Foreclosure in Dearborn>Question Details

Randazzio, Home Seller in Dearborn, MI

Bought a house in another state; Dearborn house $40000 underwater; how do I get out of this house?

Asked by Randazzio, Dearborn, MI Tue Feb 22, 2011

I purchased a home in another state. I want to move. Did not realize the value of my Dearborn, Mich home had dropped to $60,000. I owe $85,000 on the mortgage, and 18,000 on a home equity loan. I have been in the house 12 years. Is there any way to get out from under this house?

Help the community by answering this question:


You can easily get out of this house. In fact, you do not need to be late on your mortgage at all to sell this home via a short sale. I have lived in Dearborn for 35 years and fortunately Dearborn is in demand; finding a buyer will not be difficult at all. Banks do look for some sort of a hardship when considering a short sale, but if the home is in Michigan, lenders will consider that the hardship; they are privy to our economic woes here.
I can email you a short sale package that explains the process and have the home listed as soon as you need it listed. Offers will come in quick. I have a team of negotiators that will work with your lenders and get you out of this home; it's all free to you. My commission as a real estate agent is paid by the bank. Call or email me and we can meet so I can explain more...313.461.4224
0 votes Thank Flag Link Wed Feb 23, 2011
You may want to consider short-sale. If you have to move because of job transfer or relocation, it could be a valid reason for a hardship which may make your case eligible for short-sale.

Before signing anything, you need to consult with experts in your area about our scenario. Laws regarding short-sale and/or deficiency may vary from state to state. You really don't want to find out after the short-sale that you have money judgement from your lender and/or tax bill from the IRS.

Good lucks!

David Pham
National Brokers - connecting people to homes
0 votes Thank Flag Link Tue Feb 22, 2011
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