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Subject:  Re: OT: (again): For Dr. T Date:  3/20/2011  8:16 PM
Author:  Lokicious Number:  32510 of 37007

Again, the borrower has the right to redeem up to foreclosure and so to prevent a free ride a bank will still accrue the interest that would be required to catch up, it is just not recognized on the books as interest income during foreclosure.

Michigan allows redemption after sheriff's sale within a certain period, in this case extended. (The story is even stranger than that. I'll send you the whole thing privately, when I'm done writing it up.) Does that mean the actual amount that was needed to redeem would be the original principal as of date foreclosure notice was posted or that principal plus accrued interest for, in this case, almost a year from the time the notice was posted and 9 months after sale (law says to redeem pay back loan in full plus costs)? In writing it up, it there isn't accrued interest, I'll just drop the information about per diem interest.

You folks sure inhabit a strange world. This is going to be a novel, and this part is only one chapter.
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