Forclosure in Michigan

[EdytaHome]

Does anyone know how fast a forclosure happens. December is my 2nd month behind on my mortgage. I got a letter yesterday stating that if we don't become current by Jan 10th they will start forclosure. We won't probably file Bk until late January becuase the lawyer sits on the paperwork for quite a while. Would there be a possiblity I may have to move out before I file BK? Does forclosure happen that quickly?
Please help. Any input is good.
Thank you!

[HRx]

Forclosures typically take a few months from start to finish. If you're planning on giving up the house, wait to see if they you'll be issued a negative equity debt from the foreclosure. So you can include it in your Chp7 bk.

Good Luck!

[EdytaHome]

Yes, we plan on giving up the house. What is a negative equity? What happens if I have 2 homes, which I plan to give up together, if one is behind on payments and the other is not. Can I still give up the house that's current as well and file Chp 7 Bk, on both?
We plan on moving out of state after the Bk.
Thanks

[EdytaHome]

Todd, at what point in the forclosure do I find out how much negative equity I'll have on the house? I plan on filing in January, should I wait?