Legal Question in Real Estate Law in Kentucky
mortage
I can't afford to make my house payments. I have had to relocate to another state to find work. What should I do about my mortage?
Asked on 2/17/09, 6:57 pm
2 Answers from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
Re: mortage
Talk with someone with your lender about voluntarily surrender in lieu of foreclosure.
Answered on 2/17/09, 9:07 pm
Re: mortage
You can execute a quit-claim deed, which conveys your home back to the mortgage company. You can also arrange a "short sale" where you sale the house to someone, usually for less than you owe and the bank has to approve of the amount.
Answered on 2/17/09, 10:47 pm