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.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.