| ||||
| All Foreclosure Home Page | Foreclosure Discussion Board | |||
Posted by steele in minnesota on December 27, 2006 at 08:29:19:
In Reply to: How often is deficiency an issue / posted by Jim on December 23, 2006 at 07:34:02:
Maybe it's me, but this seems a wide open question. Are you the one being foreclosed upon? (I would guess so.)
With a six month redemption period in Michigan, yes, equity that may have been there can be eaten up with all the costs. Not to mention the marketing and holding costs the bank will have after. Then the soft market could also get worse or better at that time.
So the answer is "it's possible to have a deficiency". And they can come after you in Michigan as I understand it. But there are also factors on their side of things that they would have to weigh. Most important would be how much the deficiency was and would it be worth it to sue you for it.
Without a crystal ball...all we can tell you is general situations and possibilities.
Perhaps if you can be more specific as to your situation.
Also, if you have some equity it is possible in many areas to do a sale (or even short sale) during redemption. The bank would have to approve the sale and you could have an agreement that no deficiency would be pursued.
Steele V. Propp
Foreclosure Specialist
REO Division
Schatz Group GMAC
Minneapolis, Mn
steelep@aol.com
