Foreclosure Redemption Period In Michigan

Comments(7)

• 
  detroit15th July, 2003

  Pay off the lendor that foreclosed and the redemption period will go away!!

• 
  Stockpro9915th July, 2003

  Paying off the lien holder will not make this go away!
  If this goes to foreclosure the present owner has the right to redemption of the property for 6 months if purchased after 1965.
  which means you make repairs and they get all repairs for nothing if they or an enterprising attorney friend decide to make a fast buck!
  [addsig]

• 
  tdelo5615th July, 2003

  Good point on success!! Thanks for the comments.. Then I guess there is no way to get around the redemption period...

• 
  tbelknap15th July, 2003

  Not sure I understand the question. You will have to pay off all liens in order to keep the lender from taking the property back at the end of the 6 months. A little more specifics as to what you are trying to accomplish would help.
  
  
  Tom

• 
  DerrickAli15th July, 2003

  Some cases the redemption period is 12 Mo.s whether or not b4 1965.
  
  You need to check this in the last paragraph of the Lis Pendens document filed on a particular property to know the exact length.
  
  Hope this helps!
  
  
  
  Derrick Ali

• 
  tdelo5616th July, 2003

  I'll try to be more specific.. When a person goes into foreclosure, you buy the property from ****Must Reach Senior Investor status before posting URL's***hey have 6 months redemption period to reclaim their home back. 4 months into redemption, can you buy out their right to reclaim the property back? Hope that is a better way to put it..

• 
  tbelknap16th July, 2003

  You can purchase their redemption rights. You still need to get funding to pay off the original liens even with the redemption rights.
  
  Tom