Re: Anxiety is killing us. We defaulted on MI

Posted by Steele in Minnesota on May 07, 2005 at 11:42:08:

In Reply to: Re: Anxiety is killing us. We defaulted on MI posted by Ken DeLashmutt on May 07, 2005 at 08:48:07:

: In Michigan you have six months redemption prriod.
: Which means you have six months after the sale to redeem the note. The six months peroid will give you time to sell your home and redeem the note. You must be living in the home. If you are not living in the home then you should rent it out.
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In Minnesota we have a six month redemption period as well. However, if the property is not occupied this can be shortened to five weeks.

Are you sure that if you stick a renter in the property that the six months will still apply? That seems to fly in the face of foreclosure law. That someone not paying the bills should profit by renting out the property and pocket the money. Seems that there is a clause in the standard mortgage regarding rental income.

Have posted this question on a real estate legal forum I belong to. Maybe we can get some "free" legal advise:>)

Steele

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Comments:
: 
: : In Michigan you have six months redemption prriod.
: : Which means you have six months after the sale to redeem the note. The six months peroid will give you time to sell your home and redeem the note. You must be living in the home. If you are not living in the home then you should rent it out.
: -------------------------------

: In Minnesota we have a six month redemption period as well.  However, if the property is not occupied this can be shortened to five weeks.

: Are you sure that if you stick a renter in the property that the six months will still apply?  That seems to fly in the face of foreclosure law.  That someone not paying the bills should profit by renting out the property and pocket the money.  Seems that there is a clause in the standard mortgage regarding rental income.

: Have posted this question on a real estate legal forum I belong to.  Maybe we can get some "free" legal advise:>)

: Steele


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