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  1. #1
    Join Date
    Oct 2009
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    3

    Post Redemption Period

    My question involves a foreclosure in the State of: Michigan
    Question my client house was sold at sheriff sale for 23,000 but he owes 160,000 on the original mortgage my question is if he or someone came up with the 23,000 before his redemption period would that house be free and clear or does he need to finish paying the original mortgage. The reason why I am asking I was at an Con Ed class and the instructor stated that was the case. That at the sheriff sale the amount that was purchased is what is owed during the redemption period and the old mortgage is dead not valid any more. Is there any truth to that.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Redemption Period

    google:

    michigan foreclosure deficiency

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Redemption Period

    Redemption is used to redeem the property from the buyer, which may or many not be the lender. Whether or not you redeem, if there's an enforceable deficiency as a consequence of the foreclosure you continue to owe it as unsecured debt.

  4. #4
    Join Date
    Oct 2009
    Posts
    3

    Default Re: Redemption Period

    Quote Quoting Mr. Knowitall
    View Post
    Redemption is used to redeem the property from the buyer, which may or many not be the lender. Whether or not you redeem, if there's an enforceable deficiency as a consequence of the foreclosure you continue to owe it as unsecured debt.

    Thank you. I do understand that the homeower still may owe the balance which can be pursed by the lender but will they own or can sell the home free and clear if they redeem the home after sheriff sale?

  5. #5
    Join Date
    Oct 2009
    Posts
    3

    Red face Re: Redemption Period

    Quote Quoting willthree
    View Post
    Thank you. I do understand that the homeower still may owe the balance which can be pursed by the lender but will they own or can sell the home free and clear if they redeem the home after sheriff sale?
    Any answers to this question

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