KALAMAZOO MI – Once there is a Sheriff’s sale on the house, you have Redemption Rights to the house. What are redemption rights? Having redemption rights means that you have the opportunity to buy the house back and “redeem it” for the price that the lender paid during the sheriff’s sale (plus the interest and attorney costs). You have the right to live in the house during the redemption period, even if you do not plan to buy it back. This is the only time you can buy the house back. Michigan is one of only a few states that have a redemption period.
Michigan has a post-sale statutory right of redemption. The redemption period can vary, but typically it often starts out as 6 months. It used to be if you had 3 acres or more, you might get a full year redemption period, but that is not usually an option any more. If you’d like clarification, call us at 269-350-5514.
If the lender claims that the house is “abandoned” the redemption period is shortened to only 30 days. Lenders have been known to make this claim this even if you are still living there. Call us so we can help make sure this doesn’t happen. There is a huge difference between “vacant” and “abandoned” – don’t let your lender cut your redemption period short – call us for help.
Most lenders will approve short sales during the redemption period but it is important to get in contact with us ASAP. We can help you determine the best option for you.
We do not charge for the consultation or a short sale, if that appears to be the best option.
Thanks for reading!
Your Kalamazoo neighbors and short sale experts
David Veenstra, REALTOR
Jason Veenstra, REALTOR
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