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Michigan Foreclosure Questions... Please help!?

I am going to be going into foreclosure and have a few questions for you all. I have a second mortgage on the property. When the house sells at sheriffs sale, there is no way it will sell for even the amount of the first mortgage. What happens with the second mortgage? Do I have to leave all the appliances? We replaced every single appliance in the house when we moved in. Do we have leave all the new ones? How long does the process usually take?

Public Comments

1. Second mortgage holder gets nothing. First mortgage holder gets all the proceeds. Anything over the first mortgage goes to second mortgage holder. You leave appliances (only) that are wall bound like a stove or dishwasher or quickly sell them and replace with ones that are cheaper (marked-up or dented.) Take the refrigerator or sell it and do not replace. Same with the washer and dryer and microwave unless built in. Take these and sell them and do not replace. Built in items typically stay with the house. The process could take place in as little as 3 months or up to 6 months, but there are Obama plans in place to try to stop foreclosures. Have you asked your banker about work-arounds to stop the process?
2. Perhaps you've missed the new Michigan State Housing Development Authority (MSHDA) commercials about housing counselors. I suggest going to this website which provides more information and a suggested timeline. The Save the Dream toll-free number is 866-946-7432. http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html To the best of my knowledge, if the property looks vacant the property management company hired by the bank will try to speed the process up from 180 days to 30 days, so it's important to follow directions on the website above. Depending upon circumstances, you may also qualify for "short sale" status. If you are in southeast Michigan, I can forward your information to our company short sale department to see if you might qualify. (this would be a last resort prior to sheriff auction)