Foreclosed Condo in Michigan?

I own a condo in Michigan that has a foreclosure sheriff sale date next week. I plan to live in the home until I can find another place to go. Do I have to continue to pay the condo association fee while I live in the home since I will no longer be the home owner?

3 Answers

  • 1 decade ago
    Favorite Answer

    Each lender have their own procedures as to when to file a foreclosure against a person that is behind in their mortgage payments.

    The lender in most states have a choice of filing a non-judicial foreclosure or a judicial foreclosure. Most lenders use the non-judicial foreclosure procedure. No courts or lawyers are involved.

    Under a non-judicial foreclosure and the lender has decided to foreclose on you they issue a "Notice of Default/Foreclosure" this document is recorded at the county recorders office where the property is located.

    You will receive a copy of this notice in the mail as well as one will be delivered to your front door.

    At this point you now have 90 days to bring the mortgage current, refinance the mortgage or do what ever you want to do to keep your property. Your lender might entertain the idea of refinancing your mortgage for you at this stage.

    Once the 90 day period is over the lender then decides to record a "Notice of Sale" at the county recorders office. You will receive a copy in the mail as well as someone will deliver one to your front door. This notice will have a sale date and place of sale.

    Once this document has been recorded you now have 20 days in which to refinance or cure your foreclosure. Most lenders will not entertain the idea of refinancing their own loan once this document has been issued. Some might, but most will not. At this point the lender is interested in you paying the mortgage off or bringing it current.

    At the sale if the property is sold to someone, they have to get the property recorded in their name so there is lots of legal work to be done before they officially own the property.

    This new owner will contact you when all the legal documents are signed and between the two of you select a time for you to move. You might be required to pay rent for the time you stay there but this is between you and the new buyer.

    If the property does not sell then the lender has to get a few legal matters taken care of so they have to wait until the legal matters are completed.

    If this happens once all the legal matters are taken care of the lender normally hires a real estate agency to take care of their real estate sales.

    An agent from the agency will contact you about the date and time of your departure.

    You may decide to move at anytime you desire, but you eventually will be asked by someone to move after the sale.

    If the lender decide to use the judicial foreclosure procedure you will be issued a summons to appear in court. The court will set the time and date of appearance as well as when you will have to vacate the property.

    I hope this has been of some use to you, good luck.

    "FIGHT ON"

  • 1 decade ago


    Perhaps you've missed all the commercials from the State of Michigan.,1607,7-141-45866_4...

    Try to work with your lender.

    Keep in mind, that homeowner associations may also be able to foreclose on your property. Read your association bylaws carefully.

  • Khushi
    Lv 6
    1 decade ago

    I would guess that you not only have to reimburse the fee to the new owner but pay some rent as well.

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