Tuesday, November 15, 2011

In Michigan,a vacant rental propert getting forclosed.Can they come after me for the balance of the loan?

I lived in Michigan, job transferred me to Atlanta. I rented my home in Dearborn, MI and my tenant lost her job with Ford Motor Company. She has vacated the home and I am left with an ARM loan that has risen to 11.5% and I cannot afford to make the payments for a vacant home. Economy is making it hard to list/rent and I have become dilinquent and forclosure looks like it is closing in on me. Will Countrywide come after me for the difference in what is owed on the home and what they sell is for on the courthouse steps?

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