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Foreclosure Rules

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Guest	Posted: Sun Feb 28, 2010 12:05 pm    Post subject: Foreclosure Rules Like 0 Dislike 0 I live in Michigan and am currently looking at doing a foreclosure. I am the only person on the mortgage because I wasnt married before I bought it. If it was foreclosed on can the mortgage company come back at me for money after they sell it?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Sun Feb 28, 2010 8:27 pm    Post subject: Like 0 Dislike 0 Hi Guest, In Michigan, the lender has the rights to sue you for the deficient balance resulting from the sale of the property in a foreclosure auction. I would suggest you to speak to your lender and apply for a deed in lieu of foreclosure. Your property would be sold off at the auction but you won't be liable for the deficient balance. _________________ Procrastination is the enemy of your financial success

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