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Need to understand deficincy laws in Michigan

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randolu Joined: 28 Mar 2011 Posts: 6 2.56 Dollars($)	Posted: Mon Mar 28, 2011 4:22 pm    Post subject: Need to understand deficincy laws in Michigan Like 0 Dislike 0 I just want to be make sure that I understand how this works. We have a 1st with a balance of $88,000 and a second with a balance of $141,000. We are looking at a foreclosure but currently have the home listed as a short sale for $170,000. If the home goes to foreclosure and they sell it at a loss, we can use our tax assement to show what the house is worth and have the definiency lower to the difference of the two.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 28, 2011 8:18 pm    Post subject: Like 0 Dislike 0 Hi randolu! Welcome to forums! After a foreclosure, the deficiency judgments are permitted in Michigan. However, as a borrower, you can claim that the foreclosure sale was not for fair market value of the property as a defence in order to avoid paying the deficient balance. Feel free to ask if you've further queries. Sussane

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