Mich Foreclosure and Redemption Period

Posted on: September 24th, 2018 by , No Comments

Many Saginaw, Bay and Midland County homeowners have found themselves, for whatever reason in a situation that tragically ends in foreclosure.
In Michigan, the process takes months for the foreclosure process to finalize in a homeowner being forced from their home. Fortunately, these homeowners do have rights – BUT so do the lenders, these advantages are often used to the lenders advantage – which leaves the homeowner wondering “what happened to MY rights”?
In Saginaw, Bay and Midland Counties the sheriff sale happens at the Courthouse. It is generally attended by a few investors, most properties are not purchased by a third party and will simply revert back to your lender.

NOW WHAT?

Well, as a homeowner you do have rights. There are also actions that can result in some nasty consequences. Here are some options here in Midland, Bay and Saginaw area during that 6 month redemption period:

You may live in and occupy the home – for the redemption period.
You may rent the property (there are dangers to this also!)
You may buy the property back (“redeem the property”)
You are allowed to sell the property.

Keep in mind, your lender MAY try to shorten that redemption period in order to recapture that asset that they will then  liquidate. If the property is deemed to be “Abandoned” the lender may reduce the redemption period to as little as 30 days. I’ve personally seen a local lender attempt to (and fight to) declare a home abandoned with furniture, clothing, EVEN food in the refrigerator… we won – once the lenders attorney was reminded of the homeowners rights!) Don’t let the lender shorten YOUR rights so that they can liquidate your property and deny you your full 6 month redemption period.

If you own a home that has been foreclosed here in the Midland, Bay and Saginaw County area – please reach out to us, we’ve helped many homeowners redeem and come out in a much more positive position – financially, credit-wise and with a good defense against a potential deficiency judgment against you.
For help with a situation like this, feel free to reach out to us at 989-430-0099 or visit:  http://mbscashforhome.com/sell-house-fast.html

*we are NOT attorneys or tax accountants and cannot offer legal or accounting advice. Please seek professional counsel for legal or tax advice.