question about Michigan foreclosure
Lets say a homeowner, Mr. Total Loss, lost his home to a foreclosure. Most
homes in Michigan have a six-month redemption period and this house falls
within the six month redemtion. Can I buy Mr. Total Loss's rights from Mr.
Total Loss to redeem his home back? This would allow me to purchase the
house he lost and not have to worry about him paying up to reclaim his house
within the six-month time frame?
The right of redemption is likely not transferrable. But I would
expect that you could enter into a contract with Mr. Total Loss to
perform on your behalf in exchange for a fee. That contract could
include an option to purchase the home if Mr. Total Loss is able
to redeem it.