Legal Question in Real Estate Law in Michigan

Our home in Michigan has been for sale for over 3 years. We moved out of state about 3 years ago and have been paying 2 mortgages since then. We can not cont to do this and our lender denied us a loan modification and deed in leiu of foreclosure. We have not had a single offer to even consider a short sale. Last week the bank said we should just let it go into foreclosure. We have already lost >75,000 in this house, but I want to know wht will happen if we just stop paying. I know it affects credit and we may owe the difference if it sell for less than we owe. Can they try to take anything else? 401k? savings? freeze accounts? I dont if I need a lawyer now, or once it is actually foreclosed on. ANy advise woul dbe greatly appreciated.Thank you


Asked on 10/25/09, 3:41 pm

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

If you go into foreclosure, the bank will come after you for any shortfall. At that point, all your assets and wages are subject to seizure. You are best off obtaining an attorney now or at the time they begin to come after your assets. Visit www.kliszlaw.com to discuss more fully. Tim Klisz

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Answered on 10/30/09, 4:11 pm


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