[homenomore]

Home was purchased 10 years ago in Michigan, today it is worth a lot less then I paid for it then. Although I am not behind on payments, I need to move for family reasons... I know I cannot sell it for what I owe, I cannot rent it for the payment and I have almost enough cash to buy a different home outright with no mortgage... the question is... If I foreclose on my home, literally walk away from it... on purpose... and I put the new home in my wife's name because she is not on the mortgage currently, can the bank come after the next house because we foreclosed on the previous one? I know my credit will be shot for 7 years , but something's got to give here, and it is looking like I will be walking away from this home... if anybody has been through a foreclose , I would like to hear your story of what assets they came after if the home was sold at a loss for the bank... Can the bank come after my 401k? I know each state has different foreclosure laws and do not know anybody in Michigan that has been through this yet... if you can help or offer advice please let me know

[Fr_Chuck]

If the money is in both your names, and/or it is easy to prove that you earned the money, they may even attempt to prove fraud, the fact you had the ability to pay but moved the money in an attempt to defraud them. I would consult a local attorney before any attempt to this was made.