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As seen in Servicing Management, May 2012 Halting The Intentional Destruction Of Foreclosed Residential Property It is time for servicers to take steps to ensure foreclosed borrowers do not wreak havoc on their former residences. By Jeff Weisserman Excerpt: Although foreclosure and related issues are state-specific, all states are grappling with the problem in one form or another. In Michigan, fore example, the state foreclosure statutes provide for a post-foreclosure sale redemption period of up to one year, during which the defaulted borrower may - and typically does - continue to occupy the property. The existence of t his grace period may be positive in general, but it is during this time that most of the destructive behavior occurs.
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