Dutton, MI Bankruptcy Law Firms & Lawyers

Anyway you look at it your credit rating is probably screwed and it could take years to get a good credit rating. I would check out bankruptcy that would discharge all of your debts and in 5 years or so your credit rating should improve. The alternative is waiting for a 6 year statue of limitation from the last payment/charge to see if your creditors will file suit and each judgment last 10 years from issuance. By then you could be making money not be eligible.

If the sale will pay off the mortgage, then the bankruptcy won't matter. If the sale won't be enough to pay off the mortgage, then you'll need to arrange a short sale or have the cash to pay it off at closing.

It depends. The bank is not required to evict you. They can choose not to. Or, they can try and work with you to get you to sign a new agreement. If the bank chooses to evict you, then they must give you a notice (usually taped to the door) announcing the date and time of the "sherrif sale". If the bank (on the date of the sale) thinks that there are not enough bidders, they can adjourn the sale for as long as they want. For six months (usually) you will have a "right of redemption".. that is, the right to refinance or sell your house, after the date of the sherrif sale. If you do not refinance or sell by the end of the six month period, the bank can begin "eviction" procedures. You will get a "notice to quit". You will usually have about three weeks total to move out (from the date you receive the notice to quit). Then, the sherrif will "help" you out of the house by removing your belongings and changing the locks.