Shirley: real estate “walkaway”?
If we can no longer make the mortgage payments and just walk away , can the lender take legal action against us and get at our remaining assets ,a stock and cd’s or are we home free ?This is in Michigan.We made almost a 50% downpayment .
Answers and Views:
Answer by Steve D
Michigan is a non-recourse state, meaning that in most circumstances, the lender cannot come after you for any difference. Please note the “most circumstances” – in many states, you can sign away your non-recourse rights or non-recourse does not cover second mortgages or re-finances. Your best bet is to get your copy of the original loan documents and book time with a real estate lawyer. He/she can go over the agreement and let you know where you stand. Although it may run you $ 150 for the consult, you are better off knowing where you stand so you can be prepared down the road if the bank does try to come after you.
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