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deficiency judgement??

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karen Wellman Guest	Posted: Tue Jul 13, 2010 10:48 am    Post subject: deficiency judgement?? Like 0 Dislike 0 What is a deficiency judgement. I know I did not owe anything after my foreclosure. But what is the SOL on this in Michiagn? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Wed Jul 14, 2010 2:43 am    Post subject: Like 0 Dislike 0 Hi karen, If your property has gone through a foreclosure or short sale, then you would be liable for the deficiency balance resulting from the property sale. In order to recover the dues, the lender can file a lawsuit against you and get a deficiency judgment. As far as I know, the statute of limitation (SOL) in regards to deficiency judgment in Michigan is 4 years. Take care.

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