Posted by Eduardo (OR) on April 04, 2000 at 18:48:19:
John–
Yes, ordinarily redemption rights are transferable, but check your state law in Michigan to be sure. --Eduardo
Is mortgage sale end of dealings with the owner? - Posted by JohnH
Posted by JohnH on April 03, 2000 at 15:04:31:
In my home state of Michigan, foreclosure by advertisement is the primary means of dealing with defaults. A lender can sell the mortgaged property on the courthouse steps after advertising the sale for 4 consecutive weeks in a county paper. After the mortgage sale the homeowner typically has 6 months to 1 year to redeem their property by paying the amount bid at the sale plus interest. My question is, can an investor purchase from the homeowner their rights of redemption after the sale has taken place? If so what would the procedure be? Could the owner quit claim their interest over to an investor (after the mortgage sale), thereby transferring the redemption rights? Is there anyway to transfer the redemption rights or, does the sale mark the end of any dealings with the owner. Your thoughts and input on this would be much appreciated.
Thank You!
John