You are going to have to explain the foreclosure process in Michigan a bit more. That doesn't seem to make any sense. Why would anyone want to buy a mortgage, especially when the mortgagor isn't making payments? And, why would the bank bring a check to buy their own mortgage? They already own it and they would be entitled to the money. If you are right, it seems that after the sale, the lender would be in the same position as before the foreclosure... they would own a mortgage that is delinquent.
From my research, it appears that Michigan authorizes both judicial and non-judicial foreclosures. They do seem to have a rather long redemption period in some instances, but it looks to me like they do sell the home (not just the mortgage) at the sale.
Best,
Robert A. Franco
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