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  1. #1
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    Jan 2009
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    Default How Long Until You Have to Move Out of Forclosed Home

    My question involves a foreclosure in the State of: Michigan
    OUr home will be going into forclosure pretty quick as we are no longer able to pay the Mortgage and I am not sure how long once the process starts that we will have to move out of the home, we also have 40 acreas with our house and someone told me that due to the acreage that we may have up to a year before we have to move. Can anyone help me with this?

  2. #2
    Join Date
    Apr 2008
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    Default Re: How Long Till Have to Move Out of Forclosed Home

    Quote Quoting sadlady77
    View Post
    My question involves a foreclosure in the State of: Michigan
    OUr home will be going into forclosure pretty quick as we are no longer able to pay the Mortgage and I am not sure how long once the process starts that we will have to move out of the home, we also have 40 acreas with our house and someone told me that due to the acreage that we may have up to a year before we have to move. Can anyone help me with this?
    Foreclosures in MI are quick. They are done as non judicial with power of sale clause. The timeline is usually around 60 days.

    Here is a link to the foreclosure law for Michigan;



    http://stopforeclosure.com/Michigan_Foreclosure_Law.htm

  3. #3
    Join Date
    Mar 2005
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    Michigan
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    28,625

    Default Re: How Long Till Have to Move Out of Forclosed Home

    I suspect your friend was thinking of this law:
    Quote Quoting MCL 600.3240 Redemption of premises; payment; redemption of senior lien; defenses; recordation; redemption periods; amount stated in recorded affidavit.
    (1) A purchaser's deed is void if the mortgagor, the mortgagor's heirs, executors, or administrators, or any person lawfully claiming under the mortgagor or the mortgagor's heirs, executors, or administrators redeems the entire premises sold by paying the amount required under subsection (2), within the applicable time limit prescribed in subsections (7) to (12), to the purchaser or the purchaser's executors, administrators, or assigns, or to the register of deeds in whose office the deed is deposited for the benefit of the purchaser.

    (2) The amount required to be paid under subsection (1) is the sum that was bid for the entire premises sold, with interest from the date of the sale at the interest rate provided for by the mortgage, together with the amount of the sheriff's fee paid by the purchaser under section 2558(2)(q), and an additional $5.00 as a fee for the care and custody of the redemption money if the payment is made to the register of deeds. The register of deeds shall not determine the amount necessary for redemption. The purchaser shall attach an affidavit with the deed to be recorded under this section that states the exact amount required to redeem the property under this subsection, including any daily per diem amounts, and the date by which the property must be redeemed shall be stated on the certificate of sale. The purchaser may include in the affidavit the name of a designee responsible on behalf of the purchaser to assist the person redeeming the property in computing the exact amount required to redeem the property. The designee may charge a fee as stated in the affidavit and may be authorized by the purchaser to receive redemption funds. The purchaser shall accept the amount computed by the designee.

    (3) If a distinct lot or parcel separately sold is redeemed, leaving a portion of the premises unredeemed, the deed shall be void only to the redeemed parcel or parcels.

    (4) If after the sale the purchaser, the purchaser's heirs, executors, or administrators, or any person lawfully claiming under the purchaser or the purchaser's heirs, executors, or administrators pays taxes assessed against the property, amounts necessary to redeem senior liens from foreclosure, condominium assessments, homeowner association assessments, community association assessments, or premiums on an insurance policy covering any buildings located on the property that under the terms of the mortgage it would have been the duty of the mortgagor to pay if the mortgage had not been foreclosed and that are necessary to keep the policy in force until the expiration of the period of redemption, redemption shall be made only upon payment of the sum specified in subsection (2) plus the amounts specified in this subsection with interest on the amounts specified in this subsection from the date of the payment to the date of redemption at the interest rate specified in the mortgage, if all of the following are filed with the register of deeds with whom the deed is deposited:
    (a) An affidavit by the purchaser or someone in his or her behalf who has knowledge of the facts of the payment showing the amount and items paid.

    (b) The receipt or copy of the canceled check evidencing the payment of the taxes, amounts necessary to redeem senior liens from foreclosure, condominium assessments, homeowner association assessments, community association assessments, or insurance premiums.

