Legal Question in Credit and Debt Law in Michigan

I want to sell my house, but because of the number of foreclosed homes in the neighborhood I need to now sell it for less than I owe. I do not plan to walk away from this debt as a lot of my neighbors have done. Can these neighbors who walked away from their homes and reduced the values of our home be sued to cover my loss? I know a couple of the foreclosed homes are a result of divorce, rather than sell and take care of business they walked away. One foreclosed home is because he quit his job here in this area and took another postion in another town and rather than sell, they walked away from the home. Most of these foreclosed homes were not a result of a bad economy, they are a result of unresponsible people. Or can the banks be sued for making it to easy for irresponsible behavior and cover my loss?

Asked on 10/17/11, 1:19 pm

1 Answer from Attorneys

Thomas R. Morris Silverman & Morris, P.L.L.C.
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The short answer is "no". One could write a lengthy essay on the reasons why the answer is no. It will have to suffice that the law does not recognize a duty on the part of your neighbors or their lenders towards you to behave in a manner which is financially responsible. If the law were to recognize such a duty, claims for the breach of such a duty would be potentially limitless and the nation would be consumed in litigation.

This response is for discussion purposes only and does not constitute legal advice.

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Answered on 10/17/11, 3:57 pm

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