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deficiency balance in Michigan

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sammy4 Guest	Posted: Wed Nov 19, 2008 7:52 pm    Post subject: deficiency balance in Michigan If I foreclose on one property and owe a deficiency balance, can the bank come after my second home to pay the debt or will that home be safe as long as I continue to pay on that mortgage? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 3852 Location: ALASKA 120.89 Dollars($)	Posted: Wed Nov 19, 2008 9:47 pm    Post subject: Welcome sammy, Michigan is a deficiency judgment state. As such, when the lender files such a judgment, you'll have to pay it. Otherwise, he may place a line on the second home. By the way, is your second home located in Michigan? _________________ Procrastination is the enemy of your financial sucess

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