Posted on: 19th Nov, 2008 06:52 pm
If I foreclose on one property and owe a deficiency balance, can the bank come after my second home to pay the debt or will that home be safe as long as I continue to pay on that mortgage?
Welcome sammy,
Michigan is a deficiency judgment state. As such, when the lender files such a judgment, you'll have to pay it. Otherwise, he may place a line on the second home. By the way, is your second home located in Michigan?
Michigan is a deficiency judgment state. As such, when the lender files such a judgment, you'll have to pay it. Otherwise, he may place a line on the second home. By the way, is your second home located in Michigan?