How can I save my house after it has been sold at sheriff’s sale?

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How can I save my house after it has been sold at sheriff’s sale?

We have around 2 more months before our redemption period will end. I now have a job and we would like to keep our house. The house is in my name and not my wife’s. Can she get a loan and “buy back” the house? Do we have any options or do we lose the house?

Asked on February 23, 2012 under Real Estate Law, Michigan

Answers:

Kevin Bessant / Law Office of Kevin Bessant & Associates

Answered 9 years ago | Contributor

First, although a home can be forclosed on, it typcially cannot be sold at a sheriff's sale during the 6 month redemption period. After that period, if it is sold at a Sheriff's sale back to the bank, or to an individual party, you have technically lost the possession of the home. In Michigan, often times these homes are being sold back to the bank, or being sold in tax sales by the county, and are being brought back the original owners at cheaper prices than what you owe. The bank should of sent you notification of the redemption period, when it ended, and the date and time of the sheriff's sale. I would contact a local attorney who handles foreclosures to see what all of your options are at this point.


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