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.