I was at the foreclosure auction on Fri and something came up that I have not heard in a long time.
In past years, a typical foreclosure (under certain circumstances) the person being foreclosed on had the right to purchase the home back within 1 year. I was under the impression that at the foreclosure sales at the court house, this was no longer the case.
In speaking with a person that recently attended a Sheriff's sale who bought a house, they were told that the person being foreclosed on does in fact have the right to purchase the home back within 1 year.
The obvious questions started to pop in and out of my head.
What if the buyer sells the house within 1 year? Makes a profit then the person who lost the home wants it back within that 1 year. They pay what it sold for at auction. The new buyer sells for a profit. What happens to the person that bought the home from the person that bought it at the Sheriff's sale?
Does anyone have any insight on this at all?
I am always looking to keep on top of the changing rules and regulations and any help would be appreciated.
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Here in Michigan it's called the redemption period. The houses are sold at a sheriffs sale but the owner has possession for the next six months during the redemption period and can pay it off and sell it anytime during this time.