Fannie Mae had ignored her right to rebuy home and sold it to someone else
After Marie Sims couldn’t make her inflated mortgage payments, her Detroit home went into foreclosure.
The federally-owned Fannie Mae mortgage company bought it at a sheriff’s sale. Marie knew she had the right to buy her home back and made an offer of $5000. But instead Fannie Mae sold it for just $3600 to a man who wanted to evict her.
Under Michigan law, there’s a six-month “redemption period” after the sheriff’s sale, where a person has the right to buy back their home. On top of that, Fannie Mae was supposed to follow a new policy that should have let Marie buy back the home at its real market value.
With support from Eviction Defense, Sims was determined not to leave. On April 24, she and her defenders finally convinced the buyer to sell the home back to her at a fair price.