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Rights After a Sheriff Sale

What is a Sheriff Sale?

The Sheriff Sale is your actual date of foreclosure. You received notice of this date by letter from the attorneys for your mortgage company and by a notice taped to the door of your home. This is not a move out date.

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. The home has either been sold or retained by your current mortgage company. The same attorneys that have been corresponding with you during this period can tell you who bought your home and the price they paid.

You now officially enter what is considered your Redemption Period.

Redemption Period:
State of Michigan law guarantees that your Redemption Period will be no less than 30 days and no more than 1 year, beginning the date of the Sheriff Sale. The notice on your door will give you this time frame. In most cases, the mortgage company will allow you six months for the Redemption Period.

During this time, the only way for you to retain possession of your home after the Redemption Period is to re-purchase the home. However, this can be difficult with a foreclosure on your credit report.

You may also sell the home during the Redemption Period. This will allow you to retain any equity that you may have in the home. You must be in contact with the attorneys to obtain the updated debt owed to the mortgage company on the home, as this will change throughout the Redemption Period.

What are my options?

Article on facing foreclosure

Additional Options
Questions to Ask
Mistakes to avoid
Foreclosure Chart
Short Sale
Information needed for a Short Sale
You maybe able to fix your credit
How to write a hardship letter

A budget workout form you can use to figure out your budget

Additional information on foreclosures

Page 1 of Mortgage Contacts
Page 2 of contacts

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