No one in the Royal Oak area ever wants to lose his or her home to foreclosure. Having one’s home foreclosed can be a very devastating experience for some people and it can also have a lasting affect on one’s log-term financial well-being. Foreclosures can a put a dent in your credit score and prevent you from getting loans in the future. While going through a foreclosure can be a difficult situation to find yourself in, you do still have rights and it does not have to destroy your financial future.
Facing Tough Foreclosure Questions in Royal Oak
Anyone facing the possibility of foreclosure probably has many questions. At the Law Office of John Little, PLLC, we know that you are going through a rough time and we are here to help you get through this difficult process. When you meet with out experienced Royal Oak law firm, we work hard to grasp your situation, help you see your options, and answer all of your questions. Many people wonder what will happen during the foreclosure process and how long they will be able to stay in their home.
Royal Oak Law Firm Explains the Redemption Period
After a foreclosure sale, also known as a sheriff’s sale, there is a redemption period, which is called Sheriff’s Sale Redemption. This time period can vary, but for most properties, it usually lasts six months. When more than two-thirds of the loan has been paid off, then the redemption period is usually a year. However, when a property is abandoned the redemption period can be reduced to just one month. So what exactly is the redemption period and what options do you have during that time to still save your home?
Helping You Redeem Your Royal Oak Home During the Redemption Period
As it’s name suggests, the redemption period provides the homeowner the opportunity to retain or redeem his or her home. During the redemption period the homeowner has the right to stay in the property without paying any mortgage. The homeowner can also sell the property to someone else during this time, as well as buy the property back form the lender. The price of the home will typically be the price the mortgage company (or other third-party buyer) paid to by it, plus some additional expenses.
Royal Oak Law Firm Dealing With Eviction
So what happens if the redemption period runs out and you still haven’t sold the home or repurchased it yourself? By law, you can be evicted, but you do still have some rights. The purchaser of the home should not kick you out without a court order and he or she should not simply change the locks without any notice. If you are unexpectedly thrown out of your home without the purchaser filing a court action to evict you, then you should speak with the Law Office of John Little, PLLC, right away. Even though the foreclosure process can be difficult and cause you to end up losing your home, you do still have rights throughout the process. If you need help with any aspect of foreclosure, including the sheriff’s sale redemption period, then please contact us today at 248-865-3455, or contact us online.