Foreclosure of your mortgage results in an auction of your property at a sheriff’s sale. That process sets the value of the house or property for the redemption period and for any future lawsuit against you by your lender. Following the auction, the homeowner will have additional time to either pay the sheriff’s sale amount and keep the property, or find a buyer for the property. This time following the sheriff sale is called the redemption period. Many factors go into determining the length of the redemption period and depending upon the amount of the bid at the sheriff sale, the homeowner may be well-positioned to sell the property and put some money in the bank.
Free Initial Phone Consultation • Reasonable Fees • Years Of Experience
If you are a home or property owner entering foreclosure, a real estate lawyer can help you negotiate and navigate the complex issues involved in the redemption process. Galloway and Collens, PLLC, is a leading real estate law firm serving property owners in the Detroit Metro and communities throughout Michigan. For more than 15 years, our experienced lawyers have helped clarify the challenges homeowners face, clarify their goals within the context of their long term plans, and develop strategies to help them meet those goals and move on with their lives. We are ready to help you.
Contact our offices in Huntington Woods, Michigan, to discuss your foreclosure story and your right to redeem your mortgage.
Strategies That Could Help You
Whether you are trying to keep your primary family residence or are facing the loss of your second home, vacation property, or rental property, there are legal options that may help, including:
- Redemption and sale after foreclosure
- Short sale for an amount less than what is owed on your mortgage
- Mortgage modification and loan workouts
- Deed in lieu of foreclosure
- Government assistance programs
Over the past decade, mortgage brokers and lenders became very creative in finding financing options for homeowners. Unfortunately, many of these creative financing options created multiple liens upon a single property. Many solutions to homeowner problems, including redemption of the mortgage following foreclosure, require that the title to the property be free and clear of such encumbrances. Our attorneys work with all parties to ensure that you have a marketable title regardless of your goals.
Redemption is one option when the loss of your home seems to be inevitable. Contact us today.