A Helping Hand For Michigan Families
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If you cannot afford or do not wish to keep the property any longer, you can surrender it to the creditor or let the foreclosure/repossession occur. In the case of a foreclosure, you often have a “redemption period” where you continue living in the house. You are able to sell the house before the expiration of the redemption period if you can pay off the lender in full. Remember that charges are still accruing even after the foreclosure sale, so make sure that you have an accurate pay-off before agreeing to terms of the sale.If you voluntarily surrender (or experience repossession on) a vehicle because you can no longer afford it, the lien holder will likely charge you with a deficiency balance of the loan. That is, the difference between what you owed on the loan and what they were able to sell it for at public auction.In the cases of high deficiency balance(s), second mortgages on your home that are not included in the foreclosure or a judicial foreclosure – you may want to file a Chapter 7 to discharge these debt obligations.
I would like to reach out and express my thank you and gratitude to Alisha Goguen.
I would like to start by saying that I am a proud individual that due to life’s crazy path, lead me to needing assistance with a matter that was beyond my scope. As hard as it is to have to file a bankruptcy,…
Over the past few years I have been working with Cindy Millns for my case. She has been so easy to work with and helpful, that I cannot express enough gratitude for her professionalism and courtesy during my troubling times. She took the time to answer phone calls and emails when I needed answers…
I along with my husband would like to thank our attorney and Acclaim Legal Services for their outstanding service during our Chapter 13 bankruptcy. Stacy was able to push our home modification through smoothly and rapidly after failed attempts by my husband and me to work with our mortgage company…
Dear Julie, Thank you for the follow-up on our home foreclosure situation. We managed to borrow the money for our relatives to pay the reinstatement fee. Although it was very embarrassing, we felt it was the best course of action. I would like to thank you for all your help. We did talk to a couple…