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    wings5869's Avatar
    wings5869 Posts: 1, Reputation: 1
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    #1

    Mar 10, 2009, 06:40 AM
    Can I lose anything besides my house in a foreclosure in Michigan?
    Can I lose anything besides my house in a foreclosure in Michigan? Retirement 401k etc.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Mar 10, 2009, 10:37 AM

    Hello wings:

    Maybe. I'd arrange a "short sale" with the bank. They should be amenable to it. That way, it'll SELL instead of foreclose, and that's better for everybody.

    If you can't do that, the bank is going to want to share their loss with somebody, and you're the likely candidate.

    Hopefully, there's some relief for you in the Obama mortgage law that was just passed. I don't know. There certainly SHOULD be.

    excon
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