Legal Question in Real Estate Law in Michigan
Foreclosure Proceedings
Can a bank change the locks on my property if I'm in the process of updating one of the units for occupancy though not being in pre-forclosure (e.g., barely 3 months behind on mortgage payments)?
2 Answers from Attorneys
Re: Foreclosure Proceedings
For your information, they can start foreclosure when you are 1 month behind! Most banks get an assignment of rents at the time of the making of the loan and if it is not "conditional" they are entitled to the rents in the event that you are in default. I don't know what you mean when you say you are not in "pre-foreclosure"--pre-foreclosure is not a legal term. It is likely that you have received notices of the bank's actions, but for more specific advice, take your paperwork to an attorney who specializes in real estate.
Re: Foreclosure Proceedings
You need an answer from a Michigan attorney. As an ex-Michigan resident, I remember that MI uses mortgages rather than deeds of trusts, and I believe the "assignment of rents" is a deed-of-trust-related term. Further, "pre-foreclosure" may be a valid legal term in MI even if it has no real meaning in California.
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