Legal Question in Real Estate Law in Missouri
mortgage
I bought a house for rental and it has actually lost value in this market. I have a mortgage on it with no other collateral. Can I just give it back to the mortgage co.
Asked on 2/26/09, 8:20 pm
1 Answer from Attorneys
Anthony Smith
LawSmith
Re: mortgage
You may be able to turn it over to the mortgagee and yet still owe money. If it is worth less than what you owe, they may sell the property and seek the difference from you.
Good Luck
Answered on 3/02/09, 10:13 am
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