Does Michigan Law Allow for a Redemption Period After a Foreclosure?
Yes, a borrower has a right of redemption in Michigan. If the borrower is in possession of the property prior to the foreclosure and owes less than two thirds the amount of the loan then the borrower has one year to redeem the property. If the borrower owes more than two thirds of the loan amount then the redemption period is six months. The redemption period is shortened to just thirty days if the borrower has abandoned the property.
Additional Foreclosure Articles
- Where and When do Foreclosure Sales Take Place in Michigan?
- What Public Notice Requirements are There for a Real Estate Foreclosure in Michigan?
- Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Michigan?
- How Can a Lender Foreclose on a Property in Michigan?
- How Long Does the Typical Foreclosure Process Take in Michigan?
- Can I Keep My Home If I File Bankruptcy in Michigan?
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