Legal Question in Real Estate Law in Michigan

Foreclosure /asset protection

I relocated to NJ for a job, I own a home in MI which is for sale. It is not selling.I can't afford to pay the mortgage any longer. I also have an equity line of credit loan with the same lender. If they Foreclose; can the bank freeze my assets?(checking & savings accounts)Can the bank sue me for a deficency balance after foreclosure? If so, is my retirement fund (IRA & Roth IRA) protected? Will a bankruptcy protect me?

What is a Deed in leu of Forclosure? Is this an option I should pursue? Should I contact my lender directly to discuss my situation?

Asked on 11/30/06, 3:19 pm

1 Answer from Attorneys


Re: Foreclosure /asset protection

you need to ask this of a MI attorney. Each State has diferent rules as to asset protection.

Read more
Answered on 11/30/06, 3:24 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in Michigan