Legal Question in Credit and Debt Law in Michigan
reverse mortgage
I have a reverse mortgage on my home. I have credit card debts for which I am getting letters from attorneys. Can they put a lein on my home?
2 Answers from Attorneys
Re: reverse mortgage
If a creditor obtains a judgment against you in Michigan, the judgment creditor can place a judgment lien on your real property. Of course, the mortgage company would be in first place with respect to any proceeds from the sale or refinance of your property and any additional proceeds would go to others who have a lien against the property. It would be quite rare for a judgment creditor with a lien to try to force a sale of your property. They will generally wait until the property is sold or refinanced. The judgment lien is good for five years and renewable for another five years. You may be able to outwait them.
Re: reverse mortgage
Generally speaking, if the credit card lines are not tied to the house (ie- line of credit), the creditors do not have lien rights on a home. They do have the ability to make your life very uncomfortable. You should hire your own attorney to even the playing field and work out deals with these creditors. Bankruptcy is also an option for some people. Visit www.kliszlaw.com to discuss your options. Tim Klisz