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Old 03-27-2008, 09:27 PM
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Join Date: Mar 2008
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Need some clarification please re: Redemption


What is the name of your state? MI

Hello,

I am hoping someone here can help me. My home went into foreclosure in December. It sold back to the bank at sheriff sale for 135,000, original loan amount was for 216,000. We had a 6 month redemption period that ended in June. Today we were able to redeem our property (we sold it) for the amount of the sheriff sale deed. Because the offer we received was higher than that of the deed and after giving the bank their 135,000, their atty's fees and real estate and broker commisions we got 3,000 back at closing . Do we give that to the bank or what are we supposed to do? I do not want to be sued for deficency so should I give them any money I can? After all we have been through with this mortgage company (America's Servicing Company) it would PAIN me to give them a dime, we could really use the money , according to the mortgage doc's it's marked "Mortgage paid in full"**************but I don't want to do anything illegal....what do you think???? Are we done with this loan????
Any advice would be appreciated
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