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Current Foreclosure length in Michigan

Discussion in 'Foreclosures' started by direneed, Aug 22, 2011.

  1. direneed

    direneed LoanSafe Member

    I am considering a strategic walk-away since nothing else has worked to this point. I have already secured a rental home that I will be able to rent for the next 3-4 years at a good rate. I will probably be able to move in there within 2 months....

    I am currently past 60 days on my mortgage and would like to stop paying the $1600 / month until I move to the rental - but I am terrified that I will be the one exception where the foreclosrue happens right away and suddenly I am without a home!!!

    Anyone with recent experience in Michigan regarding the timeline? My mortgage has been with Litton for a number of years (terrible) and was just sold to OCWEN (worse from what I've read...)

    Any advice???
  2. myway

    myway LoanSafe Member

    They have to follow a time line that is set up by the laws of the state. Michigan has a 6 month redemption period after the actual sale (which you are probably 4-5 months from at this point) so you have at least that long if not longer.
  3. direneed

    direneed LoanSafe Member

    Thanks - I read similar timelines before; I guess I was just looking for some reassurance.
  4. myway

    myway LoanSafe Member

    Also forgot to mention if they think the house is vacant it can be sooner. They can actually come in and secure the house if it is vacant. And if it is vacant after the sale and they find out redemption can be reduced to 30 days. So since you said something about renting I thought I should mention that.

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