Posts Tagged ‘foreclosure’
Forfeiture vs. foreclosure of land contracts in Michigan? 5 things to consider
When a buyer defaults on a land contract, the seller can generally pursue one of two legal remedies: forfeiture or foreclosure. Both remedies have advantages and disadvantages. In general, forfeiture is faster, cheaper and easier than foreclosure but does not allow you to accelerate the debt or obtain a deficiency judgment. Forfeitures are summary proceedings…
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