Foreclosure Prevention - After the Sheriff's Sale

After the Sheriff Sale:

After the Sheriff Sale, the home has officially been foreclosed on, and will now appear on your credit report as a foreclosure. Even though the auction has been held and a Sheriff’s Deed issued, you have not yet lost your property.

Many states give you a 6-month redemptions period. State of Michigan law guarantees that this period be no less than 30 days and no more than one year. The notice on your door will give you this time frame.

You can get your property back if you can “redeem” it by paying the full amount to the holder of the Sheriff’s Deed.

You can also try to sell your home during the redemption period, especially if you have equity in your property. You will need to work with our attorney or the owner of the Sheriff’s Deed to be certain of the amount needed to pay off the debt. You may have to pay a broker’s commission and there may be other costs.

If you know you won’t be able to redeem you can use this time to find new housing.

You do not have to pay us anything.
Don’t feel pressured to move out during the redemption period unless you are ready to go. If you do move early, your property can be declared “abandoned” and the redemption period can be shortened. If you get a notice of abandonment and you have not abandoned your property, be sure to respond quickly and in writing that you have not abandoned.

At the end of your redemption period, if you have not already moved out, you will be served with eviction papers. A court hearing will be scheduled, usually within 10 to 20 days. You will then have an additional 10 days after the hearing date to move and remove your possessions. If you don’t, a court officer will go to the house to remove you.

Once your redemption period ends, you no longer own your home.