Michigan Foreclosure Questions… Please help!?

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michigan mortgage
by Wystan

Question by Bella0713: Michigan Foreclosure Questions… Please help!?
I am going to be going into foreclosure and have a few questions for you all.

I have a second mortgage on the property. When the house sells at sheriffs sale, there is no way it will sell for even the amount of the first mortgage. What happens with the second mortgage?

Do I have to leave all the appliances? We replaced every single appliance in the house when we moved in. Do we have leave all the new ones?

How long does the process usually take?

Best answer:

Answer by Andrew M
Second mortgage holder gets nothing.
First mortgage holder gets all the proceeds. Anything over the first mortgage goes to second mortgage holder.

You leave appliances (only) that are wall bound like a stove or dishwasher or quickly sell them and replace with ones that are cheaper (marked-up or dented.) Take the refrigerator or sell it and do not replace. Same with the washer and dryer and microwave unless built in. Take these and sell them and do not replace. Built in items typically stay with the house.

The process could take place in as little as 3 months or up to 6 months, but there are Obama plans in place to try to stop foreclosures. Have you asked your banker about work-arounds to stop the process?

What do you think? Answer below!

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