Can my mortgage company take my retirement if my house if up for short sale?

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Can my mortgage company take my retirement if my house if up for short sale?

I have been put on full disability by my doctor and will be quiting my job in the next couple of weeks. Once I am unemployed, I would then be able to withdraw from my retirement. At that time could the mortgage company come in and put a lien on my retirement?

Asked on March 2, 2012 under Real Estate Law, Michigan

Answers:

Kevin Bessant / Law Office of Kevin Bessant & Associates

Answered 9 years ago | Contributor

In the collection of a debt, a creditor, in your case the mortgage company, can only place a lien on their secured interest, the home, but not your retirement. They can however attempt to garnish your wages if you continue to work. 


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