Who would I contact concerning my foreclosed home as the redemption amt. is 1/3 what my mortgage was?
Original lender/Bank was seized by Government. New Bank sold it at auction to another bank at 1/3 amt. We had tried to modify mortgage before it went into foreclosure, but the bank wouldn't modify ,then it was seized. I have some cash and possible land to use as collateral
Pam,
Contact an attorney as soon as you can. I practiced in the past, but am not licensed in MI, nor even practicing anymore. Off the cuff, and with no value whatsoever, my first thoughts are that even though your original lender was taken over, and your mortgage sold for 1/3 it's value, Im not sure that impacts your redemption amount at all. For your sake I hope so..best of luck.
The best person to contact is the attorney who filed the foreclosure. The attorney should be able to contact the bank and coordinate. If you have trouble I would contact an attorney. I am assuming that Michigan has a post sale redemption. If there is not a post sale redemption you will not be sucessful.
Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
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