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Michigan Foreclosure- Judgement?- Buying a home afterwards?

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dbaj12 Guest	Posted: Wed Mar 02, 2011 9:55 am    Post subject: Michigan Foreclosure- Judgement?- Buying a home afterwards? Like 0 Dislike 0 Few questions! My husband got laid off. We are unable to pay our mortgage and have decided the only way to go is foreclosure. We understand that credit will be bad for 7 years, etc. More than likely the house will be sold for over 100k less than what we owe. I know Michigan is a state where the banks CAN go after you for the difference with a deficiency judgement but what are the chances? Especially if we have a job loss and no income coming in? ALSO We are renting a home in another state to move back near our family where we are from. In 2 or 3 years when we have 30 or 40k to put down on a house, we would love to buy another one. What are the chances there?? Any other advice for us?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Mar 02, 2011 10:01 pm    Post subject: Like 0 Dislike 0 Hi dbaj, Whether or not you've a job loss, the lender can come after you in order to recover the deficient balance resulting from the property sale. You should contact your lender and ask him to forgive the deficient balance. However, it will be his discretion whether or not he will forgive the dues. After a foreclosure, you'll have to wait for 3-4 years in order to qualify for a mortgage. _________________ Procrastination is the enemy of your financial success
Guest	Posted: Thu Mar 03, 2011 12:26 pm    Post subject: Like 0 Dislike 0 Thanks for the response adonis. If we pay PMI does this help the situation at all? Is it best for us to contact the mortgage company now to tell them we no longer be living in the home as of April 1st and won't be making anymore payments? Or just wait to hear from them? Do you know how likely it is they come after people right now due to all the house losses? Thanks!
Guest	Posted: Fri Mar 04, 2011 1:47 am    Post subject: Like 0 Dislike 0 You can contact your mortgage lender and let him know that you're not living in your house. After the foreclosure, the lender will come after you for the deficient balance.

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