---

Foreclosure in MI

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
BarrenRoad Guest	Posted: Wed Oct 27, 2010 4:27 pm    Post subject: Foreclosure in MI Like 0 Dislike 0 After divorce, was stuck with a home. Remarried, both of us lost our jobs, moved to a different state for a job, had a baby... Couldn't pay the empty home's mortgage, had it for sale for 4 years in MI. Tried to deed in lieu, but had a 2nd mortgage I couldn't clean up. 1st mortgage foreclosed and it went to sheriff's sale. Didn't sell. Working with 2nd mortgage to settle on that loan. However, I can't figure out what is going on with the 1st loan. Bank says they owe it. The lawyer that handled the foreclosure said that MI has a year redemption rule and that the bank had 60 days to determine if they are going to go after me for the losses. I am so confused with all that I have read and can't get a straight story on what is really going on. One website said I should file for bankruptcy. I am so scared to talk to my husband about this as he was not on the property and had nothing to do with it. Can anyone help me with understanding what is going on?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Oct 27, 2010 9:03 pm    Post subject: Like 0 Dislike 0 Hi BarrenRoad, In case of a foreclosure, the lender has the rights to come after you for the deficient balance. If you want to avoid paying the deficient balance, then you can file bankruptcy and get it discharged. As your present husband's name is not mentioned on the property or on the mortgage of that property, he will not be affected in any way. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0