Can someone please tell me how long after a foreclosure in MI that a lender can sue for a deficiency?


Also, if there is a time frame, what endpoint do they reference? The actual date the foreclosure occured in court?

If a 1099-A was received on the first mortgage might this infer that the lender has taken advantage of declaring a deductible loss to reduce their income bracket in reference to the foreclosure and lessen the odds of them pursuing a deficiency judgment?

My credit has been affected, yet I cannot breathe easily with this cloud over me. My FC was final in 12/2007. The home was bought by Wells Fargo at the auction for $59,000 less than the first mtg amt. In turn it sold to a consumer for an additional $104,900.00 less. IN total the deficiency between the first mtg and it's sale to a homeowner was $163,900.00. The second mtg was for $127,000.00 and no 1099 was issued for 2007 for that. Both notes were held by ASC / Wells Fargo.

When looking for an attorney for counsel, what "specialty" is best suited to advise me from a personal a business protection standpoint?

When you anwer, would you kindly let me know what are of law you practice?

Thank you kindly,
secom

I would appreciate responses from anyone who has experience with a deficiency judgment, be it a homeowner or legal professional.

Thank You.
secom

Have you browsed through the information in LawInfo's Free Legal Resource Center to learn more about your issue yet? See: http://www.lawinfo.com/consumer.html. You can certainly try to speak to a lawyer to determine what legal options may be available. In the meantime, you may be able to learn more on your own. Seach the "Free Legal Resources" tab, or browse the Consumer Resources. Good luck.