How does the right of redemption help me keep my home in Michigan?

The state of Michigan has a post-sale statutory redemption rights. This period of redemption varies.

1. If the residential property is not more than 3 acres and does not exceed 4 units, if at the date of the foreclosure notice, the defaulted amount is more than 2/3 of the original amount of money owed secured by the mortgage; the period of redemption is 6 months.
2. The period of redemption is 30 days if the property has been abandoned. Generally, in all other cases, the period for redemption is for 12 months or 1 year.

There are also a couple of Michigan home redemption help from various government programs to assist homeowners with foreclosures. These programs may include The Home Affordable Foreclosure Alternatives Program, Hope for Homeowners, The Home Affordable Mortgage Modification Program, Michigan Foreclosure Avoidance Counseling –HUD, FHA Secure and The Home Affordable Refinance Program.

The help of a Michigan foreclosure attorney is important to help homeowners go through the process of stopping foreclosure. Your attorney can offer other alternatives that you can take to avoid foreclosure such as bankruptcy, short sale, mortgage modification, deed in lieu, reinstatement, and refinancing.