Times are tough in Michigan.
Many Michigan citizens have
lost, or are in danger of losing,
their jobs. To make matters
worse, many homeowners who
purchased homes, or refinanced
their mortgages, in the last
few years are facing monthly
mortgage payments that are
This “perfect storm” of job losses, rising
monthly mortgage payments, property value
depreciation, and other factors has resulted
in some of the highest foreclosure rates in the
Working with city and state leaders and law
enforcement, other state attorneys general, and
lenders, I hope to facilitate prevention and
alternatives to foreclosure.
This brochure will help you understand the
foreclosure process, the steps you can take to
try and avoid foreclosure, and how to protect
yourself from those who would prey on you
and your family during these stressful times.
As your Attorney General, I continue to work
to protect Michigan citizens and to ensure that
you receive all the information necessary to help
you make these extremely important financial
decisions. You are not alone in the fight to save
Beware of Scams!
Homeowners desperately trying to avoid foreclosure
are targets of common scams:
1. A “foreclosure prevention specialist”: These
scams involve someone taking large fees up front to
negotiate with your lender and “save your home.”
There is no need to pay someone to speak to your
lender on your behalf – most lenders will work with
you directly to help you save your home.
2. The lease/buy back: Homeowners are tricked
into signing over the deed to their home based on
promises that they will be able to remain in the home
as a renter and buy the home back later. Generally,
the terms of the lease are so difficult that homeowners
are rarely, if ever, able to repurchase their homes.
3. Bait and switch: Homeowners are tricked
into signing over the deed to their homes because
scammers convince them they are only entering into a
new mortgage agreement. R