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randolu · Joined: 28 Mar 2011 Posts: 6 2.56 Dollars($)

I just want to be make sure that I understand how this works. We have a 1st with a balance of $88,000 and a second with a balance of $141,000. We are looking at a foreclosure but currently have the home listed as a short sale for $170,000. If the home goes to foreclosure and they sell it at a loss, we can use our tax assement to show what the house is worth and have the definiency lower to the difference of the two.

adonis · Posted: Tue Mar 29, 2011 9:11 pm Post subject:

Hi randolu,

It will be your CPA who can help you in knowing whether or not you'll be able to lower the deficiency. You can go for a deed in lieu of foreclosure provided both your lenders agree to it. In such a situation, you won't be liable for paying any deficient balance to the lender.

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Trying to understand Michigan Definiency Laws.

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