My home (Michigan) was sold at a sheriffs sale a couple of weeks ago. I had a first (10K) and a second for (71K). The house was sold for 11K so the first was satisfied.The second (owned by Citi) can either file suit against me for the deficiency or try to negotiate a payment that would satisfy them if I wanted to redeem the house. Has anyone had this type situation happen during their redemption period? I would still have to pay the guy who bought the house at auction 11K plus interest and fees .
top Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
Will the 2nd deal with me During my Redemption period????
Collapse
X
-
Well I think I got my answer!!! The second mortgager Citi mortgage has contacted this individual and wants to buy the house from him so they can complete another foreclosure on the 2nd, which is about $71K. First does Michigan allow the mortgagor to redeem the house in the 6-month redemption period just as they do the owner? Why would Citi buy this back when the house only got (2) bids in the first auction (one by the first and one by the private individual) for $11K? I'm going to be on the hook for the deficiency but would like to understand the game Citi is playing.
bottom Ad Widget
Collapse
Comment