My house recently went into foreclosure. I started bankruptcy proceedings (chapter 7) which halted the foreclosure. Now the bankruptcy is over, the house discharged and sold, but no one can give me a date that I must be out. Everyone I have spoken with has mentioned a redemption period but no one can tell me how long that is. Will they send a registered letter? Show up at the door and boot my things to the curb w/o notice? Any help will be appreciated.
Thank you, Lydia
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Redemption period in Michigan is 6 months for properties under 3 acres. It’s 12 months for properties over 3 acres. You have the right to stay in the home the full 6 or 12 months. After the redemption period expires the lender still has to go through the eviction process, so you have maybe another 30 days. You have the right to sell the property during the redemption period. Contact me at: bhcoleman@myexcel.com for more info. P.S. DO NOT ABANDON THE HOME, BECAUSE IF YOU DO, YOU ONLY GET 1 MONTH TO REDEEM THE PROPERTY!!!!
I bought my first house on my own in January 2006, believing that I could afford it. My grandmother gave me a gift of finishing off my incomplete upstairs, adding 350 sq. ft. of living space, and another full bathroom, turning,y 952 sq. ft., 2 bdm, 1 bath home into a 1300 sq ft home with 3 bedrooms and 2 full bathrooms. I also got central air and nice storm doors. All of which I believe add value to the home. I bought my home for 136k, and a total of $15k was put into it.
Last summer, I had some financial issues with my bank, which created problems with paying bills, mortgage included. I entered into a repayment plan in November. In January, I lost my job, and was not employed for 5 weeks. I did inform the mortgage company, and sent them what money I could, but because it was less than the repayment plan ($500 vs. the amount due of $900), it counted as default, and my home went into foreclosure at the end of Feb, with the auction sale date of 4/4.
I am consulting with an attorney on Monday. I want to keep my house. I live in Michigan, and the economy here is bad…houses are not moving. The attorney suggested filing a chapter 13 to eliminate other debts and enable me to work towards keeping my home.
Does anyone have any advice or input on what I can do, and how the Michigan process works?
-Lisa
Hey Lisa,
I am in Michigan also and understand your dilemma fully. Since your home has been to the sheriff sale already unfortunately your options are limited. If you can not raise the money to get your payments current you next best option would be to work a short sale out with your lender. Which means yo get your lender to accept a payment in full less than what your current mortgage amount. If you would like to know more e-mail me and we can get it worked out. Whatever you do you need to act quickly because the clock is ticking MI. has a 6 month redemption period and your down to 5.