mortgage foreclosure help
Double mortage foreclosure in Michigan, I need an expert!?
I need someone who has a little knowledge regarding mortgage foreclosure- we’re going to see a lawyer in the next few days, but we’re a little nervous, so any knowledge for a little piece of mind would be a huge help! My fiancé’ has a house with a $150G mortgage, and a second mortgage of $60G debt consolidation. Unfortunately, he made some business investments that went wrong (basically he got F*). The $60G is money that someone owes him that he will never get back. Michigan economy is going from bad to worse. We tried to sell his house. We did a lot of work and now it’s gorgeous, but we can’t get anyone in to see it. Even so, the most the house will sell for is $175G. That leaves $35G gap. It’s getting bad for us. It has been suggested that we just foreclose. Sounds good and all (We know it ruins the credit-got that covered), but two big questions: Can we foreclose on both mortgage without them repossessing anything and in that case, do we stop paying property tax as well? HELP!
They are only going to take the house, they cant take anything inside the house. Here is what will happen the first forecloses if the second mortgage doesnt pay off the first they are screwed they dont get a dime. And you dont owe them anything. Its in the seconds mortgage best interest to make a deal. If you can find a buyer or do a short sale they might take the 25K and walk away.
Maybe you can get the first to pitch in 10K so they dont lose as much. It happens all the time. Find a real estate agent that deals in short sales. That way its not a foreclouser against you.
Chances are if you have that big of a second at sale its going to go for at least what you owe on the first. But if it doesnt say it only sales for 160K You will owe a deficiance Judgement of the difference to the first for 15K. They will sue you for that.
The bank will set a price of say 150K If anybody bids say 151K and the bank doesnt buy them out. Even though the bank lost 25K they cant come back on you at all. Its only if the bank buys it back at the sell.
Trust me the bank doesnt want your house. Work with them. If they know its foreclosing they will want a short sale if you can work it out and find a buyer. They dont want to market it and sale it. They will take their loss now.
Email me if you have any further questions off my profile. I hope this helps, good luck.
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