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Michigan: SOL on foreclosure and deficiency balance

Posted on: 27th May, 2008 10:50 am
Having to let home go into foreclosure. I know Michigan is a deficiency judgment state. I'm just wondering what the statute of limitation is on such a judgment? Thanks!
Hi dorisakers,

Welcome to the forum.

Have you already faced foreclosure? If not then try and avoid foreclosure.

BTW I think the statute of limitations on a mortgage deficiency in Michigan is 6 years on Breach of Contract and for judgment it is 10 years and it is renewable for another 10 years.

Feel free to ask if you have any further questions.

Best of luck,
Larry
Posted on: 27th May, 2008 11:43 pm
Thanks for replying. I unfortunately have faced foreclosure before. What does a judgment mean? Is it if they take me to court to go through the foreclosure?
Posted on: 28th May, 2008 06:35 am
Hi doris,

Judgment is a decision given by the court. So in your case it may be that the court has given the decision in favor of the lender that you will have to pay the deference after the foreclosure.

They can place lien for the due debt on your other properties. BTW how much do you owe to the lender and how loan ago did the fore closure occurred?

Best of luck,
Larry
Posted on: 29th May, 2008 02:36 am
My question is how many years can the lender go back looking for possible lapses in property insurance coverages and then retro place them?
Posted on: 19th Feb, 2009 08:26 am
Hi Linda,

I haven't heard of any such statute of limitations regarding homeowner's insurance. As far as I know, if you do not have a homeowner's insurance or if you are not paying your mortgage insurance regularly, then the lender will not approve your mortgage. In order to get a mortgage, you need to pay off the pending homeowner's insurance.

Thanks.
Posted on: 20th Feb, 2009 01:47 am
What is the statue of limitation on Deficiency Judgments. in NC?
Posted on: 25th Dec, 2009 08:11 pm
Hi tm,

As far as I know, the Statute of Limitation (SOL) for judgments in the state of North Carolina is 10 years. It means once the judgment is past the SOL period, the lender or the creditor will not be able to come after you for the deficiency.
Posted on: 29th Dec, 2009 01:56 am
I went to court for my foreclosure in a Sheriff's sale. There is a 0 balance showing. I assume I am not dealing with a judgement. I think it is considered a forelosure. How long does this foreclosure stay on my credit reports?
Posted on: 13th Jul, 2010 10:46 am
Hi Karen,

A foreclosure will stay in your credit report for the next 7 years like any other negative items. As far as I know, the laws in Michigan allows the lenders to file deficiency judgments against the borrowers. So, you should get in touch with the lender and check out whether or not you need to pay off the balance dues.

Take care.
Posted on: 14th Jul, 2010 02:46 am
i received a home equity loan back in 2003. i had to file bankruptcy in 2005 and the loan was on a visa card which was included in the bankruptcy. it is now oct 2010 and i am now hearing from wells fargo that they want me to start making the loan payments again. they say they have a lien on my home and i need to pay back the loan amount. if they where listed in the bankruptcy in 2005 can they come after me now after 5 years with out any word asking me to start paying back the loan again?
Posted on: 21st Oct, 2010 02:28 pm
Welcome Molly,

If the mortgage was included in your bankruptcy filing and if you've got it discharged, then the lender will not be able to come after you to recover the dues. However, the lender holds the lien on the property. In order to recover the dues, he can sell off the property.
Posted on: 22nd Oct, 2010 12:43 am
What is the Statue of Limitations on foreclosure in Michigan.
Posted on: 15th Feb, 2011 08:24 am
In case of any written contract and promissory note, the statute of limitations in Michigan is 6 years.
Posted on: 16th Feb, 2011 12:51 am
i was default on mortgage,bank went to court but after 3 years bank volantarily dismissed the case for furthur sattlement.a lawer said after 5 years bank can not sue me for house.what will happen in this case
Posted on: 07th Sep, 2011 04:55 pm
Hi Guest,

You should check out your credit report and find out the status of your mortgage account. If the mortgage has been charged off, then a collection agency can contact you for the payment of the debt.
Posted on: 07th Sep, 2011 08:21 pm
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