IfI had a foreclosure, what other of my property can the bank lien?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

IfI had a foreclosure, what other of my property can the bank lien?

Foreclosure in NV. Own a home with my dad in MI. Can the bank put a lien on the home in MI?

Asked on November 12, 2010 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Assuming that the bank or other lender sues you for a deficiency judgment--that is, that when the NV home is sold in foreclosure, it brings in less money than the remaining balance on the loan and the lender then sues for the remaining balance--if the lender wins the lawsuit, it can then look to put a lien on real property elsewhere to secure that payment. Mechanically or procedurally, they'd first sue, probably, in NV, then look to enforce that judgment in MI, so it's a two-step process, which may discourage them from doing it, especially if the amount owing is modest; however, it is an option open to them, as are the options of garnishing your wages or bank accounts if you do not pay any judgment against you. If it's a large amount you owe, you may wish to consider bankruptcy as an option.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption