Yes, a lender may sue a borrower for a deficiency judgment in Michigan. However, the borrower has defenses available and may not be required by the court to pay the remainder of the loan amount in certain situations. For example, the borrower and the lender may have entered a separate agreement that provides for a specific monetary amount for which the borrower is liable other than the mortgage amount. The borrower may also claim that the foreclosure sale was for a price under market value as a defense in a deficiency judgment proceeding.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.