Foreclosure in Minnesota>Question Details

ajohns511, Home Buyer in Minneapolis, MN

If you had a fore closure can they come back on your bank account is you have a great deal of balance due to a 401 k liquidation in your account?

Asked by ajohns511, Minneapolis, MN Mon Nov 5, 2012

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5
Well, going to a public forum and asking a question is one way to look for problems...with the foreclosure lender.

Not only you need an attorney, you might need to speak to a few of them before deciding who
is appropriate and good for your particular situation. For example, a bankruptcy attorney is good if your don't have money, hence, could not pay for the property etc... BK will protect you (if qualified) from the foreclosure lender deficiency seeking court action.

If you can't do BK (which you'll find out after speaking with a BK attorney), then you need to speak
to an attorney who can "settle" the balance with the foreclosure lender for you.

The settlement could be done as a 1 time payment, or a soft note of 5 to 10 years (paying monthly).
The agreed upon payoff will set you free, but the documents will need to be prepared "just so"
by an attorney.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Nov 7, 2012
ajohns511,

While hiring an attorney is the right move to protect yourself, I will say that banks have been known to try to attach to just about everything, and having cash laying around (for whatever reason) after a foreclosure is a bad idea. Ultimately, they might not be legally in the right to take it, but would you rather pay a small fee to an attorney for some advice up front, or a large feeto an attorney to help you get it back after they take it (even if they are not supposed to).

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
Web Reference: http://www.CamPiper.com
0 votes Thank Flag Link Wed Nov 7, 2012
Get a real estate attorney. There are too many scenarios to discuss, and it would be imprudent for us realtors to give legal advice for this specific question.
0 votes Thank Flag Link Tue Nov 6, 2012
I would suggest you see the best attorney you can find. If you are uncertain about finding an attorney, you can call the attorney referral service and you can get a free or low-cost discussion appointment to explore your options. A short visit, with some research done ahead of time and brining some good documents with you after you choose an attorney and find out what he or she will need to determine what your concerns may be, would be well worth the few hundred dollars it would cost. Liz, 612-986-4105
0 votes Thank Flag Link Mon Nov 5, 2012
It depends on what type of foreclosure you had - judicial or foreclosure by advertisement. How many loans you had and if they got a judgement against you. There are a ton of variables. You may want to see an attorney for advice.
0 votes Thank Flag Link Mon Nov 5, 2012
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