Robert Lee and Rebecca Waters - Page 12

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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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