"No one told us we could do that!" Foreclosure Diaries - Big Rapids, Michigan - New Redemption Period Law

By
Real Estate Agent with Greenridge Realty Oakmont

"No one told us we could do that!"  Foreclosure Diaries - Big Rapids, Michigan - New Redemption Period Law

My heart is breaking once again for the "underwater" homeowners about to lose their home.

In the State of Michigan, due to a new law that went into effect December, 2011, most homeowners now have only a six month redemption period to buy back their home after it has went to sheriff's sale, IF YOU ARE STILL LIVING IN THE HOME.  

The new law (MCL.600.3240) states that if on the date of the foreclosure notice the amount owed is more than 66-2/3% of the original indebtedness for the home mortgage, redemption period is six months.  If you owe less than that percentage, the redemption period is one year.

If you abandon your home, the redemption period is shortened to three months if you owe less than 66-2/3% of original mortgage, and if you owe more than that, the redemption period is only ONE MONTH if you have abandoned your home!

Unless you filed a Schedule F with your federal  1040 tax return the previous year proving your property was used for agricultural purposes, there is no longer a one year exemption period for properties with over 3 acres.


If you are a homeowner in distress, do not wait to see what happens!!!  If you do nothing after receiving a foreclosure notice, YOU WILL LOSE YOUR HOME! They are not kidding around, and there are no do-overs.  The mortgage company will follow it's foreclosure procedures.

As soon as you know you may not be able to make the mortgage payments on your home, contact a Realtor® to find out what your options are, and seek the advice of a real estate attorney.

You may be able to do a short sale, deed in lieu, cash for keys, or loan modification that will not totally kill your credit for years.  It doesn't cost a thing to explore your options, so contact a Realtor® sooner, not later!  


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Click on the links below to search all homes for sale in West Michigan, as listed by all MLS participating agents.

 

Search by County, School District or Zip Code and more:

www.Greenridge.com/LynnAfton

 

Lynn's Mobile Device Page -Search for Homes for Sale: http://LynnAfton.www.Greenridge.mobi/

 

Greenridge Realty Oakmont, Big Rapids Office Website:

 Greenridge Realty Oakmont, Big Rapids, MI office

Call Lynn Afton to sell Your home!

Big Rapids Homes for Sale, Big Rapids Real Estate

and servicing surrounding areas including:

Mecosta County, Newaygo County, Lake County,

Montcalm County, Osceola County, and all of West Michigan

 

 

 

 

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West Central Michigan
Michigan Realtors
Tags:
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Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Hi Lynn.  Sounds like that is a great thing!

Apr 21, 2012 10:14 AM #1
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Rainmaker
225,302

Lynn Afton

REALTOR® Near Big Rapids, MI, Mecosta County
Ask your real estate question here... -Lynn
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