Upcoming Foreclosures

Does anyone know if in Michigan a bank can come after personal assets after a foreclosure?

I am considering foreclosing on a condo in Michigan. I paid $369K in 2005 and my it has been listed at $225K for over a year. I still owe about $280K. I now live in Colorado and have bought another house. The condo is sitting empty in Michigan and is costing me about $3000 per month. The right financial decision is to foreclose, but I have the cash to pay it off and I don't want the bank coming after me after foreclosure. I've heard that in some states, the bank has to file a different type of foreclosure in order to come after assets and banks don't do it because it's very expensive and time consuming. Does anyone know what Michigan foreclosure law dictates? Thanks.

Public Comments

1. You will need to check with a professional in Michigan but it is a recourse state - ie the bank can come after you after a foreclosure quite easily.