Legal Question in Real Estate Law in Michigan

mortgage forclosure and sale

what does the term redemption period mean


Asked on 1/23/07, 5:35 pm

2 Answers from Attorneys
Cullen Geisler The Law Offices of Cullen P. Geisler PLLC

Re: mortgage forclosure and sale

In Michigan you have 6 month period after a auction of a home at foreclosure to pay the full amount of the loan foreclosed. If you pay it then you get your property back.

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Answered on 1/23/07, 10:34 pm
Christopher Sevick Law Office of Christopher Sevick, PLC

Re: mortgage forclosure and sale

The redemption period is the time after foreclosure that you have to purchase your house back by law. In this time you may also remain in the home, payment free, in most cases. However, at the end of the period the Sheriff will serve notice on you to move out and you generally only have 1 day in which to move out so you had better plan ahead if you wish to stay the full time.

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Answered on 1/23/07, 6:31 pm


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