Foreclosed on 2nd, now second is buying the first. Do I still have the redemption period on the first?

Posted by Bill H on February 20, 2006 at 12:09:14:

In Reply to: Foreclosed on 2nd, now second is buying the first. Do I still have the redemption period on the first? posted by Kerri in Michigan on February 20, 2006 at 10:31:25:

: In Michigan, I foreclosed on a second mortgage and have gone through the redemption period. The first mortgage has now started the foreclosure process and has had the sale, and the holder of the second mortgage bought the first mortgage. My first mortgage holder said I had 6 a months redemption period from the date of the sale of the first, but the second mortgage company who bought the first says I do not have 6 more months because the redemption period on the second mortgage has expired and they have bought the first, and want me out now. Do you know if I get the redemption period on the first mortgage or is it waived?

Kerri:

I think you need to discuss this with an attorney if you want a legal opinion. I an not one and do not give legal advice. However; I would say that you lost all ownership rights when the 2nd foreclosed and took over the property subject to the 1st and you went through that redemption period.

It would appear to me that if anyone had redemption rights it would have been the holder of the 2nd.

Good Luck,
Bill H

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Comments:
: : In Michigan, I foreclosed on a second mortgage and have gone through the redemption period. The first mortgage has now started the foreclosure process and has had the sale, and the holder of the second mortgage bought the first mortgage. My first mortgage holder said I had 6 a months redemption period from the date of the sale of the first, but the second mortgage company who bought the first says I do not have 6 more months because the redemption period on the second mortgage has expired and they have bought the first, and want me out now. Do you know if I get the redemption period on the first mortgage or is it waived?

: Kerri:

:  I think you need to discuss this with an attorney if you want a legal opinion. I an not one and do not give legal advice. However; I would say that you lost all ownership rights when the 2nd foreclosed and took over the property subject to the 1st and you went through that redemption period.

: It would appear to me that if anyone had redemption rights it would have been the holder of the 2nd.

: Good Luck,
: Bill H


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