My question involves a foreclosure in the State of: Michigan I have a mortgage fixed rate with a balance of 115000.I am currently laid off temporarily but am expecting much more layoff time.I am just starting to have trouble(no lates)with my mortgage payment,Was told by a loan officer that he could not refinance me but based on the info i gave him even floating my other loan i could qualify for a loan for a new home.If i buy another home and let the other loan go into foreclosure can they sieze my new home? Garnish my wages? Sieze my bank accounts or future bank accounts?My wife is not on the actual promise to repay but is listed as an occupant she signed some papers for that but nothing as far as finances go.Can they go after her?Destroy her credit?Even though she is not on promise to repay?Since i know my situation is going to get worse i am trying to move proactively relative to MY finances as in buy while its cheap and stay where its cheap.

