The Oakland County law firm of Galloway and Collens, PLLC, represents clients throughout the Detroit area in short sale, foreclosure and related legal matters. If a lender has sued you for payment on the note after a foreclosure sale, we can explain your legal options and explore the possibility of negotiating an end to the deficiency action altogether.
Contact a Detroit deficiency action attorney to learn about your specific options.
Deficiency Actions After Foreclosure
When real estate is sold at a sheriff’s sale and the sales amount of the property is not sufficient to cover the outstanding debt, the bank can come back and pursue the homeowner for the deficiency.
If a lender seeks a deficiency judgment against you whether before or after foreclosure, speak to a real estate law attorney from our firm right away as an immediate response to the lawsuit may be required. We can review the details of your case and work to determine ways which protect your assets. We may also be able to negotiate a way to get out of a deficiency action altogether.
Foreclosure’s Impact On Credit
When an individual goes through the foreclosure process, his or her credit score starts to suffer. At the beginning of the housing crisis, it was commonly thought that there were ways to minimize the impact on a credit score when going through foreclosure. However, this was mostly a myth. There is little doubt that foreclosure will adversely affect your credit.
However, once your credit score has been damaged, it is important to understand how it will impact you life. If you are interested in purchasing real estate in the future but are worried about your damaged credit score, our lawyers can explain short-term and long-term strategies to address your situation.
Contact A Berkley Foreclosure Attorney
Galloway and Collens, PLLC, is devoted to helping Detroit, Michigan-area clients through the deficiency action process. Contact us and let experienced lawyers handle the negotiations or litigation.