Legal Question in Real Estate Law in Michigan

The foreclosure process is solely about the bank taking title to the subject property. They will have to sell the property at a sheriff's sale and apply the proceeds from that sale to what is owed on the mortgage. The difference, which there usually is, is called a deficiency balance and the bank has the right to sue you and get a money judgment for that amount. The bank can then take any and all legal steps to collect upon that judgment such as garnishments of bank accounts, wages, State tax returns, Executions Against Property where they take items that you own etc. They can make your life pretty difficult. There are legal steps that you can take to try to avoid this situation. Aldrich Legal Services, PLLC specializes in Real Estate law, along with Bankruptcy, Probate/Estate Planning, Family Law and other areas of the law. If we can be of service to you please visit our website at aldrichlegalservices.com or call me directly at (734) 404-3000 for a free consultation.