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We are facing forclosure of our home. We recently received…

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We are facing forclosure of...
We are facing forclosure of our home. We recently received some land due to a death in family. Can the property be in danger if forclosure should happen. Due to medical reasons we had to move to a warmer cliamte and recently my Husband had an accident and unable to work. We would like to protect the property.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 23 minutes by:
6/14/2010
Real Estate Lawyer: Jack R., Lawyer replied 8 years ago
Jack R.
Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6,147
Experience: Mediator, part of the Ohio Save the Dream Foreclosure project
Verified

In Michigan a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. With a deficiency judgment a creditor can go after assets owned by the debtor, this includes real property, personal; property, and accounts.

 

 

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All comments are provided for informational purposes only. A local attorney should be contacted for specific legal advice.

 

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Category: Real Estate Law
Satisfied Customers: 6,147
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Experience: Mediator, part of the Ohio Save the Dream Foreclosure project

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