What is the statute of limitations on a mortgage deficiency

dorisakers · Joined: 27 May 2008 Posts: 1 1.29 Dollars($)

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!

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

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

Guest 0.10 Dollars($)

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?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

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

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