Posted: Wed Apr 09, 2008 11:11 am Post subject: How long is the redemption period in the state of Michigan
I am currently living in my mother's house. The house was in her name. She passed away on Feb. 16 of this year. I have not been able to purchase the house do to credit score and not having enough for down payment. I am being told that I have to leave today 4-09-08. Is there not a grace period or what is the law in the state of Michigan for a redemption period. please help if anybody has a suggestion
The redemption period in Michigan is generally 1 year but under special cases the period can be reduced to just 30 days. _________________ Procrastination is the enemy of your financial sucess
Generally the lender will allow you 6 months for the redemption period in Michigan but Adonis has rightly said that it will not be less than 30 days and not more than 1 year according to the Michigan law.
Feel free to ask if you have any further questions.
Posted: Thu Apr 10, 2008 3:29 am Post subject: redemption in michigan
Hi,
There needs to be a lot of data gathered, Did your mother pass away during the foreclosure process or post foreclosure?. If your mother passed away during the foreclosure and you are the legal heir to the property and there is no will made out to hand the property to you, an estate needs to be opened and you will have to be served notice, typically in michigan foreclosure if non-judicial lasts for 68-72 days and foreclosures are normally on wednesday of every week(im not sure). after the foreclosure date you have 6 months to pay back amount at sale + all costs. if the owner of the property vacates the property within 6 months , then lender can file abandonment and acquire the property in 30 days by posting a notice.
The important questions who now owns the property and while lender was proceeding with foreclosure who owned the property?. What kind of a loan was it was it a reverse mortgage? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
The original poster may get the ownership by filing the Affidavit of Heirship to get the ownership. You are right in thinking the property may have a reverse mortgage since it belongs to his mother.
Hey MKnight, you seem to have good knowledge about estate and foreclosure. Feel free to share your knowledge with the community. There are different kinds of professionals in this community who share their opinions in this forum. So you too can join this community and be a part of it just as they are.
jlierman1985
