Foreclosure and Foreclosure Prevention
If you lose your home to foreclosure in Michigan, you might be able to get it back. Under Michigan law, foreclosed homeowners get a certain amount of time to repurchase or “redeem” the home after a foreclosure sale. You’ll get a one-month, six-month, or one-year redemption period during which you can live in the home — depending on your situation. Check the notice of sale to find out how long the property redemption period is in your particular case. This notice is posted on your property and published in the newspaper as part of the foreclosure process.
Difference between Deeds and Titles
A ‘title’ is the word that refers to a person’s legal position in regard to ownership of something. A ‘deed’ is the actual physical legal document that transfers title from one entity to another. There are three kinds of deeds commonly used in Michigan:
- Warranty deed: This kind of deed includes a promise (a warranty). In this deed, grantors promise that they are in lawful possession of the property and that the property is free from all external encumbrances like mortgages or tax liens. The grantor promises to defend the property against any third parties that make a claim.
- Quitclaim deed: This kind of deed does not assure the grantee of any promises, or any interest in the property in any way on the part of the grantor.
- Covenant deed: This kind of deed only includes those promises that pertain to acts of the grantor, and no one else.
While some of these distinctions seem small, they can mean a world of difference when real estate law comes into play. Martin M. Holmes Sr., Esq. will guide you through the tricky legal process and help you understand your rights under the law. Whether you are dealing with a title dispute or a possible foreclosure, don’t be without knowledgeable and experienced representation.
Why Hiring a Real Estate Lawyer is a Good Idea
Many property transactions come with a significant legal risk that might not be apparent at first glance. What may seem like a very simple and straightforward real estate transaction can be fraught with all kinds of potential issues — especially in Michigan, where the law is highly technical and constantly changing. In this exciting, uncertain, and emotional time for you and your loved ones, make sure you fully understand your duties and your rights under the law by reaching out to an experienced real estate attorney today.