Grosse Pointe, MI asked in Bankruptcy for Michigan

Q: Original loan was for $80,000 I paid $130,000 over 13yrs, why am i still being sued for "deficiences"?

I tried a deed in lieu and short sale which the bank didn't want any part of. Not only did I pay the bank more then the initial loan, they got the house back and recieved "bail-out" monies. I am having a hard time seeing where the bank feels they are owed more money.

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1 Lawyer Answer
Hillard Fried
Hillard Fried
  • Ann Arbor, MI
  • Licensed in Michigan

A: Even if you re-paid more than the original loan amount, additional money may be due and owing for costs, fees, penalties and interest. The bank's 'bailout' money will not reduce your debt because, theoretically, that money was loaned to the banks and must be repaid. Nor was it paid on your behalf. You have a right to receive and itemized bill. Once you obtain that document, contact a lawyer for a more precise answer. After reviewing the records, and lawyer may be able to resolve the problem for you, once and for all.

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