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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: MI foreclosure won't affect Florida property. Posted by Ward-CA- on October 05, 2001 at 10:45 AM In Reply to: Foreclosure in MI posted by Lynn MI on October 05, 2001 at 8:32 AM : Help! Already bought a house in Florida due to relocation, and still own a house in Michigan that was supposed to be rented. Renting fell through and we can't afford both houses. If we foreclose in Michigan, what are some of the ramifications, can they come after our home in Florida because of it? Please Help ! : Confused in MI =•=•=•=•=•=•=•=•=•=•=•=•=• Lynn, you’re not going to lose your Florida home because you let the MI house go to foreclosure. At this point though, I would protect the title of your Florida home by putting it into a living trust or a title holding trust. In either case use a trustee with a different name than yours. Check the link below for more info on the title holding trust. Putting the Florida property into a trust would then eliminate any possibility that any deficiency judgment obtained by your MI lender could attach to your Florida home (if the MI lender was savvy enough to mail some such to your county recorder’s office in FL). Title Holding Trust Follow Ups: Re: MI foreclosure won't affect Florida property. Lynn MI 11:24 AM, 10/05/01 (1) Re: MI foreclosure won't affect Florida property. Ward-CA- 8:00 PM, 10/05/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Help! Already bought a house in Florida due to relocation, and still own a house in Michigan that was supposed to be rented. Renting fell through and we can't afford both houses. If we foreclose in Michigan, what are some of the ramifications, can they come after our home in Florida because of it? Please Help ! : : Confused in MI : =•=•=•=•=•=•=•=•=•=•=•=•=• : Lynn, you’re not going to lose your Florida home because you let the MI house go to foreclosure. At this point though, I would protect the title of your Florida home by putting it into a living trust or a title holding trust. In either case use a trustee with a different name than yours. Check the link below for more info on the title holding trust. : Putting the Florida property into a trust would then eliminate any possibility that any deficiency judgment obtained by your MI lender could attach to your Florida home (if the MI lender was savvy enough to mail some such to your county recorder’s office in FL). Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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