I am considering foreclosing on a condo in Michigan. I paid $369K in 2005 and my it has been listed at $225K for over a year. I still owe about $280K. I now live in Colorado and have bought another house. The condo is sitting empty in Michigan and is costing me about $3000 per month. The right financial decision is to foreclose, but I have the cash to pay it off and I don’t want the bank coming after me after foreclosure.

I’ve heard that in some states, the bank has to file a different type of foreclosure in order to come after assets and banks don’t do it because it’s very expensive and time consuming. Does anyone know what Michigan foreclosure law dictates? Thanks.

You will need to check with a professional in Michigan but it is a recourse state – ie the bank can come after you after a foreclosure quite easily.

Occupy Detroit marches to the Bank of America office downtown to deliver a message demanding a moratorium on foreclosures in Michigan which was hit hard in the financial collapse. If they fail to respond, we plan a larger demonstration at noon on Friday, October 21st.

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Another “Hand -Picked” deal. Great for Investment Property or to Fix up and move into. Properties like this can be picked up for steal right now. Most of these were over $100K at one time. Rents in the area are typically $800-$950. More to come. Visit ForeclosureBusTours.com for more details on picking up great properties at bargain prices.

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Michigan real estate expert investors reveal how to flip Michigan foreclosures for easy profits. Real investors who are doing real deals TODAY. Make sure to check out The REIA of Macomb (http://www.REIAofMacomb.com) Michigan’s #1 real estate investor association-where Michigan’s most successful real estate investors go to learn, network, & grow.

-featuring Adam Davis & Dylan Tanaka

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Technorati Tags: adam davis, dylan tanaka, flipping houses, Michigan Foreclosures, real estate investing, reia of macomb

www.GetOnTheListNow.com – this real estate propety was bought as an investment and fixed up so that it is like new. Check out our website for other homes like this.

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This Portage MI foreclosed home is available with just $100 down. Many others available, visit http://EasyHUDHomes.com

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Technorati Tags: foreclosed, foreclosures, homes, houses, hud, Kalamazoo, MI