What are my best options to avoid forclosure from the lender if I have to move out of state?
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What are my best options to avoid forclosure from the lender if I have to move out of state?
I’m being relocated out of state for my job and own a home. My house is not worth what I owe and will not generate rental income.
Asked on June 21, 2012 under Real Estate Law, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best options for you concerning the home that you have written about is to consult with a real estate attorney to see about a possible loan modifcation or a short sale of the property.
If you get a loan modification reducing the interest rate that you have for it, then you may be able to rent it out for an amount that would cover the monthly debt load for it. If that is not an option, listing the property for sale as a "short sale" and selling it as such is a better option than losing it in foreclosure.
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