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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Looking for the Truth in Michigan Posted by JOHNNIE L on May 24, 2004 at 9:01 PM In Reply to: Re: Looking for the Truth in Michigan posted by Ward-CA- on September 10, 2001 at 5:39 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. ************************************************************ JOHNNIE: In MI the redemption period is 6 mo for property under 2 acres, up to 1 yr for larger property. You can not evict untill redemtion period lapses. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : 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. : ************************************************************ : JOHNNIE: : In MI the redemption period is 6 mo for property under 2 acres, up to 1 yr for larger property. You can not evict untill redemtion period lapses. 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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