Right of Redemption

[Tom Endlein]

Hi there!! I am looking to further my understanding on right of redemption for bank foreclosures in Michigan. 

Does anyone recommend or know of a book or resource that would help me better understand the topic?

[Wendy Patton]

What would you like to know about redemption in Michigan?  For a simple answer it is 6 months after the sheriff sale - BUT there are some other things that can expedite or give 12 months.   Any more specifics you want to know?   There is no book or anything on it but it is pretty simple if you already understand foreclosure in your state.  It is the redemption rights that make it a little bit different - example: when you bid at the auction, you either need to get the previous owner (with their redemption rights) to deed it to you (waiving their rights) or you buy it from them during this 6 month period which is really them "redeeming" their rights.  Buying at the auction here in MI is different as you don't own it right away - that adds the complexity and timing to the deal - they might redeem or someone might buy it from them during this time period - hence redeeming.  You get your money paid at auction plus whatever their interest rate is if they redeem - so not much.   If it goes past the 6 months then you actually own it and can evict them or sell it.