Legal Question in Real Estate Law in Michigan

foreclosure

i am wondering if after a forclosure can you be held responsible for any amounts of the mortgage that have not been satified (say it sells for less at auction) and you also have a second loan. i am considering foreclosure on a house i rented and the tenants trashed it and i cannot afford to repair it or make the payments, i know my credit will be ruined but will there be judgements and garnishments against me also? thanks for any info


Asked on 9/13/06, 3:32 pm

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: foreclosure

Yes, the mortgage company can sue you for the deficiency.

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Answered on 9/13/06, 5:34 pm


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