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Michigan: SOL on foreclosure and deficiency balance

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!

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My question is how many years can the lender go back looking for possible lapses in property insurance coverages and then retro place them?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the statue of limitation on Deficiency Judgments. in NC?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I received a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] 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?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the Statue of Limitations on foreclosure in Michigan.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

In case of any written contract and promissory note, the statute of limitations in Michigan is 6 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I stoped making payments on a home 5 years ago, the mortgage co has never contacted me about the payments in all that time. I recently stopped paying the insurance and property taxes, then they contacted me for that but not the payments. What are my rights? I live in AZ and there is a no judgement on balance on property under 2 1/2 Acres as long as it is a one family residence. Thanks

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lew,

You are liable for the mortgage payments as well as the insurance and property taxes. You need to contact the lender and ask them to foreclose the property asap so that you can get rid of the debts and the property. You should also check out the status of your loan as well by contacting the lender.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is there a time limit in Kentucky that a claim can be made against the son for the note/mortgage debt a father placed on the property that was transferred to the son. The father passed away in 2003. Now a family member is going after the son in 2011/2012.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Char,

If the mortgage has been transferred in the name of the son, then the family member can definitely go after the son in order to recover the mortgage debts. If the son cannot pay off the debts, then the family member can foreclose the property in order to recover the debts.

Thanks

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It was me above... just forgot to login.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I LOST MY HOUSE BACK IN 2010 ITS NOW 2013 & IM NOW HEARING DAT I OWN THE MORTAGE COMPANY... WHATS THE (SOL) IN VA. ????

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi SHAVONDA!

Welcome to forums!

For any kind of written contracts in Virginia, the SOL period is 5 years and for promissory notes, it is 6 years.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

home forclosed in Michigan in 2006. 28,000 home equity on house. How long can the lending institution seek out payment and how long will this follow me on the credit report. I would like to buy another home. Credit score now 650

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dembny,

Any negative item will remain in your credit report for 7 years. In case of any written contract in Michigan, the statute of limitations is 6 years.

Thanks

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