Posted on: 02nd Oct, 2009 01:46 pm
Where can I go to find out whether or not Mi is an ant-deficiency state or not? I tried mi.gov without success. Any suggestions?
Michigan is not a anti-deficient state
The lender can ask you for the deficient amount
probably you cna find more information on the state website
The lender can ask you for the deficient amount
probably you cna find more information on the state website
Hi realtorryan,
As far as I know, deficiency judgments are allowed in the state of Michigan. If you default on the loan, the lender has the right to file a foreclosure lawsuit against your property and foreclose it to recover the outstanding balance. If the foreclosure sale is not enough to cover the mortgage balance and the foreclosure costs, the lender can come after the borrower for the deficient amount. However, the state laws do allow a redemption period of 6 months after the foreclosure to the borrower during which he can redeem the property on paying a certain amount of money.
As far as I know, deficiency judgments are allowed in the state of Michigan. If you default on the loan, the lender has the right to file a foreclosure lawsuit against your property and foreclose it to recover the outstanding balance. If the foreclosure sale is not enough to cover the mortgage balance and the foreclosure costs, the lender can come after the borrower for the deficient amount. However, the state laws do allow a redemption period of 6 months after the foreclosure to the borrower during which he can redeem the property on paying a certain amount of money.
Hi realtorryan,
In Michigan, Lender can sue you for deficient Amount.
In Michigan, Lender can sue you for deficient Amount.