HB Ad Slot
HB Mobile Ad Slot
Court Holds Third Party Purchasers May Not Shorten Mortgage Foreclosure Redemption Period For Abandoned Properties
Thursday, August 2, 2012

The Michigan Court of Appeals in a recent unpublished opinion has held that a third party which purchases property at a mortgage foreclosure sale may not take advantage of Michigan's statute which allows the shortening of the normal six month redemption period when the property has been abandoned.

In Leggio v Michael E. Huffer, an unpublished opinion issued by the Court of Appeals on July 3, the Court held that under the plain language of MCL 600.3241a, only the mortgagee may take advantage of the statutory procedure for shortening the redemption period from six months to 30 days if the property has been abandoned by the mortgagor.  The Court reasoned that since the abandonment statute repeatedly refers to the "mortgagee", the statute should not be defined to include third parties who purchase properties at foreclosure sales.

HB Ad Slot
HB Mobile Ad Slot
HB Ad Slot
HB Mobile Ad Slot
HB Ad Slot
HB Mobile Ad Slot
 
NLR Logo
We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up to receive our free e-Newsbulletins

 

Sign Up for e-NewsBulletins