Foreclosure: Michigan Postponements discussed

> Date: Mon, 4 Aug 2008 14:56:30 +0000
> To: ngarfield@msn.com
> Subject: [Livinglies’s Weblog] Comment: “Mortgage Meltdown: Foreclosure Offense or Defense in Trustee or Non-Judicial Sales

“Comment:
> In Michigan, the trustee CANNOT postpone the sale to another time. There is NO statute allowing them to do that. However, the mortgagee can postpone the the sale if the need arises.
> MCL 600.3220 Sale; adjournment; notice; posting; publication.
> Sec. 3220.
> Such sale may be adjourned from time to time by the sheriff or other officer or person appointed to make such sale at the request of the party in whose name the notice of sale is published by posting a notice of such adjournment before or at the time of and at the place where said sale is to be made, and if any adjournment be for more than 1 week at one time, the notice thereof, appended to the original notice of sale, shall also be published in the newspaper in which the original notice was published, the first publication to be within 10 days of the date from which the sale was adjourned and thereafter once in each full secular week during the time for which such sale shall be adjourned. No oral announcement of any adjournment shall be necessary.

RESPONSE:

Thanks for the info. A court order will usually do the trick. IN securitized transactions, a notice of sale from the Trustee is NOT proper since there are necessary and indispensable parties down and up the securitization chain that have legal, equitable and constructive rights, ownership, or control over the note and mortgage (Deed of Trust). Those must be named in a judicial foreclosure action. There is no way around that and any securitized loan that was sold by -non-judicial foreclosure is void for lack of proper jurisdiction and procedure. Title is clouded, as was found recently in a Texas case and several other cases that are now headed for appeals courts. Trustee breached fiduciary duty and contractual duty and so did the “lender”. The lender was paid and then got the property too. to add insult to injury the borrower can now be sued AGAIN by the real parties in interest, the investors, who possess the only claim to being holders in due course. These inestors are not in privity with any ofthe foreclosing parties — Trustee, Lender etc. Trustee should be removed for breaches of duty and a new one installed by the Court. Case should be referred to judicial foreclosure, if the new trustee determines that it can qualify for legal standing.
> Date: Mon, 4 Aug 2008 14:56:30 +0000
> To: ngarfield@msn.com
> From: donotreply@wordpress.com
> Subject: [Livinglies’s Weblog] Comment: “Mortgage Meltdown: Foreclosure Offense or Defense in Trustee or Non-Judicial Sales”
>
> New comment on your post #119 “Mortgage Meltdown: Foreclosure Offense or Defense in Trustee or Non-Judicial Sales”
> Author : C-T0001 (IP: 98.243.133.98 , c-98-243-133-98.hsd1.mi.comcast.net)
> E-mail : retroracers2007@yahoo.com
> URL : http://www.healthyhighway.com/foreclosure.htm
> Whois : http://ws.arin.net/cgi-bin/whois.pl?queryinput=98.243.133.98
> Comment:
> In Michigan, the trustee CANNOT postpone the sale to another time. There is NO statute allowing them to do that. However, the mortgagee can postpone the the sale if the need arises.
> MCL 600.3220 Sale; adjournment; notice; posting; publication.
> Sec. 3220.
> Such sale may be adjourned from time to time by the sheriff or other officer or person appointed to make such sale at the request of the party in whose name the notice of sale is published by posting a notice of such adjournment before or at the time of and at the place where said sale is to be made, and if any adjournment be for more than 1 week at one time, the notice thereof, appended to the original notice of sale, shall also be published in the newspaper in which the original notice was published, the first publication to be within 10 days of the date from which the sale was adjourned and thereafter once in each full secular week during the time for which such sale shall be adjourned. No oral announcement of any adjournment shall be necessary.

2 Responses

  1. When does the redemption period start? Is it 6 months prior to the Sheriff’s Sale date (Michigan Law) and doesn’t the Mortgage Co./Bank have to notify the homeowner or is it 6 months from the date of the Sheriff”s Sale?

  2. CORRECTION: In Michigan, the trustee CAN request a sheriff sale adjournment if the notice of sale is in his name. The following statute allows them that right. A MORTGAGOR can postpone the the sale if the need arises.

    MCL 600.3220 Sale; adjournment; notice; posting; publication.
    > Sec. 3220.
    > Such sale may be adjourned from time to time by the sheriff or other officer or person appointed to make such sale at the request of the party in whose name the notice of sale is published……

    The notice is usually published in MORTGAGORS name.

    This statute has been largly misunderstood because mortgagee’s are requesting sheriff sale adjournments on a regular basis.

    The statute is unconstitutional fue to it’s vaugeness.

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