Legal Question in Real Estate Law in Michigan

Selling home w/ equity line

I live in Michigan & have a home equity line of credit against it. Is it legal for me to sell it on a land contract? If not, what can I do without ruining my credit or filing bankrupcy?


Asked on 7/09/08, 10:04 pm

1 Answer from Attorneys
Renee Walsh LawRefs Nonprofit

Re: Selling home w/ equity line

In a typical loan for the property, you would have promised to the bank that you would not sell the property on land contract and in the event you did, you would accelerate the loan repayment so that you would have to pay the loan in full. Though it is a breach of the mortgage contract, such a sale is a common occurrence.

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Answered on 7/12/08, 2:37 pm


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