NLIC.org

Cheryl Said:

Attention Michigan Lawyers!!?

We Answered:

Lawyers are often asked to work pro bono. And most do quite a bit more than average people think they do. But to ask a lawyer to do that is as rude as asking a grocer for free food or an auto dealer for a free car.

What you really want is a lawyer who might work on contingency. Check www.martindale.com to see a listing of lawyers in your location.

Leo Said:

Foreclosure consequences on my rental property in Michigan?

We Answered:

In the last 5 years there have been almost no instances where a bank came after you for money ( a judgement) after a rental property foreclosure. It isn't worth their time and effort. But that doesn't mean they won't start tomorrow so you are correct to worry.
Short-sales have increased their success rate from 4% to 8% but that just wastes time for you.
Your first choice would be for the lender to accept a Deed In Lieu of Foreclosure. You sign a deed today and the bank owns it. But the banks have been scammed so they are reluctant to do this ... but you should call to offer it.
If the bank sells your house for $53,000 and pays $5,000 in "costs". You would owe them $15,000 if they got a judgement against you. There is a good chance that they would accept $5,000 cash from you since they usually get zero.

Carol Said:

walk away from mortgage??

We Answered:

Don't walk away from your mortgage, that's walking away from the only real viable asset you have. Contact a government agency or a credit agency that may be able to help. Also, maybe it's time to sell and take the equity you have in the house and walk away at that point. Have you considered taking in a renter to help cover the cost of the mortgage?