Posted on: 18th Apr, 2011 04:34 pm
forclosed on a home, accepted a buyout from big 3, paid cash for a home, now its a rental income. can the bank from the previous home come back and take my home or place a lien on the property for the amount remaining on the loan? Home is in Michigan
Hi vinnyb,
Welcome to Mortgage fit,
In Michigan, lender can come after your other assets for the recovery of deficient amount because is not a non-recourse state.So you should make sure that you do not personally own anything for the coming 7-10 yrs.(real estate)You can purchase on the name of your family member.
Feel free to ask any further query if you have.......
DIPA
Welcome to Mortgage fit,
In Michigan, lender can come after your other assets for the recovery of deficient amount because is not a non-recourse state.So you should make sure that you do not personally own anything for the coming 7-10 yrs.(real estate)You can purchase on the name of your family member.
Feel free to ask any further query if you have.......
DIPA
Hello. Do what you feel is right, but I have heard stories where people that are in a situation such as yourself transferred their homes or other assets in family members names. Personally, I don't think it is right. But that is one option that I have heard done, consult with an attorney on what you should do before making any decisions.
Whatever the decision or even your desire in this situation, you should always seek legal advice, so that you'll know your rights, the ramifications, and the responsibilities of all parties concerned.
Hi vinnyb!
Welcome to forums!
The lender has the rights to come after you in order to recover as much dues as possible. However, every state has a SOL period within which the lender can come after you for the deficient balance. If the SOL period is over as per your state laws, the lender won't come after you for the balance amount any more.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender has the rights to come after you in order to recover as much dues as possible. However, every state has a SOL period within which the lender can come after you for the deficient balance. If the SOL period is over as per your state laws, the lender won't come after you for the balance amount any more.
Feel free to ask if you've further queries.
Sussane
Hi,
I have heard stories where people that are in a situation such as yourself transferred their homes or other assets in family members names.Personally I don't think it is right. But that is one option that I have heard done, consult with an attorney on what you should do before making any decisions.
I have heard stories where people that are in a situation such as yourself transferred their homes or other assets in family members names.Personally I don't think it is right. But that is one option that I have heard done, consult with an attorney on what you should do before making any decisions.
Family members transferring title to other family members is an easy to spot fraudulent transaction in a case such as described.
Fortunately, Farruk also suggested consulting an attorney before making any moves - that ought to be the first thing done as soon as you've brainstormed up an idea. We people need to be talked out of things before we make disastrous mistakes.
Fortunately, Farruk also suggested consulting an attorney before making any moves - that ought to be the first thing done as soon as you've brainstormed up an idea. We people need to be talked out of things before we make disastrous mistakes.