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Perry B. Thompson

Perry Thompson’s Legal Guides

5 total

  • Strategic Default 2.0

    The term "strategic default" has been tossed around by the media and personal finance experts recently. It can mean anything from just packing up and moving to a new house while your credit is still good to staying in the current house until the sheriff comes to move you out, wh...

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  • Debts For The Unpaid Mortgage Balance After Short Sale Or Foreclosure

    A question that I have heard a lot recently is, "Can lenders collect deficiencies after a short sale or foreclosure in Michigan?" This simple answer is, yes. Of course, nothing in this area of law is ever that simple. Looking at short sales first, these are completely negotiate...

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  • Why You Might Not Want Your Mortgage Debt Forgiven

    Listening to many foreclosure consultants and real estate agents, is seems that the ultimate goal when dealing with any house that cannot be saved is to walk away with the debt forgiven. This sounds good on the surface. But, there are times when it is very harmful for the borrowe...

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  • Tenants’ Rights And Foreclosed Homes

    Tenants Rights Foreclosed Homes As foreclosures have continued in record number across Michigan, it has become common for renters to find that the house they have leased is now owned by a bank. Until May of 2009 these renters were in a very bad position. The banks interest in th...

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  • Michigan Foreclosure Overview

    In Michigan, the foreclosure process starts with a letter giving the home owner notice that they have 14 days from the date of the letter to request a meeting for loan modification. It is important to remember that the 14 day period starts when the letter was sent, not when it w...

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