MI HB5795

Mortgagors, their heirs, personal representatives, or persons with recorded interests may redeem foreclosed property within 6 months of sale by paying the bid amount plus interest at the mortgage rate to the purchaser or register of deeds.

Vendees of land contracts, their heirs, personal representatives, or lawfully claiming persons may redeem foreclosed property within 6 months by paying the bid amount plus interest at the land contract rate to the purchaser or register of deeds.

Purchasers must attach an affidavit to the recorded deed stating the exact redemption amount required, including daily per diem amounts, and the deadline for redemption must appear on the auctioneer's certificate.

Purchasers may designate a representative in the affidavit to compute redemption amounts and collect redemption payments, with the ability to charge a stated fee that the purchaser must accept.

A $5.00 fee is charged to persons redeeming property through the register of deeds for custodial services, and the deed becomes void upon redemption payment.