Ask Bill your personal finance question

Recourse Loan In Michigan

My Michigan house is going through foreclosure. Will I be responsible for the deficiency balance?

My Michigan house is going through foreclosure and has an auction date. I have a HELOC loan will I be responsible for the deficiency balance?

Read full question
Bill's Answer
(6 Votes) | Find Learn Save

Michigan's laws for recourse/non-recourse and foreclosure are clear. However, it is unclear based on your one-sentence question whether you have a recourse or non-recourse loan. Therefore, I urge you to consult with an attorney licensed in Michigan who has experience in property law. Bring all of the loan-related documents you have to the consultation, especially the HELOC contract.

I realize my answer is unsatisfactory. However, I would rather provide a non-answer than guess and have a 50% chance of being wrong.

I hope this information helps you Find. Learn & Save.



Get Mortgage Rates!
(6 Votes)

People also like to Read

Betsalel Cohen

Mortgage programs have different minimum credit score requirements. However, lenders often have stricter rules. It is importa... Read more >>

Daniel Cohen

FHA Loans | FHA Loans are extremely popular for first-time homebuyers. Some of the huge benefits, including low down payments... Read more >>

Betsalel Cohen

Mortgage Basics - Down-payment, Equity, and LTV | Learn about mortgage terms relating to your property's value and how it aff... Read more >>

Betsalel Cohen

Whether you are refinancing or buying a home you will ask yourself if you can afford the mortgage. Learn to prepare and evalu... Read more >>

Betsalel Cohen

Qualify for a Mortgage | You can get qualified for a mortgage and the best rates by preparing yourself. Make sure that your c... Read more >>

Mark Cappel

Applying for a mortgage with bad credit and a spouse isn't as difficult as you may think. Learn the what lenders look for whe... Read more >>

Betsalel Cohen

PMI | If you are looking to buy a house and take a mortgage loan with a low down payment then PMI can...... Read more >>

Brad Stroh

Refinance My Home? If you are asking 'Should I refinance my mortgage?' or 'Is refinancing my home a good?', then check out ... Read more >>


1500 characters remaining