Foreclosure in Michigan

[freakedout]

Anyone had a foreclosure recently in Michigan. Just wondering how the timeline went with your bank. I keep hearing stories that banks are slow to foreclose because of the high volume. Any specific feedback/experiences with Huntington bank would be great. We are still current and haven't filed yet, but want to get an idea once we stop paying how long we can expect to live here rent free.

[awayalways]

huntington bank took 11 months to foreclose on my michigan rental property plus 6 more months redemption period so it was 15 months all together. plus they sent me a 1099 for the deficiency balance.

[freakedout]

Thanks for the reply. How long ago was this and was it part of a bankruptcy? you can't get a 1099 if its part of your bk - can you?

[HakunaMatata]

No, you won't get a 1099 or a deficiency judgment if your house is surrendered in BK.

I'm in Michigan as well. I stopped paying my mortgage (HSBC) in July. Filed C7 (surrendering house) last month. No motion for relief of the automatic stay yet. I'm quite curious to see how long this process will take.

[awayalways]

my mich forclosure was circa 2008. and yes the bank can send you a 1099 but it doesnt matter because most filing bk7 are insolvent anyways and just write it off.

[Tom_Mi]

I think they'll complete it in about a year.

If I could live the last 2yrs over again, I'd have just let the banks have my rentals and deal with the 1099's...and avoid bankruptcy.

But I got into trouble just before the meltdown and they were talking tough with me about deficiencies...forcing me to CH7.

[justbroke]

Are we talking about 1099-A and 1099-C? I believe that either can cause you grief, but the 1099-C is the one that's the "forgiveness of debt". You can always file a form (I think it's 982 but don't quote me) to claim the Mortgage Debt Relief Act of 2007 exemption.

[wingedwheel]

I'm in Michigan,and went through a foreclosure last year. My first missed payment was in June. The Sheriff Sale was in October. The redemption period ended April 22nd this year. Only regret is that I moved to a rental on April 1st. I could of easily stayed another 45 days without being evicted. So it's basically 11 months +the new 90 day law.