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What is similar to a short sale but not a short sale in michigan?
Answer
humblejourney
In Michigan as well as in other states, a borrower may do what's called a 'deed in lieu of foreclosure'. In this case you are not selling your home for a lesser price as in a short sale. You are basically turning over all property rights back to the borrower in order to be released from the debt. In this way the lender owns your property again and is willing to let you walk away and not owe anything. The lender gets the property back, and you won't suffer a hard hit on your credit like a foreclosure.
Q&A Related to "What is similar to a short sale but not a short..."
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A short sale on a home is when the home is sold for less than what the owner owes on the property. The bank that the owner owes the money to must approve the short sale before it
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A short sale is when the debtor/owner of a property negotiate a sale for less than what is owed on the property. Short sales are usually done to avoid a foreclosure. It allows the
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A short sale is an offer to buy a home for less then what is owed. In a short sale, the owners have to accept the offer and the bank also has to accept the offer.
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A short sale on a house is selling it for less than what is owed on the house. The sales price will be short of the mortgage balance. If the lender approves the short sale then the
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Michigan is a U.S. state located in the Great Lakes region of the Midwestern United States. The name Michigan is the French form of the Anishinaabe language word mishigamaa,...
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