Re: Redeem property after sheriff sale

Posted by Doug on March 20, 2005 at 21:27:26:

In Reply to: Re: Redeem property after sheriff sale posted by Jake on February 24, 2005 at 22:11:09:

I am a mortgage broker and have recently been involved with several foreclosures. From what I understand the state has a rule (dont know what other states have similar laws) that you will have the right to buy the property back.
The most recent one for me was pretty mind blowing. They were an older couple here in s.w. michigan. They had a balance of 65000. There lender was the only bidder at the auction for 36000. The customer was able to pay the 36000 for the house and walk away. I wish I knew what other states have similar laws.
Anyway, good luck to you....times running out. Dont wait until the last minute to get it back.

: : I have a property in Michigan. Sheriff's sale was 9-29-2004, and although I haven't received any written correspondence appears that there's a 6 month redemtion period which gives me until 3-29-05. I've been working for the past 2 days with a funding company who says they can do financing since I have a buyer with good credit. Is this possible and should I be aware of any hitches? The person working on this has been very proactive and in two days already ordered an appraisal. I'm just wondering if the current bank who appears on deed is going to hold up this deal? Please help answer or advise on anything I can do this late to save property. Have a couple of people with great credit willing to help. Thanks

: In some cases the redemption period is up to 1 year.
: Michigan Foreclosure Statutory Redemption Period:

: 1. For a mortgage on residential property not exceeding 4 units and not more than 3 acres in size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period is 6 months.
: 2. If the property is abandoned as determined pursuant to the statute, the redemption period can be shortened to 30 days.
: 3. In any other case, the redemption period is 1 year from the date of sale.
: 4. The redemption price is an amount equal to the amount bid at the sale together with interest from the time of the sale, at the rate set forth in the mortgage.
: Paying of Taxes or Insurance During the Redemption Period: If after the Michigan foreclosure sale the purchaser pays taxes or hazard insurance on the property, that amount is added to the redemption amount, so long as an affidavit is recorded.
: Redemption:

: A purchaser's Deed is void if the mortgagor redeems the entire premises sold by paying the amount required within the applicable time limit. Payment must be made to the purchaser or the county register of deeds.
: Foreclosure Redemption period – Six months (in some instances it

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Comments:
: I am a mortgage broker and have recently been involved with several foreclosures. From what I understand the state has a rule (dont know what other states have similar laws) that you will have the right to buy the property back. 
: The most recent one for me was pretty mind blowing. They were an older couple here in s.w. michigan. They had a balance of 65000. There lender was the only bidder at the auction for 36000. The customer was able to pay the 36000 for the house and walk away. I wish I knew what other states have similar laws. 
: Anyway, good luck to you....times running out. Dont wait until the last minute to get it back.


: : : I have a property in Michigan.  Sheriff's sale was 9-29-2004, and although I haven't received any written correspondence appears that there's a 6 month redemtion period which gives me until 3-29-05.  I've been working for the past 2 days with a funding company who says they can do financing since I have a buyer with good credit.  Is this possible and should I be aware of any hitches?  The person working on this has been very proactive and in two days already ordered an appraisal.  I'm just wondering if the current bank who appears on deed is going to hold up this deal?  Please help answer or advise on anything I can do this late to save property.  Have a couple of people with great credit willing to help.  Thanks

: : In some cases the redemption period is up to 1 year.
: : Michigan Foreclosure Statutory Redemption Period: 

: : 1. For a mortgage on residential property not exceeding 4 units and not more than 3 acres in size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period is 6 months. 
: : 2. If the property is abandoned as determined pursuant to the statute, the redemption period can be shortened to 30 days. 
: : 3. In any other case, the redemption period is 1 year from the date of sale. 
: : 4. The redemption price is an amount equal to the amount bid at the sale together with interest from the time of the sale, at the rate set forth in the mortgage. 
: : Paying of Taxes or Insurance During the Redemption Period: If after the Michigan foreclosure sale the purchaser pays taxes or hazard insurance on the property, that amount is added to the redemption amount, so long as an affidavit is recorded.
: : Redemption:

: : A purchaser's Deed is void if the mortgagor redeems the entire premises sold by paying the amount required within the applicable time limit. Payment must be made to the purchaser or the county register of deeds.
: : Foreclosure Redemption period – Six months (in some instances it 

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