Is it legal in MI. for a purchaser to rent out a vacant foreclosed home during the redemption period?
Passionate Praiser asked:
I live in Michigan and want to rent a home. I found a guy who said that he would rent out this home that he purchased at a Sheriff sale. He said that there was still a redemption period that allows the original homeowner to pay what they owe and get their house back. I was wondering if it is legal in Michigan for him to rent out the house to us during this redemption period?
I live in Michigan and want to rent a home. I found a guy who said that he would rent out this home that he purchased at a Sheriff sale. He said that there was still a redemption period that allows the original homeowner to pay what they owe and get their house back. I was wondering if it is legal in Michigan for him to rent out the house to us during this redemption period?
December 21st, 2007 at 7:54 pm
First of all NO he can’t do that because technically he doesn’t own it either! It has to go thru the redemption period first. I would alert the local authorities to this guy. Because about renting a house, you want to make sure the the person you are renting form is the legally owner, and #2 that he is paying the mortgage on time. There have been any number of people on here asking what they can do because the place they just rented is being foreclosed on. The county assessors office can tell you who owns the property, if it is good standing with the lender, that no notice of default has been issued and who the lender is. All good stuff to know before giving someone your hard earned cash.
December 22nd, 2007 at 9:44 am
Hi Passionate,
She is right, it is illegal to rent out a house you dont own. It is very tempting for landlords to do that here because the redemption is 6 months long (a year if you own more than 3 acres).
If this guy purchased the home at the sheriff’s sale he is an idiot to begin with, in order to beat out the bank at the sale you have to buy it for more than what was owed to the bank! and if you were going to do that why not save the homeowner from foreclosure in the first place - what an ass.
If I were you, I would turn this guy in before he does this to someone else - without telling them.