"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!  


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/

 

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

 

 

 

 

 
This post has been included in Michigan Real Estate News
Post is included in group: Michigan Real Estate
Post is included in group: West Central Michigan
Post is included in group: Michigan Realtors

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

Login or register to leave a comment
 
Lynn1111 Rainmaker_large

Lynn Afton, REALTOR® in area surrounding Big Rapids, & Mecosta County Michigan

Big Rapids, MI

More about me…

Greenridge Realty Oakmont

Address: Greenridge Realty Oakmont, 1003 N. State Street, Big Rapids, MI, 49307

Cell Phone: (231) 349-9191

Email Me

Above & Beyond the Expected! Welcome to Lynn's Blog where you will find Real estate related information, including homes for sale. Serving Big Rapids, Michigan, and the area counties of Mecosta, Newaygo, Osceola, Lake, Montcalm & Kent County





Listings

Links

Archives

RSS 2.0 Feed for this blog