What Does Redemption Period Mean?

[kingfisher]

OK. I looked at the Sticky here for foreclosure timelines. We're in Michigan. It says there are 30-365 days for the "Redemption Period". Does that mean we can stay 365 days before evicted? Does that depend on the lender? Does it prolong it if we have a 3 year old?

Are there any stalling tactics we could use to prolong it???

Thank you!

[HHM]

I am not sure if you can stay in the house for the 365 days, but a redemption period allows you get the home back if you can pay the lender "IN FULL" what they are owed.

[SweetGeorgia]

Michigan foreclosure redemption period is six months, but there's a new law requiring lenders to delay foreclosure (I think for 90 days) if you're trying to work with them on a loan modification.

Example: we stopped paying in March, foreclosure was set for July, redemption would have ended next January. And we did absolutely nothing to delay foreclosure, so you might get different results.

[kingfisher]

I should have said--we are 1 year post CH7 and are doing a "ride-through"...

Thanks again