Posted by Craig on June 10, 2006 at 17:15:05:
I need to get an education on this.
Michigan Sheriff’s sale Second Mortgages - Posted by Charles
Posted by Charles on May 16, 2006 at 14:31:03:
My Dad recently went to a Sheriff’s Mortgage Foreclosure sale in Michigan and “bought the property”/paid off the first mortgage. After the fact, he discovered that there was a second mortgage on the property. Is he correct in his understanding that the second mortgage holder is subservient to his first position and has no further legal recourse against the property unless the original defaulting homeowner were to redeem the property? Does my Dad have to pay off the second mortgage of the original defaulting homeowner to perfect his title?
Re: Michigan Sheriff’s sale Second Mortgages - Posted by BTI
Posted by BTI on May 17, 2006 at 20:18:23:
Charles
Post this on the main board and ask the investors in that state if there is a redemption period. If there is and the former owner were to redeem, it would reinstate the rights of the second mortgage holder. I’m not familiar with that state but I did buy a property at a sheriffs sale in another state and then I paid the former owner for his redemption rights so I could sell it without that hanging over the property. Maybe that can be done in Michigan.
BTI
Re: Michigan Sheriff’s sale Second Mortgages - Posted by dutch
Posted by dutch on May 16, 2006 at 23:17:17:
I can not speak to Michigan law, but I would bet a 100 dollar bill that if he in fact bought the property at SS, and it was the 1st note that foreclosed, the 2nd was wiped out. He should have received a Sheriff’s Deed. That is marketable title. It works that way in every state that I DO know about.
Dutch
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