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Another question regarding the property that I bought at an

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auction subject to right of...
Another question regarding the property that I bought at an auction subject to right of redemption. Last week, I posted notice and performed a property inspection. There are several issues that need correction immediately to prevent further property damage. I sent the executor of the estate a 7 day notice of impending damage to be repaired. That seven day deadline is Friday, July 22.
Question: How do I formally terminate right of redemption period based on property damage? Do I file a specific form with the country clerk? Any specific info needed in the letter? Does it have to be notarized? who needs to be notified? ...etc.Thanks
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 21 hours by:
7/19/2016
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,726
Experience: 17 years real estate, Realtor. Landlord 26 years
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Hello again,

.

The Michigan Legislature recognized this problem with such a long period of redemption and added a provision to MCL(###) ###-####which significantly altered the redemption right of a delinquent borrower whose property is foreclosed and sold via foreclosure by advertisement.

.

The new provision in Section 3240 expanded the rights of purchasers of foreclosed property by providing them with authority to inspect the interior and exterior of the foreclosed property during the redemption period (which varies depending on the circumstances from 30 days to 1 year, but is typically 6 months). With the addition of this new language to Section 3240, if damage (a term which is very broadly defined) to the foreclosed property is identified during the inspection, the purchaser has the right to commence an eviction lawsuit under Michigan’s Summary Proceedings Act (MCL(###) ###-####et. seq.). If the eviction lawsuit is successful, the mortgagor’s right of redemption is terminated and title to the property vests immediately with the purchaser.

.

So you would need to file a formal eviction action with the court under MCL 600.57 which starts with a written demand for possession delivered to the executor of the estate under 5718 and then proceeds with the eviction outlined in later chapters.

.

See here: MCL 600.57

.

.

thanks

Barrister

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