Perrysburg, OH asked in Real Estate Law for Michigan

Q: I need to get out of my house. What can I do? Please help.

I am a senior living in a house that is falling apart because I can't afford to get the repairs done. I am paying the mortgage but am finding it more difficult since I retired. I owe more than the house is now worth. I want to get out. What can I do? Please help me. Thank you. Mare

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2 Lawyer Answers
David Soble
PREMIUM
David Soble
Answered
  • Farmington Hills, MI
  • Licensed in Michigan

A: Sorry to learn of your circumstances. Your narrative indicates that you need a "short sale." A "short sale" is when you request that your lending institution takes less of a payoff than what is owned on the home mortgage. You have to sell the property in accordance with the lender's requirements, meaning there needs to be an appraisal, inspection, provide financial disclosures, and agreements between you and the lender as to the allocation of the unpaid balance. Contact a real estate attorney for more information. Do not deal with your lender without professional legal guidance.

Kenneth V Zichi agrees with this answer

Kenneth V Zichi
Kenneth V Zichi
Answered
  • Fowlerville, MI
  • Licensed in Michigan

A: A 'short sale' is one option, and there are other options as well if the mortgage company won't work with you. The key, as Mr Soble stated is to get local legal help before you start closing doors. The cost of legal help in this sort of situation won't be much (probably not much more than a mortgage payment or two!) but the help can be invaluable, and save you more in the long run. If you REALLY can't afford that, there are many county legal aid clinics that may be able to help. Contact your local one, and go from there.

-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.

I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice

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