[plesslane]

How long can I stay in my home in Michigan once foreclosure begins

[ForeclosureHelp]

Why don't you work with the banks to do a loan mod? They are now offering interest only loans for 3-5 years at low interest rates.

If you don't want the house, you could always sell it & I am sure since you are in Michigan that your mortgage loan is upside down?

[ScottGem]

Under new federal law enacted last month you have 90 days.

[crm042]

As stated in the previous thread, you can apply for a loan modification or try to arrange a repayment plan. Please note the difference between the two.

The loan modification alters your original mortgage agreement; be careful, it can be very costly in the long run, so be clear on what is offered if you choose to go down that route. It most cases you will only repay the interest on the loan for a set number of years, after which you will start repaying the capital.

Alternatively, why not arrange a repayment plan? The bank will assess your income and expenditure and will require evidence of this. An affordable monthly payment that is usually a lot lower that what you normally pay, is likely to be the outcome.

Keep your house, don't lose it - comes what may.

Best of luck!