QUESTION
While in foreclosure can the banks come after your 457 plan?
Asked on Aug 01st, 2012 on Foreclosures - Michigan
More details to this question:
While in foreclosure can the banks come after your 457 plan?
3 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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This depends on the state where the real property is located, the type of real property, and the exemptions in the state where you live.
Answered on Aug 20th, 2012 at 3:32 PM
1 Award
Not in CA. They must foreclose first. Moreover, there are several anti-deficiency statutes that protect borrowers from personal liability altogether, with the lender's remedy being limited to foreclosure. I provide 60-90 minute foreclosure consultations for $295.
Answered on Aug 20th, 2012 at 3:14 PM
Construction Attorney serving Bloomfield Hills, MI
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Law Offices of Jeffrey Z. Dworin
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No. In fact, if they bid the full amount of the loan at the sheriff's sale - referred to as a "full credit bid" they cannot come after you for any further amounts.
Answered on Aug 20th, 2012 at 2:28 PM