Legal Question in Real Estate Law in Michigan

foreclosure

my son had a forclosure on his house. he has been making payments of over $1000 a month to get the arrearage up to date and take care of all the legal fees and fines. he might not make it and he is down to the last payment next month. he has been working 12 to 14 hours a day-7 days a week to try to save his house. does he have to pay the differance if they go through with the forclosure of what they sell it for? also how long will he have to get out? he was really trying, but like i said, he might not make this last payment. he has maxed all his credit cards, and almost lost his checking acct. trying to make these high payments. does he have any hope? thanks


Asked on 6/09/06, 10:15 am

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: foreclosure

If your son is close to catching up on his mortgage payments, the bank may be willing to modify the forbearance agreement to allow him a little additional time. If not, and if he really wants to keep the home and has some equity in the home, he may want to consider bankruptcy under Chapter 13.

If there is a foreclosure sale, your son will have to completely refinance the property, including interest, taxes and the costs of the foreclosure procedure. In the event of foreclosure, if the home remains unabandoned, he can maintain possession of the home for six months following the foreclosure sale date, generally.

I can assist with additional bankruptcy questions if you call my office at 248.679.1552.

Good luck.

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Answered on 6/09/06, 10:27 am


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