Legal Question in Real Estate Law in Michigan

I own a home that went into foreclosure and was sold at auction (sheriff sale?) September 2, 2009. I contacted the law firm handling the foreclosure, and they stated that I have 6 months to redeem the property. They said they will send me a payoff letter telling me the exact amount I would need to pay to redeem my house. If I paid that within the 6 month period, the house is mine free and clear. I got the payoff letter today and it said the total amount I need to pay to redeem is $13,000. I am confused because I owed $150,000 on my mortgage when I went into foreclosure. Is it true that If I pay this $13,000, the home is mine free and clear? How much would it cost (roughly) to hire a lawyer to help me with this? I have the $13,000 cash right now, and if this is true I would jump on it. What about the $150,000 I owed?


Asked on 9/17/09, 6:45 pm

1 Answer from Attorneys
Jesse Sweeney Sweeney Law Offices

I don't think you would need a lawyer for that one. It looks like $13000 was bid on the house - contact the Sherrif's dept - they typically handle redemptions - and if you pay that amount, it should be your home. The worst case is that either way, the mortgagee sues you for the difference between the $13k and the balance owed, in which case you can file for bankruptcy protection. - 248.719.5663.

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Answered on 9/30/09, 11:47 am


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