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?
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.