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I've done some reading up on it since my last post and it sounds like very few banks are actually filing for deficiency judgments but I would definitely be too afraid to try something like that.
In Michigan, you can keep your homestead in a bankruptcy if you own it or can continue to make payments on it. And, deficiency judgments can be included in a bankruptcy. So I guess if you're willing to foreclose and file bankruptcy, you could probably get away with it. I think a bankruptcy is a bit more devastating to your credit record than a foreclosure is but I guess if you're convinced that it will be inevitable down the road, you may go for it. I do hope it doesn't become commonplace because we're in enough mess as it is.
When they made the recession announcement, they also made it retroactive we've been in a recession since Dec. '07. I'm wondering what the definition of a depression is.
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