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Foreclosure Redemption
Foreclosure Redemption Management
Services for Purchasers
Congratulations on your successful purchase at a foreclosure sale. However, the process doesn't always end there. Michigan law provides a redemption period during which the former homeowner or other interested parties may reclaim the property. Accurately managing this redemption process is crucial to protecting your investment, and our services are designed to help you do just that.
Understanding the Redemption Process
Michigan Compiled Laws (MCL) 600.3240 outlines the redemption process, which allows certain parties to redeem the property by paying a specific amount within a defined timeframe. This amount can include:
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The original bid price: The amount you bid and won the property for at the foreclosure sale.
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Interest: Interest accrues on the bid price from the date of the sale at the rate specified in the original mortgage.
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Sheriff's fees: The fees you paid to the sheriff for conducting the sale.
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Statutory fees: A small statutory fee related to the redemption process.
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Post-sale expenses (with proper documentation): You may be entitled to recover certain expenses incurred after the sale, such as property taxes, payments to redeem senior liens, condominium/homeowner/community association assessments, and necessary insurance premiums, provided you properly document these expenses and file the required affidavits with the Register of Deeds.