Property Q&A in Detroit>Question Details

Donna, Other/Just Looking in Detroit, MI

what can be done if you owe more than the house value, I currently own this home?

Asked by Donna, Detroit, MI Fri Feb 13, 2009

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This question is about this property: http://www.trulia.com/homes/Michigan/Detroit/sold/2266369-82…

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3
Donna,

Perhaps you've missed the State of Michigan commercials about helping those in your position. I suggest contacting a housing counselor from the State and read the information on the website below.

http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--…

If this does not help, you can contact a real estate professional and they can assist you trying to obtain a short sale for your home.

Both of the options above have limitations.
Web Reference: http://mi-living.com
1 vote Thank Flag Link Fri Feb 13, 2009
If you owe more than your house is worth in todays market you could possibly qualify for a short sale. For this you would need to demonstrate hardship and fill out a lot of paperwork that would come directly from your lender. I cannot tell from your question if you want to sell or if you are having trouble with your payments. If you could clarify then I could answer more specifically.
0 votes Thank Flag Link Fri Feb 13, 2009
Work with your lender who are custom with many families in same position as you. If you seeking to sale your home then short sale agreed by the bank is your best option. If you seeking refinance home consult with mortgage company determine options if your home wont appraise.

Banks are open work with their home owners patient with their staff lenders are overwhelmed under staffed
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 13, 2009
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