    (c) An affidavit of an insurance agent of the insurance company stating that the payment was made and what portion of the payment covers the premium for the period before the expiration of the period of redemption.
    (5) If the redemption payment in subsection (4) includes an amount used to redeem a senior lien from a nonjudicial foreclosure, the mortgagor shall have the same defenses against the purchaser with respect to the amount used to redeem the senior lien as the mortgagor would have had against the senior lien.

    (6) The register of deeds shall indorse on the documents filed under subsection (4) the time they are received. The register of deeds shall record the affidavit of the purchaser only and shall preserve in his or her files the recorded affidavit, receipts, insurance receipts, and insurance agent's affidavit until expiration of the period of redemption.

    (7) Subject to subsections (9) to (11), for a mortgage executed on or after January 1, 1965, on commercial or industrial property, or multifamily residential property in excess of 4 units, the redemption period is 6 months from the date of the sale.

    (8) Subject to subsections (9) to (11), for a mortgage executed on or after January 1, 1965, on residential property not exceeding 4 units and not more than 3 acres in size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period is 6 months.

    (9) Subject to subsection (10), for a mortgage on residential property not exceeding 4 units, if the property is abandoned as determined under section 3241, the redemption period is 3 months.

    (10) For a mortgage on residential property not exceeding 4 units, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage and the property is abandoned as determined under section 3241, the redemption period is 1 month.

    (11) If the property is abandoned as determined under section 3241a, the redemption period is 30 days or until the time to provide the notice required by section 3241a(c) expires, whichever is later.

    (12) If subsections (7) to (11) do not apply, the redemption period is 1 year from the date of the sale.

    (13) The amount stated in any affidavits recorded under this section shall be the amount necessary to satisfy the requirements for redemption under this section.
    Note also,
    Quote Quoting MCL 125.1449v Foreclosure against residential property not exceeding 4 units and not more than 3 acres; applicability of section.
    (1) For purposes of this chapter, if foreclosure proceedings have been commenced under this chapter against residential property not exceeding 4 units and not more than 3 acres in size, abandonment of premises shall be conclusively presumed upon satisfaction of all of the following requirements:
    (a) The mortgagee has made a personal inspection of the mortgaged premises and the inspection does not reveal that the mortgagor or persons claiming under the mortgagor are presently occupying or will occupy the premises.

    (b) The mortgagee has posted a notice at the time of making the personal inspection and has mailed by certified mail, return receipt requested, a notice to the mortgagor at the mortgagor's last known address, which notices state that the mortgagee considers the premises abandoned and that the mortgagor will lose all rights of ownership 30 days after the foreclosure sale unless the mortgagor; the mortgagor's heirs, executor, or administrator; or a person lawfully claiming from or under 1 of them provides the notice described in subdivision (c).

    (c) Within 15 days after receipt of a notice required by subdivision (b), the mortgagor; the mortgagor's heirs, executor, or administrator; or a person lawfully claiming from or under 1 of them does not give written notice by first-class mail to the mortgagee at an address provided by the mortgagee in the notices required by subdivision (b) stating that the premises are not abandoned.
    (2) This section applies to a foreclosure proceeding filed or pending after the effective date of the amendatory act that added this section.
    If your friend told you that the buyers at foreclosure sales typically let the (former) owner remain in residence during the redemption period, or offer "cash for keys" to get them out sooner, that seems to be common practice.

  4. #4
    Join Date
    Jan 2009
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    3

    Default Re: How Long Until You Have to Move Out of Forclosed Home

    Thank You for your input, this whole thing has been very confusing for me as I have never delt with forclosure issues before.

  5. #5
    Join Date
    Jan 2009
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    3

    Default Re: How Long Until You Have to Move Out of Forclosed Home

    Thank You for your input, this whole thing has been very confusing for me as I have never delt with forclosure issues before. Can anyone tell me badly this will affect my credit and how long before i can start to rebuild it again? I hate doing this in the first place but we have no other options at this point the market has decreased what our home is worth by about $100,000 and we have to get out from under this huge payment

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