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Posted by Irwin Prince on November 27, 2003 at 04:59:04:
In Reply to: Michigan Sheriffs sale posted by Jon on November 26, 2003 at 16:37:44:
This is not a legal opinion since I do not know anything about Michigan foreclosure law. The lawyer for the bank should be able to tell you what the redemption period is for that particular property. It might be stated in the foreclosure judgment and you should get a copy of it. Also, ask for more than a search from the title company. Get an actual title insurance commitment based on the issuance of a sheriff's deed. That will tell you what conditions have to be met, including the redemption period, in order for them to insure your title. Be sure to pay for the insurance and have the policy issued. Unless you're a seasoned pro, it's a good idea to have an attorney to look over the deal before you part with a lot of non-refundable cash.
: I'm planning on buying a home on a sheriffs sale, I've talked to the law firm who is handling the foreclosure and had the Title company do a title search. I found out the foreclosing lender is the senior loan. My question is, the redemption period in michigan is six months after the sale date unless the home is abandoned, then it is only 30 days this home is my neighbors and I know he has abandoned it. Who's responsibility is it after the sale to prove the premises are abandoned so I may have posession at 30 days? mine or the banks? Also when you recieve a sheriffs deed to a property and it was the senior lien that foreclosed do you have clear title to the property? Thanks for any info....
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