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likeliness of a deficiency judgement

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albo Guest	Posted: Thu Aug 19, 2010 7:22 am    Post subject: likeliness of a deficiency judgement Like 0 Dislike 0 Hi I have a house in Michigan financed through Wells Fargo. I am considering letting it go into foreclosure. This is my only mortgage on the property and my loan is probably around $50,000 more than what the house is worth. How like is it that this bank (or any bank for that matter) will request a deficiency judgement? Also, if i have no other properties or assets, what can they take instead? Thank you
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Fri Aug 20, 2010 12:45 am    Post subject: Like 0 Dislike 0 Hi albo, Deficiency judgments are allowed in Michigan. If you let the property go into foreclosure, the lender will come after you for the balance dues. In my opinion, it would be better if you could contact your lender and apply for a deed in lieu of foreclosure. This will not only help you in selling off the property but you won't be liable for paying the balance dues resulting from the sale. _________________ Procrastination is the enemy of your financial success

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