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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Liens and redemption of property. Posted by Rookie on January 29, 2004 at 7:09 AM Have a couple of questions that I have been researching for weeks now. I would like to buy foreclosed property for purpose of renting it out. 1. What happens if the house foreclosed/auctioned off by a junior lien? What my responsibility will be as a buyer? And vice versa what if the house has 2 mortgages and it’s foreclosed by a senior lien will I be responsible to cover second mortgage? 2. I’m in Michigan and by law of the state original owner has 6 months to redeem the house. Let’s assume that previous owner moved out of the house right after the auction and I, as a new owner rented place out. So what happens if the original owner comes up with the money 4 month later? It seems like there is a big secret around these questions, nobody ever goes into any details on these issues. Follow Ups: Questions regarding Michigan's redemption process... Ward-CA- 10:43 AM, 01/29/04 (1) Re: Questions regarding Michigan's redemption process... Ryan S. 11:48 AM, 03/17/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Have a couple of questions that I have been researching for weeks now. I would like to buy foreclosed property for purpose of renting it out. : 1. What happens if the house foreclosed/auctioned off by a junior lien? What my responsibility will be as a buyer? And vice versa what if the house has 2 mortgages and it’s foreclosed by a senior lien will I be responsible to cover second mortgage? : 2. I’m in Michigan and by law of the state original owner has 6 months to redeem the house. Let’s assume that previous owner moved out of the house right after the auction and I, as a new owner rented place out. So what happens if the original owner comes up with the money 4 month later? : It seems like there is a big secret around these questions, nobody ever goes into any details on these issues. 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

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