FAQ
Foreclosure, redemption, and next steps explained
If you don’t see your concern here, call or chat—we’ll walk through the details together.
What does it mean when my home is in pre-foreclosure?
It means you’re behind on payments and the lender has started the legal process, but the home has not gone to auction yet. You still have options.
Can I stop the foreclosure once the auction is scheduled?
Yes. Most homeowners stop it by reinstating the loan or getting approved for a loan modification. Bankruptcy may also temporarily stop the sale.
What happens at a Michigan foreclosure auction?
Your home is sold to the highest bidder. If no one bids, it goes back to the bank. You still keep your redemption rights either way.
What is the redemption period?
It’s the time after the auction—usually 6 months in Michigan—when you still legally own the home, can stay in it, and can sell it to pay off the redemption amount and keep your equity.
Do I still own my home after the auction?
Yes. The auction buyer doesn’t take full ownership until your redemption period ends.
Can I stay in my home during the redemption period?
Yes. You can remain in the home until the redemption period expires, as long as the property is properly maintained.
Can I sell my home before or after the auction?
Yes. You can sell before the auction to avoid foreclosure entirely, and you can sell during redemption to pay off the redemption amount and keep your equity.
What is a loan modification, and do I qualify?
A loan modification adjusts your mortgage to make payments more affordable. Qualification depends on income, hardship, and lender review.
How do I reinstate my mortgage?
Reinstatement means paying the past-due amount, legal fees, and costs to bring the loan current and stop the foreclosure.
Will a foreclosure ruin my credit?
It impacts your credit, but you can recover. Many people qualify for another mortgage in 2–3 years depending on loan type.
What does it cost to work with The Home Protectors Team?
All consultations and guidance are 100% free. You only pay a commission if you decide to list your home with us.
How are you different from investors?
Investors want to buy low. We focus on saving your home when possible or helping you sell for maximum equity, not pressuring you into cheap offers.
Can you help with probate or legal issues if the homeowner passed away?
Yes. We walk families through what’s required, explain probate steps, and connect you with trusted attorneys when needed.
Can bankruptcy stop foreclosure?
Yes—Chapter 13 bankruptcy typically pauses the foreclosure process, but it should be considered a last resort. We can help you understand how it works.
What should I do if I received a foreclosure notice and don’t know what it means?
Contact us right away. We’ll explain your timelines, your options, and the best next steps before deadlines pass.
Still unsure about your next move?
We’re happy to review your documents, explain timelines, and map out a personalized plan.