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Posted by Reinstatement Services, Inc. on August 21, 2002 at 23:54:19:
In Reply to: Re: Michigan foreclosure next week---How long? posted by Jason Brown on August 21, 2002 at 17:32:38:
Jason, I was with you up until you said the mortgagor would have 6 weeks to move out [perhaps a typo?]. Additionally, there are qualifiers regarding the actual length of the redemption period.
A 6 month redemption period applies EXCEPT:
1. If the security instrument is older than 01/1965
2. If the property is larger than 3 acres
3. If 1/3 of the outstanding principal balance has been paid.
If any of the afore mentioned qualifiers apply then the redemption period is 12 months.
If the property has been abandoned then the redemption period is 3 months...although the mortgagee can petition to have the time reduced.
According to Michigan law mortgagors are entitled to full possession of property, including rents and/or profits, during the redemption period.
RE: Eviction - a Summons and Complaint is filed w/ the Court. A schedule for hearing will be determined depending upon the court's caseload but usually within 30 days. The court will establish a vacate date. If the holdover refuses to vacate by the date determined then the court is petitioned for a Writ of Restitution. Once the Writ is secured then a bailiff/or other law enforcement representative will remove the holdover tenants.
