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realtorryan
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 Posted: Fri Oct 02, 2009 1:46 pm Post subject: deficiency hudgement state? |
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Where can I go to find out whether or not Mi is an ant-deficiency state or not? I tried mi.gov without success. Any suggestions?
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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Fri Oct 02, 2009 8:20 pm Post subject: |
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Michigan is not a anti-deficient state
The lender can ask you for the deficient amount
probably you cna find more information on the state website |
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jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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| Posted: Sat Oct 03, 2009 12:08 am Post subject: |
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Hi realtorryan,
As far as I know, deficiency judgments are allowed in the state of Michigan. If you default on the loan, the lender has the right to file a foreclosure lawsuit against your property and foreclose it to recover the outstanding balance. If the foreclosure sale is not enough to cover the mortgage balance and the foreclosure costs, the lender can come after the borrower for the deficient amount. However, the state laws do allow a redemption period of 6 months after the foreclosure to the borrower during which he can redeem the property on paying a certain amount of money. |
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hemsleysue
Joined: 13 Sep 2009
Posts: 72
0.02 Dollars($)
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| Posted: Sat Oct 03, 2009 1:06 am Post subject: |
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Hi realtorryan,
In Michigan, Lender can sue you for deficient Amount. |
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