How does a "redemption period" work?

[elmuchoprez]

What is the name of your state (only U.S. law)?
Michigan

I live in a condo and I have a neighbor who has been a constant problem for various reasons. I recently found out that his place is being foreclosed on, which hopefully means this problem is in the middle of fixing itself.

Anyway, the other when I came home, I found a notice of some sort stuck on the door to the lobby of the main condo building. I have no idea why someone would put it there, but they did. It's basically a notice saying a law firm is foreclosing on this guy's condo and that there will be a public auction for the property on Sept 24. It goes on to say that the "redemption period" shall be six months following that sale.

If I understand correctly, that means he can live there for six months after the sale before he can be legally evicted from the property. Is that what it means?

 

[justalayman]

it means that he has up to 6 months to basically rebuy his property. After that time, the foreclosure sail becomes final and he has no chance of redeeming his condo.

 

[elmuchoprez]

But does he get to keep living in the condo during the six month redemption period?

My main concern here is how much longer I'll have to listen to his noise.

 

[FlyingRon]

Yes, in Michigan he'll retain possession during the redemption period unless the buyer can convince him to waive it. Even after he loses the property, it's at the discretion of the buyer to see how expeditiously they get him out.