Does Michigan Law Allow for a Redemption Period After a Foreclosure?

By: LawInfo
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.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

Additional Foreclosure Articles

Search LawInfo's Foreclosure Resources

Lead Counsel Rated Law Firm

Click Here to Learn More