Posted on: 10th Mar, 2008 04:55 pm
Are lenders still able to obtain a deficiency judgement after sheriff sales on foreclosed homes in Michigan? It is very confusing. Before they issued a 1099c for your forgiven amount. However, I understand that these 1099c are not being issued any longer. Does this mean that deficiency judgment is assumed? Also, does Michigan have anti-deficiency laws? If the mortgage is for the purchase of a dwelling occupied by the purchaser, is the purchaser not responsible for any deficiency?
My house foreclosed and was sold at a sheriff sale. the deed its on my name &my husband name but loan on my husband name...but he passed away few months ago ...If I can come up with the amount to redeem my home, can I still be sued for the deficiency of the original mortgage, iam im michigan :oops:
Hi Guest,
If the loan is in your husband's name, the foreclosure won't have a negative affect on your credit report and the lender won't be able to come after you in order to recover the deficient balance. If you pay off the delinquent amount to the lender, you may be able to save the property from foreclosure.
Thanks
If the loan is in your husband's name, the foreclosure won't have a negative affect on your credit report and the lender won't be able to come after you in order to recover the deficient balance. If you pay off the delinquent amount to the lender, you may be able to save the property from foreclosure.
Thanks
My home was sold in a sheriifs sale for $44 thousand, my original loan amount was $150 if I buy the house back during the redemption period, can I turn around and sell it with out the bank putting a lien on it? I live in MI
Hi Guest!
Welcome to forums!
You already owe mortgage on it. In such a situation, I don't think the lender will allow you to buy back the property. Nevertheless, you can contact the lender and check out if he will be ready to give you the buy back option.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You already owe mortgage on it. In such a situation, I don't think the lender will allow you to buy back the property. Nevertheless, you can contact the lender and check out if he will be ready to give you the buy back option.
Feel free to ask if you've further queries.
Sussane
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