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tvida494 · Joined: 15 Dec 2009 Posts: 3 1.98 Dollars($)

My wife and I own 2 homes. One is our primary home and the second is a rental . The rental home is upside down by $80,000 and we cant even keep it rented. We cannot continue to pay 2 mortages and we want to forclose on the rental home. Is Michigan a no recourse state? Can they garnish my wages? What would we be liable for? Are the banks going after people who forclose on rental homes as it appears they are doing nothing with those who foreclose on a primary residence? Suggestins? Thanks for helping, I'm having such a hard time finding answers.

jameshogg · Posted: Mon Dec 21, 2009 8:40 pm Post subject:

Hi tvida,

As far as I know, in Michigan, the lenders may sue you for the deficient amount if you let him foreclose your property. You will be liable to pay off the balance amount resulting from the sale of the property. If you are unable to pay off the dues, then the lender can garnish your wages.

You can apply for a deed in lieu of foreclosure with your lender and check out if he accepts your request. This will help you sell off the property and you won't be responsible for the deficient amount.

Thanks

hecmrev · Joined: 10 Oct 2009 Posts: 39 6.97 Dollars($)

You should try to sell the rental property with a shortsale. The terms of a shortsale very but it would seem like a better option than foreclosure.

Hope this helps & good luck to ya!

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Michign Foreclosure question