Redemption Period On Land Contract
If I receive a default notice, what is the process / timeframe to vacate the home, and is there a redemption period?
I am late on payments on a Land Contract for the purchase of property in St. Joseph, Michigan. The Land Contract is less than a year old. I am trying to refinance because the contract has a payoff date coming up soon. My question is: If I receive a default notice, what is the process and specifically what is the timeframe in which I will have to vacate the home. I have heard that there is a redemption period in some states. Is this true?
If you default on a Land Contract, the Seller will give you a "Notice of Forfeiture" in most events. If the default in the Notice is not cured usually within 15 days, the Seller can file suit in Court to Forfeit the Land Contract. It is a shortened procedure and the hearing could be held within about 1 month after the complaint is filed. If a Judgment is entered, there is usually a 3 month redemption period on a Land Contract. Good luck in solving your problems. I encourage you to retain an attorney that can provide you legal advice as you work through this matter.
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