What is a Sheriffs Sale and what does it mean in my circumstance?
• A Sheriff Sale occurs after 4 consecutive weeks of publication of the mortgage foreclosure in a newspaper of general circulation and posting of a notice of foreclosure on your home, usually on the front door. • Sheriff Sales are scheduled for Friday, at 10:00, in the Wayne County Courthouse in downtown Detroit. You are not required to attend the Sheriff Sale on your home. The home is sold to the highest bidder and if there are no bids, to the mortgage company. • In most cases, the home is purchased by the mortgage company that holds the loan for the amount of the outstanding loan balance plus various fees and interest. • The purchaser receives a Sheriff’s Deed (Sheriff’s Deed on Mortgage Sale) but does not yet own the property. You still have redemption rights to your home, in most cases for six (6) months. • The purchaser records the Sheriff’s Deed with the Wayne County Register of Deeds. Once the sale occurs, the redemption period begins. You still have the right to remain in your
