Legal Question in Real Estate Law in Michigan
Redemption period
We were told that we have 6 months as a redemption period to redeem our home. We are currently living in our home and I have three children in school here. Is there a way to extend this time for longer and still try and sell our home on our own?
1 Answer from Attorneys
Re: Redemption period
I assume your house went into foreclosure. If so, you can ask the purchaser if you can stay longer. I have heard of situations where the purchaser rents out the property while trying to sell it. Otherwise, you will have to move after the redemption period. You may have been able to save your home if you had filed for Chapter 13 bankruptcy prior to the sheriff's sale. You may try to sell the house yourself during the redemption period as long as you get enough to pay off the loan balance, including interest and fees.
Good luck.
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