In Michigan,a vacant rental propert getting forclosed.Can they come after me for the balance of the loan?
I lived in Michigan, job transferred me to Atlanta. I rented my home in Dearborn, MI and my tenant lost her job with Ford Motor Company. She has vacated the home and I am left with an ARM loan that has risen to 11.5% and I cannot afford to make the payments for a vacant home. Economy is making it hard to list/rent and I have become dilinquent and forclosure looks like it is closing in on me. Will Countrywide come after me for the difference in what is owed on the home and what they sell is for on the courthouse steps?
I believe you are responsible for that money, but why are you asking here? Get some professional financial counseling before you lose the property and put a foreclosure on your credit record for the next decade. Doing nothing is the biggest mistake. Contact a financial counselor, the mortgage company, and look for other organizations working with others in your situation. There are resources to help you try and figure something out.
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Filed under: Motor Home Rentals
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unless you have a non-recourse loan, or Michigan prohibits recourse, yes.
it’ll take a while. there may be no bids at auction and Countrywide will then own the house.
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at least you’re working.
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ex-mortgage banker
Hate to say it but, it’s your house, yes they will come after you.
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I believe you are responsible for that money, but why are you asking here? Get some professional financial counseling before you lose the property and put a foreclosure on your credit record for the next decade. Doing nothing is the biggest mistake. Contact a financial counselor, the mortgage company, and look for other organizations working with others in your situation. There are resources to help you try and figure something out.
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You are responsible to make your mortgage payments even when there is a tenant involved. That said, contact your lender and speak with the Loss Mitigation department. Tell them your situation and they will work with you. The lender will start the foreclosure process after 3 payments are missed and you will receive a Notice of Default letter. On that letter it will state when the property will be sold. The lender will set the price at what is left on the balance of the loan and court costs. If they settle for a lower amount they will ask you for the balance.
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16 yrs real estate
Title & Escrow
Loans
Yes they can come after you for the balance. However, more likely Country Wide will write it off and 10-99 the balance to you as income (forgiveness of debt is a taxable event) then you have to pay income tax on bank’s loss.
Well that is unless it was your primary residence.. then there may be some tax relief..
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I am an attorney in Michigan..
Dearborn is not the place to have an 11.5% loan. But you asked for help and the help is this—–SELL THE HOUSE for what is owed. Save the credit rating and possible legal collections actions…
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Hi.
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I got a loan of $150,000 from an agency online and i was lucky not be scammed.
Contact them at email:globaly_aquinted_org@yahoo.com interest rate of 0.2% is simply great.they use a yahoo email account on our request because its makes contacting them easier
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