Legal Question in Bankruptcy in Michigan
foreclosure
we have a rental that is almost upsidedown with a 1st and 2nd. we have been trying to sell it for 2 years. we have decided to look at forclosure or deeding it back to the bank. are we responsible for the $30,000. balance on the 2nd if we forclose? or does the entire amount get forclosed on. we know it will hit our credit, but we are already in a house to stay and cars are not an issue. we have 2 disabled kids now and cant keep the rental and we cant sell.
Asked on 4/10/07, 11:07 am
1 Answer from Attorneys
Rochelle Guznack
Law Offices of Rochelle E. Guznack, PLLC
Re: foreclosure
You have several options. It may be possible to strip the second, allow the bank to foreclose, or give the bank a deed in lieu of foreclosure.
You can call me to discuss further at 248.679.1552.
Rochelle Guznack
Answered on 4/10/07, 12:52 pm
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