours tremendously, to the point where I can't make my monthly payments. I cant sell the house, because my mortgage was more than the house is worth. I might have to face foreclosure or a short sale. What is the process to both, and where can go from here? Thanks

Public Comments

1. it is possible with the new laws, because of mass foreclosures, that you might be able keep your house after all. INFORM your lender of your situation and that you can make payments on time but not as much as before. That will please them. am available to help
2. You need to talk to a legal specialist. I was in the same place and found out the hard way that talking to my lender was the last thing I should have done, contrary to what you hear on the news. Talk to a specialist before you talk to your lender and jeopardize your options. You will know better what you can do. The way you describe your case you should be qualifies for a loan modification but if you go through the lender you are risking getting the worst possible deal if at all and your home. Check out this web site. Lots of information and they also offer a free consultation. www.1stop-foreclosure.com
3. If you're in a salable neighborhood, meaning most of the houses in your area still occupied and kept up, you may still be able to sell your home. You would need to find a buyer/investor who knows how to do a short sale. A short sale is when the bank accepts less than what is owed on the mortgage. Just make sure you get someone that really knows what they are doing. The foreclosure laws in the state of Michigan have changed recently. You can get updated by going to the Mortgage Law Network's website. Hope this helps.
4. Sorry to hear of your issues. I'd focus on looking elsewhere for a job even out of state if possible and renting out the house if you land a job. Review the site below for free foreclosure information. It isn't a decision that should taken lightly and can have a long lasting impact on your credit rating.