Legal Question in Real Estate Law in Michigan

mortgage on condo

What do I have to do to terminate my mortgage on my condo. I am 65, working, receiving SS. I am saving my SS checks to retire soon. I am having difficulty meeting my mortgage plus bills--what are my options? I have contact my lender, they won't offer any help. I obtain my mortgage thought the state of michigan at a 5.625 rate, two yrs. 6 months ago. I filed bankructy back in the 90's, my credit rate is excellent. My plan is to move into the senior citizens mobile home park. Thank You


Asked on 5/17/09, 11:24 pm

1 Answer from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: mortgage on condo

You should definitely contact me to set up a meeting/consultation to discuss your financial situation and options. Have you listed the condo for sale at all - do you owe more than what the condo would sell for? Answers to those questions and others will determine your best course of action. For example, if your condo won't sell due to the real estate market, you may have to just cut your loss and let it go into foreclosure. However, your lender may be willing to discuss a deed in lieu of foreclosure, given your personal circumstances, and that way, both you and the lender walk away with very minimal loss.

Your lender will not help you without an attorney and real estate agent. They will just encourage you to send them more money, with no promises of any options.

Please contact me to schedule a consultation if you are interested in retaining a lawyer to explore your options with the lender, negotiate with the lender, and advise you along the way.

Thank you.

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Answered on 5/17/09, 11:31 pm


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