Upcoming Foreclosures

Tell me your Michigan Foreclosure story...?

We may be facing foreclosure in Michigan. Gonna talk to a lawyer eventually but I was just trying to get some feedback on what happened during and after. Did the mortgage company sue your for deficantcy or wright of your debt? If you had a second mortgage...what happened to it?? Did you have to pay taxes on the deficantcy?? We bought our house in 06 for 135,000....refied in early 07 for a lower rate on the 1st mortgage and we also opened up a 2nd mortgage for 15,000 at the same time with the same company (GMAC). Since our mortgage is so young, we've barely paid of any principal because most of our payment was for interest. Our home was assesed for tax purposes this winter for 120,000.

Public Comments

1. Becky, While a foreclosure attorney may be one of your options, I suggest you investigate all the other options available. Perhaps you've missed the State of Michigan commercials for MSHDA and Saving the Dream. They have housing counselors that may be able to help negotiate for you. http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html