Re: What do i owe after foreclosure in Michigan

Posted by midh on February 22, 2006 at 18:53:57:

In Reply to: Re: What do i owe after foreclosure in Michigan posted by NJDave on February 22, 2006 at 18:48:27:

: 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 18:56:30 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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