Posted on: 06th Feb, 2011 02:08 pm
[size=18:da53f3126f][color=Indigo:da53f3126f][font=Times New Roman:da53f3126f]My husband owned a condo with his ex in MI. When she left he kept up the payments but after we met and I moved to MI the condo was way too small (I already had 2 children). We rented the condo and moved into a larger apartment.
He later received a job offer in VA and we moved away. The tenants remained for a year but later moved out after financial difficulties. We were left trying to pay the mortgage. We had two more children and maintaining a mortgage for a condo we'd never return to became impossible. The condo foreclosed about 2 years ago.
Can the bank come after him now? We haven't been contacted but his credit report shows the balance of the condo and that Chase repossed it.
Thanking you in advance,[/font:da53f3126f][/color:da53f3126f][/size:da53f3126f]
He later received a job offer in VA and we moved away. The tenants remained for a year but later moved out after financial difficulties. We were left trying to pay the mortgage. We had two more children and maintaining a mortgage for a condo we'd never return to became impossible. The condo foreclosed about 2 years ago.
Can the bank come after him now? We haven't been contacted but his credit report shows the balance of the condo and that Chase repossed it.
Thanking you in advance,[/font:da53f3126f][/color:da53f3126f][/size:da53f3126f]
Welcome Mitch,
As the mortgage is a written contract, the SOL for such debts is 6 years in Michigan. In such a situation, the lender may come after your husband now in order to recover the deficient balance from him. They can even sue him at the court for the deficient balance.
As the mortgage is a written contract, the SOL for such debts is 6 years in Michigan. In such a situation, the lender may come after your husband now in order to recover the deficient balance from him. They can even sue him at the court for the deficient balance.
Thank you adonis,
I'm wondering how long that might take (the entire 6 years)? The condo has resold (as of 2009). I would think that they would have contacted us by now.
I'm wondering how long that might take (the entire 6 years)? The condo has resold (as of 2009). I would think that they would have contacted us by now.
Hi Mitch!
Welcome to forums!
Within the 6 year period, the lender can take legal actions against you in order to recover the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Within the 6 year period, the lender can take legal actions against you in order to recover the deficient balance.
Feel free to ask if you've further queries.
Sussane