Legal Question in Real Estate Law in Michigan
My property has been forclosed and the redemption period is still in effect. I am seeking to redeem the property but cannot proceed as their are multiple liens including a stipulated lien against the property. Please note that all lein holders were included in a chapter 7 bankruptcy. The debt has been eliminated but not the liens against the property. Is there a way to strip all leins and proceed with redeemption?
1 Answer from Attorneys
You can redeem the property at any time, whether or not there are liens on the property. However, your redemption will be subject to the liens (that is, after you redeem the liens will still be on the property). If they are invalid liens (for example, discharged in bankruptcy or filed after bankruptcy was over), you should be able to get releases. If the liens survived the bankrupcty for whatever reason, the creditor may still have a valid lien and you would need to negotiate the release of the lien. You indicate that one of the liens was "stipulated", which means you agreed to it. In that case, whether the lien is still valid will depend on what affect the bankruptcy had on the liens as to whether they are still valid. Good luck.
Glenn Matecun
Michigan Attorney | Estate Planning | Real Estate | Elder Law
www.MichiganEstatePlans.com
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