I recently purchased a home in forclosure at the County Sheriff's sale for 65K. The redemption period in our State of MI is 6 months, however, if the house is abandoned, the redemption period shortens to 4 weeks, as long as you properly document that the home is abandoned and record this at the Register of Deeds office.
There was a second mortgage on the property for 35K. I understand that they have the right to redeem the property by paying me off my 65K plus interest. Is their redemption period 6 months? or is it only 4 weeks because the homeowner abandoned the property?
It doesn't seem fair that their redemption period gets shortened because the homeowner abandoned the property. But I don't really want them to come back and pay me off, I would rather keep the property, so I hope it is only 4 weeks long.