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Posted by Irwin on February 20, 2006 at 19:36:51:
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:
Subject to being overruled by a Michigan lawyer, I concur with Nick & Bill. You most likely don't get to "stack" one redemption period on top of another, and you title to the property was extinguished when the redemption period for the second expired. Anyway, the first has been paid off, so there isn't any redemption period there, i.e. the first won't be foreclosing. Sorry for the downer reply.
: 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?
