Answer: The simple answer is yes. Michigan is what is called a recourse state, meaning if there’s a difference in what you owed the bank and what the bank collects they do have the right to try and collect. Due to how banks were foreclosing we didn’t see this very much just a couple of years ago. Now, banks are becoming increasingly aggressive. Its why I advise anyone who’s facing one of these difficult choices to due a settlement not a short sale–the difference–that’s another topic.
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If you would like to submit a question for our Ask The Realtor section that is real estate related in the Monroe County Michigan area please email Michael at thompgroup@gmail.com
Michael E Thompson
The Thompson Group
Key Realty One
734.395.4833
Associate Broker
http://www.Thompgroup.com
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