Legal Question in Real Estate Law in Michigan
I recently bought a 2nd home for my 75 year old mother. With my previous salary, I did not have any issues paying 2 mortgages. I have been currently released from job with severance and want to short sale my 1st mortgage and move into the 2nd home to cut my total costs by 60%. What things should I consider and will the bank approve a short sale?
1 Answer from Attorneys
The bank will only consider a short sale if you can convince them that you have no money for them to go after. If you have assets, they will want to attach those assets to satisfy any deficiency. If you stop paying the mortgage, and they don't agree to a short sale, they will eventually foreclose, and I can assure you that most foreclosures result in a deficiency, as no one cares about maintaining the property, and foreclosure properties rapidly deteriorate. You should consider hiring a real estate attorney to review your finances, loans and property values before you dig yourself into a very deep hole.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
