Legal Question in Real Estate Law in Michigan

My husband and I are preparing to move out of our home and either deed it back to the bank or have it forclosed on. We have not yet spoke with the bank and are planning to wait until we have moved out in two weeks. If they do not allow us to deed back the property do we need to retain a lawyer to go through the foreclosure process. We have a second mortgage out with Citifinanacial as well. Do we notify them of our intent as well? Would either bank be able to sue us for the amount owing?

This is a difficult process and we want to be forthcoming with the information but we are concerned about how quickly they might kick us out of property.


Asked on 1/20/10, 11:31 am

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

the simple answer is yes, either or both mortgage holders can sue you for any deficiency on the mortgage note that is not covered by a foreclosure auction sale. Contact me at www.kliszlaw.com to discuss in more detail. Tim Klisz

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Answered on 1/25/10, 11:47 am


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