Legal Question in Wills and Trusts in Michigan
i have had my house for sale for several months and it is not selling. I need to move due to several reasons. my mortgage company gave me the option of a deed of lieu. I have a small amount of cash saved up and want to purchase a small cheap house but will the bank every come after me for doing this?
3 Answers from Attorneys
A properly drafted deed in lieu of foreclosure will protect you from having a deficiency judgment entered against you. In short, if done right, you will hand over the deed to the bank, walk away, and the bank will not legally be able to come after you. Make sure to have an attorney look it over, it's important that it's done right. Good luck.
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If they agree, great. But if not, you can still be liable for any deficiency. Tim Klisz
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