Foreclosure University Forum

Michigan Mortgage Foreclosure and Insurance

by skittles, Monday, April 05, 2010, 13:48 (3170 days ago)

We are the mortgagee of a property in Michigan though we live in another state. The mortgagor who in turn is renting the house to somebody has stop paying us. We are in the process of foreclosing the house. My questions are:

1) In the Mortgage contract, it states that "we, the mortgagee have the right to foreclose the property just by posting an advertisement on the newspaper". I do see in your Michigan Foreclosure Law that, we need to include a Power of Sale which permits the property to be sold by public auction. Do we have a right to just foreclose the property but NOT sell it to the public via auction since it will be sold for so much less> We are planning to sell the property thru a real estate broker after the foreclosure. Or is the Public Auction Sale Mandatory if the foreclosure is only thru advertisement>

2) Can we as the mortgagee purchase insurance for this property> We're worried what if something happens to the house then we'd totally be zeroed out. I've ask State Farm and was informed that since we do not live in Michigan, we cannot purchase insurance. Can you please suggest where we can purchase Mortgagee insurance. I know banks are able to do this but for us individual investors, what are our recourse> Can you name some company around Michigan state>

3) What happens if the mortgagor files for bankruptcy, can we still get our property back since we are the only mortgagor and since he is not using this property as his primary residence but is renting it out>

ANY HELP/ADVISE WILL BE GREATLY APPRECIATED. THANKS!


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