Foreclosure in 61350>Question Details

Lindak, Other/Just Looking in 61350

My friends has a condo in MI and pays PMI insurance. Can he give the house back to the mortgage company and?

Asked by Lindak, 61350 Tue May 19, 2009

still retain his credit worthiness. He is unemployed, living on unemployment and cannot afford his payments. The mortgage is upside down by about $70000. Linda K

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He needs to call the lender, identify which type of loan it is and talk to them about a short sale process. This is better than foreclosure, it does affect your credit, but in the long run offers you the option to buy down the road sooner than foreclosure. I do not live in Michigan, but most banks have similar requirements. Good luck.
0 votes Thank Flag Link Tue Jun 26, 2012
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