how long in the house

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Icon Mini Profile Kenm827




Joined: 05 Nov 2009

Posts: 1

1.26 Dollars($)
PostPosted: Thu Nov 05, 2009 4:17 pm    Post subject: how long in the house

going to court Nov 18, in Michigan to foreclosure. it said there is a 6 month redemption period, or 30 day if vacant. question: the redemption period. Is this the time I'm allowed to live in the house. Explain
Icon Mini Profile jenkin7
jenkin7



Joined: 04 Jun 2007

Posts: 3429
Location: Hawaii
514.13 Dollars($)
PostPosted: Thu Nov 05, 2009 11:14 pm    Post subject:

Hi Kenm,

Redemption period allows the borrower some time to pay off the outstanding loan balance plus the foreclosure costs and keep the property. The borrower is generally allowed to live in the property till the time the redemption period expires. However, state laws do vary and what generally happens in one state might not necessarily happen in other states.
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