Tag: Mortgage

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Mortgages v Deeds of Trust

Michigan is a mortgage state. A mortgage is a lien on property to secure the loan if the...

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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In Myra C. Torovich v. Joseph Oddo, unpublished per curium opinion of the Court of Appeals, issued March...

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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...

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Court 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...

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Right 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...

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Court 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...

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What 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...

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5 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...

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Court 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...

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Court 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...

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