Legal Question in Bankruptcy in Michigan

bridge loan, forclosurer proceedurers

I have a bridge loan on two houses with the hopes of selling one while fixing up the other my total of the loan was 208,000. one home went to auction bank declared sale themselves at 214,000. second home went sale to themselves at 127,000. can they legaly declare the outstanding differance. i would like to refianance the home i am living in.


Asked on 2/15/05, 10:05 am

1 Answer from Attorneys
Jesse Sweeney Sweeney Law Offices, P.L.L.C.

Re: bridge loan, forclosurer proceedurers

What you may be asking is whether they can come after you for the deficiency balance. Though mortgage companies rarely do this, they do have a right and you may be personally liable. Additionally, it may be difficult to refinance so soon after foreclosure. That said, I'll be happy to discuss your options with you. 1-888-31-SWEENEY.

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Answered on 2/15/05, 10:12 am


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