Mortgages v Deeds of Trust
Michigan is a mortgage state. A mortgage is a lien on property to secure the loan if the borrower fails to repay the money borrowed plus interest. The borrower remains …
Mortgages v Deeds of Trust Read MoreTag: Mortgage
Michigan Court of Appeals Holds that a Contract to Convey an Interest in Property is Void if not Signed by all Co-Owners
In Myra C. Torovich v. Joseph Oddo, unpublished per curium opinion of the Court of Appeals, issued March 5, 2019 (Docket No. 342967),the Michigan Court of Appeals held that all …
Michigan Court of Appeals Holds that a Contract to Convey an Interest in Property is Void if not Signed by all Co-Owners Read More
When must a spouse sign a deed or mortgage for property owned solely by the other spouse?
MCL 558.30 became effective in April 2017 to abolish dower rights in Michigan. Historically, a husband who owned property separate from his wife, would still have to obtain the wife’s …
When must a spouse sign a deed or mortgage for property owned solely by the other spouse? Read MoreCourt of Appeals Expands on Authority of Receivers in Sale of Lands Encumbered By Existing Liens
In Stock Bldg. Supply, LLC v. Crosswinds Cmtys., Inc., 317 Mich. App. 189, 199 (2016), the Court of Appeals was presented with an interesting question of whether the courts have …
Court of Appeals Expands on Authority of Receivers in Sale of Lands Encumbered By Existing Liens Read MoreRight To Recover Surplus Proceeds Is Not Relinquished At Foreclosure Sale
A recent court decision in In Re $55,336.17 Surplus Funds; MiLW No. 07-94649 cemented the interpretation of MCL 600.3252 insofar as junior mortgagees maintain a legal right to claim any …
Right To Recover Surplus Proceeds Is Not Relinquished At Foreclosure Sale Read MoreCourt May Choose Not To Enforce Equitable Mortgage Where Mistake In Mortgage Documents Could Have Been Easily Avoided By Lender
The term “mortgage” is often used interchangeably as “debt” (i.e. “I need to pay my mortgage”). However, a mortgage is actually the security interest in real property that is held …
Court May Choose Not To Enforce Equitable Mortgage Where Mistake In Mortgage Documents Could Have Been Easily Avoided By Lender Read MoreWhat Statute of Limitations Applies to Contracts for the Transfer of Property?
When determining whether to bring a claim against another party, it is first necessary to ensure that your potential claim is not barred by an applicable statute of limitations. Essentially, …
What Statute of Limitations Applies to Contracts for the Transfer of Property? Read More5 Things to Consider When Purchasing a Home
Hire an Attorney. If you decide to hire an attorney, it important to hire the attorney before signing a Purchase Agreement. An attorney can help you navigate all the complicated …
5 Things to Consider When Purchasing a Home Read MoreCourt of Appeals: Bank’s Mortgage Ineffective Against Resident With Unrecorded Land Contract
In a recent case, Powell v Romano, the Michigan Court of Appeals ruled that a bank’s mortgage was not valid against a party living on land under a land contract. …
Court of Appeals: Bank’s Mortgage Ineffective Against Resident With Unrecorded Land Contract Read MoreCourt of Appeals: One Action Rule Sometimes Prevents Collection on Guaranty
Under Michigan law, the one-action rule prohibits mortgage holders from collecting in multiple ways. Under the rule, a mortgagee who forecloses on property may not file another action or proceeding …
Court of Appeals: One Action Rule Sometimes Prevents Collection on Guaranty Read More