Can the bank come after my assets?

[swanmale11]

What is the name of your state? MI

Hello;
I bought an investment house in AZ- Glendale last year, the payment is becoming a burdon and I am thinking to let the house go, I am trying to sell it since July this year but no hits even with less what I bought it for one year ago...if the bank sells the house and if there is a defeciency; my question is CAN THE BANK COME AFTER THE FOLLOWING TO MAKE FOR THE DEFECIENCY?
1) My wages (income) ?
2) My primary home equity in Michigan (joint with my wife)?
3) Any other assets that I have like saving/checking & 401K?

Also; Can I minimize the damage on myself & the bank by offering the house to the bank right the way (even before I miss any payment) with no court action (deed-in-luie)?

Please advise?

Thanks
Swan Male

[alent1234]

whatever loss the bank takes they will write it off their taxes along with the foreclosure costs and the IRS will send you a 1099 for the same amount to add to your taxes.

the bank will write the loss of their taxes, and you will pay this back to the IRS

[JETX]

First thing you need to do is ignore 'alent'... his 'advice' is one of 100 different things that COULD happen... and is by no means the answer to your questions.

So with that:

CAN THE BANK COME AFTER THE FOLLOWING TO MAKE FOR THE DEFECIENCY?
1) My wages (income) ?
2) My primary home equity in Michigan (joint with my wife)?
3) Any other assets that I have like saving/checking & 401K?

The answer is yes to all the above... if they get a judgment against you.

Can I minimize the damage on myself & the bank by offering the house to the bank right the way (even before I miss any payment) with no court action (deed-in-luie)?

If the lender agrees to accept a 'deed-in-lieu'... yes.

[NandCo]

if you did the "deed0-n-lieu", does that affect a persons credit?

[lcannister]

Originally Posted by NandCo

if you did the "deed0-n-lieu", does that affect a persons credit?

Yes, it does.