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

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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 10 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.


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