Michigan: SOL on foreclosure and deficiency balance

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Icon Mini Profile dorisakers





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Post Posted: Tue May 27, 2008 10:50 am    Post subject: Michigan: SOL on foreclosure and deficiency balance
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Having to let home go into foreclosure. I know Michigan is a deficiency judgment state. I'm just wondering what the statute of limitation is on such a judgment? Thanks!
Icon Mini Profile larry





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Post Posted: Tue May 27, 2008 11:43 pm    Post subject: re: statute of limitations mortgage
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Hi dorisakers,

Welcome to the forum.

Have you already faced foreclosure? If not then try and avoid foreclosure.

BTW I think the statute of limitations on a mortgage deficiency in Michigan is 6 years on Breach of Contract and for judgment it is 10 years and it is renewable for another 10 years.

Feel free to ask if you have any further questions.

Best of luck,
Larry
doris

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Post Posted: Wed May 28, 2008 6:35 am    Post subject: re: statute of limitations on foreclosure and deficiency
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Thanks for replying. I unfortunately have faced foreclosure before. What does a judgment mean? Is it if they take me to court to go through the foreclosure?
Icon Mini Profile larry





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Post Posted: Thu May 29, 2008 2:36 am    Post subject: judgment and foreclosure statute of limitations in Michigan
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Hi doris,

Judgment is a decision given by the court. So in your case it may be that the court has given the decision in favor of the lender that you will have to pay the deference after the foreclosure.

They can place lien for the due debt on your other properties. BTW how much do you owe to the lender and how loan ago did the fore closure occurred?

Best of luck,
Larry
Linda

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Post Posted: Thu Feb 19, 2009 9:26 am    Post subject: staute of limitations on forced lender placed insurance
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My question is how many years can the lender go back looking for possible lapses in property insurance coverages and then retro place them?
Icon Mini Profile Niicss
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Post Posted: Fri Feb 20, 2009 2:47 am    Post subject:
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Hi Linda,

I haven't heard of any such statute of limitations regarding homeowner's insurance. As far as I know, if you do not have a homeowner's insurance or if you are not paying your mortgage insurance regularly, then the lender will not approve your mortgage. In order to get a mortgage, you need to pay off the pending homeowner's insurance.

Thanks.
tm

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Post Posted: Fri Dec 25, 2009 9:11 pm    Post subject:
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What is the statue of limitation on Deficiency Judgments. in NC?
Icon Mini Profile jenkin7
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Post Posted: Tue Dec 29, 2009 2:56 am    Post subject:
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Hi tm,

As far as I know, the Statute of Limitation (SOL) for judgments in the state of North Carolina is 10 years. It means once the judgment is past the SOL period, the lender or the creditor will not be able to come after you for the deficiency.
Karen Wellman

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Post Posted: Tue Jul 13, 2010 10:46 am    Post subject: Michigan statute of limitations on foreclosure
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I went to court for my foreclosure in a Sheriff's sale. There is a 0 balance showing. I assume I am not dealing with a judgement. I think it is considered a forelosure. How long does this foreclosure stay on my credit reports?
Icon Mini Profile sara
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Post Posted: Wed Jul 14, 2010 2:46 am    Post subject:
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Hi Karen,

A foreclosure will stay in your credit report for the next 7 years like any other negative items. As far as I know, the laws in Michigan allows the lenders to file deficiency judgments against the borrowers. So, you should get in touch with the lender and check out whether or not you need to pay off the balance dues.

Take care.
Molly

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Post Posted: Thu Oct 21, 2010 2:28 pm    Post subject: Home equity loan
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I received a home equity loan back in 2003. I had to file bankruptcy in 2005 and the loan was on a visa card which was included in the bankruptcy. It is now Oct 2010 and I am now hearing from Wells Fargo that they want me to start making the loan payments again. They say they have a lien on my home and I need to pay back the loan amount. If they where listed in the Bankruptcy in 2005 can they come after me now after 5 years with out any word asking me to start paying back the loan again?
Icon Mini Profile adonis
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Post Posted: Fri Oct 22, 2010 12:43 am    Post subject:
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Welcome Molly,

If the mortgage was included in your bankruptcy filing and if you've got it discharged, then the lender will not be able to come after you to recover the dues. However, the lender holds the lien on the property. In order to recover the dues, he can sell off the property.

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Post Posted: Tue Feb 15, 2011 9:24 am    Post subject: statute of limitations mortgage Michigan
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What is the Statue of Limitations on foreclosure in Michigan.
Icon Mini Profile Niicss
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Post Posted: Wed Feb 16, 2011 1:51 am    Post subject:
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In case of any written contract and promissory note, the statute of limitations in Michigan is 6 years.
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Post Posted: Wed Sep 07, 2011 4:55 pm    Post subject:
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i was default on mortgage,bank went to court but after 3 years bank volantarily dismissed the case for furthur sattlement.a lawer said after 5 years bank can not sue me for house.what will happen in this case
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