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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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if i loose my home to foreclosure, what can I do to avoid paying

Resolved Question:

if i loose my home to foreclosure, what can I do to avoid paying the balance after the sherrif's sale?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open and nonconfidential forum.

Unfortunately when a property is foreclosed in Michigan, a judgment can be entered by the court for any amount of the loan that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on other property and wages of the borrower. You can consider filing bankruptcy to discharge this deficiency

I hope that this helps you.
Ellen and 3 other Bankruptcy Law Specialists are ready to help you

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