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Helvering v. Hammel, 311 U.S. 504 (1941). We therefore turn to
that matter.
4. Foreclosure Loss
Petitioner contends that the foreclosure loss occurred in
1997 because “That’s when the bank came and said: 'This is my
building now'.” Respondent contends that the loss occurred in
1996, the year in which the period of redemption expired and the
sheriff’s deed became final.
In Michigan, the period of redemption from a foreclosure
sale depends on a number of factors, including the type and size
of the property, the date of the mortgage, and the amount of the
debt owed. As applicable herein, a 6-month period of redemption
applies for mortgages executed on or after January 1, 1965, on
multifamily residential property in excess of four units and not
more than 3 acres in size if more than two-thirds of the mortgage
debt remains outstanding. Mich. Comp. Laws Ann. sec.
600.3240(7), (8) (West 2000).
Because the right to redeem is statutory, the redemption
period may not be extended by a court, absent unusual
circumstances such as fraud. Flynn v. Korneffel, 451 Mich. 186,
207 (1996); see Cameron v. Adams, 31 Mich. 426, 428 (1875)
(refusing to extend the redemption period despite the fact that
the mortgagor had paid part of the redemption amount and a
serious illness had prevented him from conducting his personal
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