Legal Question in Real Estate Law in Michigan
mortgage foreclosure
what are the repercussions of allowing foreclosure on your house, two mortgages, no equity, probably bought overpriced, no way to sell it for what it's worth.
2 Answers from Attorneys
Re: mortgage foreclosure
Probably only your credit however if the house doesn't cover the loan at auction they could go after you for difference.
www.lawcpg.com
Re: mortgage foreclosure
In all likelihood, the only consequence will be to your credit rating. However, this can affect credit card, automobile, and other items you may purchase on credit by resulting in a higher rate there. The other consequence is that the bank(s) may come after you if the home doesn�t sell at auction for what is owed. In reality, I don�t frequently see that however since the bank may feel it is not willing to pay legal fees with little change of a payoff.
www.SevickLaw.com
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