Deficiency judgment in Michigan is when a lender has the right to come after a home owner for the difference in what the home sells for and what is owed.

It is important when negotiating the short sale to address this & get a discount payoff. With a deficiency judgment the lender could come after the home owner for 10 years, renew it and go after them for 10 more years, and renew it yet again for 6 years. We recommend that everyone who is seeking a short sale, seek the advice of a tax adviser or attorney.  Calhoun Team Realty or its agents are not tax adviser or attorneys.

 All of The Calhoun Team Realty Short Sale clients, since 2007 have qualified for The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Note: If you qualify for the HAFA Short sale program, the deficiency is forgiven and the lenders will agree to never come after you for it. This does not necessarily mean that you are behind in payments or at present losing your home. If you live in Michigan, feel free to call us direct at 248-905-1402.

Have any questions or concerns? Please, don’t hesitate and give us a call (248) 905-1402