Colli Real Estate

Double mortgage foreclosure in Michigan, I need an expert!?

I need someone who has some knowledge of foreclosure, go see a lawyer in the coming days, but we're a bit nervous, so any knowledge of a small piece of mind would be a great help! My friend has a house with a mortgage of $ 150 billion, and a second debt consolidation mortgage of $ 60G. Unfortunately, He has made investments in companies that went wrong (mostly obtained F *). The 60G $ is the money owed to someone who will never return. State's economy going from bad to worse. We tried to sell their home. We have done an excellent job and now is wonderful, but we can not find someone to see. Even so, most of the home sale is $ 175G. This leaves $ 35G gap. It's getting bad for us. It has been suggested that just ended. Ruins sounds good and all (We know that credit-covered), but two major questions: Can – that the exclusion of two mortgages without anything repossessed and if so, should we stop paying property taxes too? HELP!

They will simply take home, can not take something in the house. This will happen if the first does not preclude a second mortgage to pay the first time, they are having a play Currency dimes. And you owe nothing. His second mortgage in the best interest to make a deal. If you can find a buyer or make selling to bring the 25K and more. Tel Once you get the first step of which 10K lose much. This happens all the time. Find a salesperson who handles sales. Thus, it is not a foreclouser against him. Chances are that if you have that large of a second sale will at least what it ought to first. But if he says that sales of 160K will pay the difference deficiance sentence of the first 15K. They require to she. The bank will set a price, say, 150K If someone offers you 151K and do not tell the bank acquires. Although the bank has lost 25K can not back up with you all. Its only if the bank buys the sale. Believe me, the bank does not want your house. Work with them. If they know that their exclusion will want a short sale if you can develop and find a buyer. You do not want to market and sell. They take their losses now. Email me if you have any doubt in my profile. Hope this helps, good luck.

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