Michigan Foreclosure Redemptions - Posted by AWWMI

import · March 30, 2002, 11:56am

Posted by Michigan Andy on March 30, 2002 at 23:47:12:

Thank you, Alex. I appreciate your response, and I stand corrected. Hope I steered noone in the wrong direction.

Again, thanks.

Andy

import · March 30, 2002, 11:56am

Michigan Foreclosure Redemptions - Posted by AWWMI

Posted by AWWMI on March 30, 2002 at 12:56:18:

Does the period of redemption vary on a ‘sherriff’s sale’ in Michigan? From experience, I can say that the typical redemption time is 6 months after the sale. If the house is abandoned the redemption period is shortened to 1 month. BUT, in the case where there is equity in the house when the foreclosure proceedings take place will that increase the amount of the redemption period to perhaps 1 year?

Thanks to anyone in the know.

import · March 30, 2002, 3:25pm

Nope. The law says 6 months - Posted by Michigan Andy

Posted by Michigan Andy on March 30, 2002 at 16:25:26:

Aww-

In my experience, the lender foreclosing on the property in my neck of the woods will generally bribe the deadbeat to leave so that they can get their non-performing asset back on the market to try to recoup some of their costs (say $500 for moving costs). The redemption period is 6 months after the sherriff’s sale, and can only be shortened if the deadbeat consents to waive the rest of the period for some consideration ($$$).

Hope this helps.

Andy

import · March 30, 2002, 3:58pm

Thanks, BUT… - Posted by AWWMI

Posted by AWWMI on March 30, 2002 at 16:58:18:

I was wondering why I found some sheriff’s deed listings with an expiration date of redemption 1 year after the sale date. ?

import · March 30, 2002, 4:26pm

Re: Thanks, BUT… - Posted by Michigan Andy

Posted by Michigan Andy on March 30, 2002 at 17:26:01:

hmmmmmm… well, now, I’m curious as to where the listings were found. I’m far from an expert, but have looked into the foreclosure process pretty closely. Six months from date of last payment - sheriff’s sale. 6 months from then - redemption period (known by most of my sleazier tenants as the “six months live rent-free” period). Care to fill me in on what you have? Again, no expert, but I may be wrong, and will gladly admit I am for the education.

Andy

import · March 31, 2002, 3:16pm

Thanks! - Posted by AWWMI

Posted by AWWMI on March 31, 2002 at 16:16:19:

Thankyou for the replies. Andy, I found the information at a county records office. Alex, thanks. You’ve enlightened me with some Valuable information! You see, I had a plan to find properties with 1 year redemption periods because they seemed like the type with the highest probability for a Deal. Well, that theory is torn but the info is still useful.
Thanks Again!
AWWMI

import · March 30, 2002, 5:54pm

Re: Thanks, BUT… - Posted by Alex

Posted by Alex on March 30, 2002 at 18:54:55:

6mth is for property under 3 acres and any above 3 acres are 12month in Michigan. Now both can be short-en if the property is found to be vacant, to 30days but it hard and long to get that done.