Legal Question in Real Estate Law in Michigan
giving the house back
I have never been in this situation, so I need help in what to do. We have lost our jobs and have a house that we can not afford. We have tried to sell but the market area is really slow. We are unsure of what the legal issue is we know about the credit issues, but is there a legal problem, we really don't want to file bankrupcy. Any help would be appreciated. without the house we could make our other bills.
Thanks
2 Answers from Attorneys
Re: giving the house back
Generally, if you stop making payments and the house goes into foreclosure, you have a redemption period of 6-12 months after the sheriff's sale to either remain living in the house without making payments, come up with new financing, or sell the house. Another option is a deed-in-lieu-of-foreclosure. You may have other options. Your decision should be based on factors such as your own feelings about the debt, other assets, level of income, and equity in house and based on sound legal advice. If you let the house go back to the mortgage company, you could be liable for a financial loss to the mortgage company.
You can contact me for more information at the phone number posted on my attorney profile page.
Good luck.
Re: giving the house back
You have many options before the house is in foreclosure. You should speak to an attorney as soon as possible to discuss how to work it out.
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