Michigan foreclosure/deficiency on 2nd refi.
Posted by BobinMI on June 20, 2007 at 14:09:03:
My home is being sold at a sherrif's sale next week. I co-own with only the second mortgage in my name. Am I correct in saying the first mortgage's bank will more than likely buy the home at the sale for the total amount owed to them? At that point there is a mortgage deficiency on the property around 50K (second mortgage). What will be the approach the bank will take with me most likely? I am unemployed with almost no assets. The second bank has threatened garnishing my non existing wages, etc.....
I have been advised to file for ch. 7 by a lawyer. I have no other debts otHher than this HELOC. I feel I should wait to see what the bank does. I can handle a 1099 more than bankrupcy. What is the tax percentage that I would likely owe on a 50K 1099? Is there a way around paying or paying over time. please respond as sheriff's sale is fast approaching. By the way, I live in Michigan.
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- Re: Michigan foreclosure/deficiency on 2nd refi. - Steele in Minnesota 14:52:25 06/20/07
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