Michigan: SOL on foreclosure and deficiency balance

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

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

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.

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

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

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

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

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

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