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Loan Default in Michigan - Will my Credit Union or Regional Bank Pursue Me for the Debt?
Posted by AcclaimLegalService
In general, banks are becoming more aggressive in pursuing loan deficiency claims. From our experience, small regional banks and credit unions are much more likely to pursue collection on a loan default simply because:
- They cannot absorb losses like larger banks;
- They do not receive government funding to offset losses.
What…
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After finding out the bank wanted us to pay the difference between what we owed them on the house and what they sold it for, I didn’t know which way to turn…the thought of possibly loosing our building kept…