signing off vs foreclosure

[taylorjm]

What is the name of your state? Michigan

I know that in my state, if they foreclose on your property they can seek a deficiency judgement any amount shorted from the payoff verses the sold amount. What if you sign the deed off back to the bank instead of foreclosing? Can they still seek a deficiency judgement since they technically wouldn't be foreclosing?

[moburkes]

Originally Posted by taylorjm

What is the name of your state? Michigan

I know that in my state, if they foreclose on your property they can seek a deficiency judgement any amount shorted from the payoff verses the sold amount. What if you sign the deed off back to the bank instead of foreclosing? Can they still seek a deficiency judgement since they technically wouldn't be foreclosing?

Is your bank agreeing to that? Many don't. However, if they do, they will not seek a deficiency judgment.

[lcannister]

If you are asking becasue it has been offered, get it in WRITING!

[HomeGuru]

Originally Posted by taylorjm

What is the name of your state? Michigan

I know that in my state, if they foreclose on your property they can seek a deficiency judgement any amount shorted from the payoff verses the sold amount. What if you sign the deed off back to the bank instead of foreclosing? Can they still seek a deficiency judgement since they technically wouldn't be foreclosing?

**A: the answer is YES.

[seniorjudge]

Originally Posted by HomeGuru

**A: the answer is YES.

But ask them if they will give you some credit (i.e., $$$) for making it easier on them.

All they can do is say no.