At the San Diego Zoo

InnoVest Resource Management's

Foreclosure Forum

Discussion Board

Foreclosure Training

Title Holding Trust

Speaking Schedule

Foreclosure Codes

50 State Foreclosure Basics

60+ Yrs Interest Rates

News & Trends

FAQ

Dingbat Retirement Plan

Links

Contact / Map

Home

 

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

Re: Looking for the Truth in Michigan

Posted by Ward-CA- on September 10, 2001 at 5:39 PM

In Reply to: Looking for the Truth Concerning Foreclosures in Michigan posted by dw Michigan on September 10, 2001 at 4:02 PM

: I hope someone can be of help. I am located in Michigan and
: would like to purchase a foreclosed property either at a
: Public Auction or approaching the homeowner prior to foreclosure. I have spoken to two "reliable" sources and received different answers.

: My question is in Michigan with a six month redemption period,
: If I purchase the house at auction can I take possession
: immediately if the house is occupied by evicting the residents.
: Or do I have to wait until after the six month redemption
: period to claim the property?

=•=•=•=•=•=•=•=•=•=•=•=•=

DW, I’m not the expert on judicial foreclosures like I am with nonjudicial foreclosures. And it’s in the judicial foreclosure states that almost universally provide a redemption period to the losing homeowner to get her home back after the foreclosure auction.

Generally the mechanism is that the winning bidder at the foreclosure auction doesn’t get marketable title until the redemption period has tolled. Once that point is reached the certificate for title is exchanged for a marketable warranty deed to the property.

So prior to having the title to the property I don’t think you could pursue any eviction action to acquire possession since the owner may actually redeem within the time period set.



Follow Ups:


Post a Followup:

Name    : 
E-Mail  : 
Subject : 
Comments: Optional Link URL: Link Title: Optional Image URL:


[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Our home page is at http://www.foreclosureforum.com

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455

[an error occurred while processing this directive]