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Can a mortgage company collect more of the judicial sale of dollars in Michigan?
So my friend is running and is trying to figure out what the law in Michigan and is very confusing. It seems that if the bank take the house and sell it then they can sue for the difference in making it sold and what you owe. But it was on sale and the sheriff bank bought it themselves, so the question is that the sale or subsequent sale is to someone else we care? And how do you know how much they bought it at sheriff's sale? So then in this case if the mortgage company bought say, less than the mortgage then they can sue for the difference of 30,000. Do you usually do this?
Are deficiency judgments permitted in Michigan? Yes. Exclusion is the only remedy against a property unless there is a legal document that requires the borrower to a specific amount of money. It is usually in the form List of andguaranty. A. There was resolution can be obtained when a property in foreclosure is sold at public auction for less than the loan amount the insured with the underlying mortgage. The borrower may assert that the foreclosure sale is not Forfar market value of the property as adefense. First Sale is the only matters. The purchase price is a public document. be in writing, and as he is responsible for the balance, which will give a copy of the foreclosure sale proceedings, if requested and a list of all
Foreclosures REO Homes for Sale – Van Nuys, California – Realtor Real Estate Agent John McQuilkin
