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Posted by Jason on August 23, 2002 at 16:40:41:
In Reply to: Re: Michigan foreclosure next week---How long? posted by Reinstatement Services, Inc. on August 21, 2002 at 23:54:19:
Sorry for the confusion, I meant 6 months NOT six weeks! Good catch!
: 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.
