Understanding Michigan’s Foreclosure Timeline
Be realistic: If you cannot afford to keep your home – sell it.
- Notice of the sale date gets posted on the property within two (2) weeks of the first publication
- Sheriff Sale Held - The “Sheriff’s Deed” lists the last date the property can be redeemed.
- Redemption Period – starts day of Sheriff Sale -Six (6) months is most common. -If the amount claimed to be due on the mortgage at the date of foreclosure is less than 2/3 of the original indebtedness, the redemption period is 12 months, the redemption period is 30 days after the sale if the lender considers the premises abandoned.
- Homeowner can live in property, not required to make payments, can sell or buy back property and should: 1- Maintain the property 2- Maintain utilities 3-Maintain insurance And must: Allow purchaser to inspect the home and all ancillary structures during redemption period