Patricia, Home Buyer in Michigan Center, MI

Michigan Sheriff's sale. Can they take my retirement, etc?

Asked by Patricia, Michigan Center, MI Sat Jun 26, 2010

Lost all income except social security. Could not sell Michigan expensive home via short sale. Sheriff's sale scheduled soon. I had a small amount of money saved so I bought another home for cash. Question: Can bank pursue my new home and retirement savings to satisfy the deficit?

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In order to best protect yourself and any other assets you have, do consult with an attorney who specializes in real estate--he/she will be your best source of advice.
0 votes Thank Flag Link Sun Jun 27, 2010
They can not just take anything, they would have to go to court to seek an attachment and yes, if they think you have assets to repay them, they can and will go after them. You will need to meet with a real estate attormey to work out your financial situation. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jun 26, 2010
Patricia,
I am very sorry to read of your situation.
I am very sorry to read of your situation.
During the foreclosure process of the Sheriff Sale, only your home is being repossessed.

With your mortgage on the property you also have a “note”, which you signed promising to repay the money they loaned to you.
A lot depends on how much your lender bids at the Sheriff Sale.
If they bid the full amount of what you owe, you are cleared of the responsibility.
If less is bid, you might be held responsible for the debt.

To protect yourself consult with a real estate attorney, as I can not give legal advice.

For real estate questions, contact:

Chip Andis
Cell (248) 931-0084

REALFi
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Sat Jun 26, 2010
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