Posted on September 4, 2011.
So my friend is in. foreclosure am and is Trying to Figure Out What Is The Law in Michigan and It Is very confusing.It Seems That If The Bank Takes the house and sells it Then THEY CAN sue HIM for the Difference of What They sold it for What he and Owes. But It Went To The Bank sheriff sale and bought it from Themselves, so The Question Is That The Sale is it golden indique Later to Someone Else That Matters? And Also How Can he find out How Much THEY bought it at the sheriff sale for?
Jen Doerle says...
Are deficiency judgments permitted in Michigan?
Yes. Foreclosure is the sole remedy against a property unless there is a separate legal document which obligates a borrower to a specific amount of money. This is usually in the form of anote andguaranty. Adeficiency 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.The borrower can claim that the foreclosure sale was not forfair market value of the property as adefense.
First sale is the only one that matters.
Purchase price is a public record. will be on the deed; and as he is responsible for the balance, they will give him a copy of the foreclosure sale proceedings if he requests it and it will list everything,
Posted on September 8, 2011
