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If property is over 3 acres, you may have a 12 month redemption period.
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Most mortgages allow the homeowner six months to redeem property with the lender/bidder, paying the amount owed plus interest and fees. State Law requires that this period is not less than 30 days and no more than one year. The redemption Period starts from the date of the Sheriff’s Sale. Redemption Period: If nothing is done to resolve the situation and the Sheriff’s Sale is completed, then you enter the Redemption Period. If no bids are received, the home goes back to the lender. At the Sheriff’s Sale your house will be sold. Sheriff’s Sale:You have up until the date of the Sheriff’s Sale to work out arrangements with the mortgage company or to pay the total amount owed (reinstatement amount). After the first insertion on your property is published in the legal news, you have 4 weeks until the Sheriff’s Sale! Contact your lender NOW! The attorney publishes notice of foreclosure over four successive weeks in the local legal newspaper. You will be notified of this date by mail, along with a notice taped to your door. The Sheriff’s Sale will be scheduled for approximately six weeks after the attorney receives your file. The attorney then schedules a Sheriff’s Sale, which is the actual date of foreclosure. At this time, you incur all attorney fees as part of your delinquency.
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If this expires and you have not paid the full amount or worked out arrangements, then you will be referred to their attorneys. You still have time to work something out with the mortgage company.įourth Month Missed Payment: Now you are usually nearing the end of the time allowed in your Demand Letter or Notice to Accelerate. Foreclosure/Acceleration means that they forward your account to their attorneys. They are unlikely to accept less than the total due without prior arrangements if you have received this letter. If you do not pay the specified amount or make some form of arrangement by the date given, they are allowed at that time to refer you to foreclosure or accelerate your mortgage. This is called your “Demand Letter” or “Notice to Accelerate”. Third Month Missed Payment:At this point, you are likely to receive a letter from the mortgage company stating the amount your are delinquent, and that you have 30 days to bring it current. You still may be able to make one payment at this time to prevent yourself from falling three months delinquent. Try to stay calm on the telephone and explain to them your situation and what you are trying to do to resolve it. It is important that you not avoid their telephone calls. Second Month Missed Payment: The second month your payment is missed your mortgage company is likely to begin calling the contact numbers that they have for you, in order to discuss why you have not made a payment. A late charge is assessed on the missed payment. To sign up for auction updates via email, go to our Notify Me page and click the mail icon next to the 'Treasurer Property Auctions' list.First Month Missed Payment: The first month your payment is missed your mortgage company is likely to contact you by mail and/or telephone to inform you of your delinquent status. Claimants begin this process by filing form 5743 with the County Treasurer by the July 1 immediately following the foreclosure date. The Michigan Legislature passed MCL 211.78t which allows those who hold title or equity interest in property at the time of foreclosure to claim remaining proceeds, if any, after sale or transfer of the property. All properties are sold as is and where is purchasers release the Treasurer from all liability.
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Please read all Terms and Conditions carefully and thoroughly. Some of this data can be found through the BS&A Online municipal directory. Helpful research sources may include: local city/township assessors, treasurers, and building departments Washtenaw County Environmental Health, Water Resources, Road Commission, and Building Inspection. Links to Listings: 856 Harriet St, Ypsilantiīidders are encouraged to do all due diligence before participating in the auction.
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A PDF list is also available for download. Visit our interactive map to see available properties, starting bids, and other important information. You must register for the auction on prior to August 23 to bid on property. The next Tax-Foreclosed Property Auction Begins August 23!īy law, tax-foreclosed property must be sold at public auction.