Re: What do i owe after foreclosure in Michigan

Posted by NJDave on February 22, 2006 at 18:48:27:

In Reply to: What do i owe after foreclosure in Michigan posted by Dusty Harvey on February 22, 2006 at 18:25:55:

Why would you allow that to happen?

Presumably, the second mortgage lender would take the home, then try to sell it as quickly as law permits to payoff the first... and keep whatever is left. If there was a shortfall, they could come after you for the balance.

try to avoid that if at all possible. List and sell at fair market value...

Follow Ups:

• Re: What do i owe after foreclosure in Michigan - midh 18:53:57 02/22/06 (2)
  • Re: What do i owe after foreclosure in Michigan - MIdh 18:56:30 02/22/06 (1)
    • Re: What do i owe after foreclosure in Michigan - TheShortSalePro 06:45:35 02/23/06 (0)

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Comments:
: Why would you allow that to happen?

: Presumably, the second mortgage lender would take the home, then try to sell it as quickly as law permits to payoff the first... and keep whatever is left.  If there was a shortfall, they could come after you for the balance.

: try to avoid that if at all possible.  List and sell at fair market value... 


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