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REAL ESTATE: IS MI A "NON-RECOURSE" STATE, MI, YES, SUED AND…

Customer Question
REAL ESTATE...

REAL ESTATE : IS MI A "NON-RECOURSE" STATE

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

MI

Lawyer's Assistant: Has any paperwork been filed?

YES

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I AM BEING SUED AND DO NOT HAVE NUCH TIME FOR FILING a response

Submitted: 9 months ago.Category: Legal
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Answered in 1 minute by:
9/20/2017
Lawyer: ScottyMacEsq, Attorney replied 9 months ago
ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 18,160
Experience: Licensed Texas General Practice Attorney
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Thank you for using JustAnswer.

I'm sorry to hear about your situation. To be clear, do you mean in the context of a foreclosure?

By the way, you may get a phone call offer. This is system generated, and at this point I don't know enough about your situation to know if I can assist you. Decline the offer if it comes up and we can continue in this chat function.

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Customer reply replied 9 months ago
this regards ***** ***** property in Inkster, mi, which i own, but i have not paid any money to the note holders for 13 months. neither of us want to own it. i live in CA; they in CO.... so yes, i had hoped for a foreclosure and they end up with the house,
Lawyer: ScottyMacEsq, Attorney replied 9 months ago

I rejected the phone call request because I think I can answer your question without it (and save you the additional expense). Thank you for that additional information. Please give me a few minutes while I type a response. I am still here with you, but it does take a bit of time to type a complete response.

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Lawyer: ScottyMacEsq, Attorney replied 9 months ago

Nonjudicial foreclosure is the more common method of foreclosure in Michigan. In this type of foreclosure, if any mortgage debt remains unpaid after the foreclosure sale, the lender may sue the borrower to obtain a deficiency judgment. However, Michigan law provides borrowers a defense if the mortgage lender purchases the property at the foreclosure sale. If the borrower can show either that (1) the fair market value of the property at the time of the foreclosure sale was equal to the amount of the mortgage debt, or (2) the amount that the mortgage lender bid at the foreclosure sale was substantially less than the true value of the property, the homeowner is not liable for the deficiency either in whole or in part. Mich. Comp. Laws §(###) ###-#### This defense is an important protection for borrowers when the mortgage lender purchases the property at the foreclosure sale and prohibits lenders from entering a low-ball bid at the foreclosure auction.

Lenders are also entitled to a deficiency judgment in judicial foreclosures. In this type of foreclosure, the judgment ordering the foreclosure sale will provide that if the principal, interest, or costs ordered to be paid are left unpaid after applying the proceeds from the foreclosure sale, the court clerk will issue an execution for the amount of the deficiency once the lender’s attorney orders the clerk to do so. The borrower will then become personally liable for the amount of the deficiency.

These rules regarding deficiency judgments after foreclosure apply to foreclosures of both residential properties and investment, or commercial, properties.

So it's certainly possible that they can seek a deficiency (recourse) against you. As such, I would suggest to the note holders that you're willing to sign over the deed to them (called a "deed in lieu of foreclosure") for a complete release of any and all claims against you personally. That's the best case scenario for you, as a deed in lieu is "better" than a foreclosure in terms of the impact to your credit.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

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Lawyer: ScottyMacEsq, Attorney replied 9 months ago

Did you have any other questions before you rate this answer?

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Lawyer: ScottyMacEsq, Attorney replied 9 months ago

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions).

If you can't see the stars, you may need to scroll up / down / left / or right to see them. This is where you rate so that the question will close out.

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Lawyer: ScottyMacEsq, Attorney replied 9 months ago

Should I continue to await your response, or may I assist the other customers that are waiting?

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Lawyer: ScottyMacEsq, Attorney replied 9 months ago

My apologies, but I must assist the other customers that are waiting. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Lawyer: ScottyMacEsq, Attorney replied 9 months ago

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Lawyer: ScottyMacEsq, Attorney replied 8 months ago

Can you see on your screen where you need to rate it? Note that you may need to press a "submit" button after clicking on the appropriate star rating. This is what I'm waiting on from you. Thanks!

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Lawyer: ScottyMacEsq, Attorney replied 8 months ago

I see that you have still not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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