Michigan Laws 600.2819 – Foreclosure
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Terms Used In Michigan Laws 600.2819
- Contract: A legal written agreement that becomes binding when signed.
- Judgment: means a final judgment of 1 of the following:
(i) A court of record of this state. See Michigan Laws 600.2801Judgment lien: means an encumbrance in favor of a judgment creditor against a judgment debtor's interest in real property, including, but not limited to, after acquired property. See Michigan Laws 600.2801 Lien: A claim against real or personal property in satisfaction of a debt. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
There is no right to foreclose a judgment lien created under this chapter. At the time the judgment debtor makes a conveyance, as that term is defined in section 35 of 1846 RS 65, MCL 565.35, of, sells under an executory contract, or refinances the interest in real property that is subject to the judgment lien, the judgment debtor shall pay the amount due to the judgment creditor, as determined under section 2807(3), to the judgment creditor.