How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask LegalKnowledge Your Own Question
LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 28353
Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
9540344
Type Your Legal Question Here...
LegalKnowledge is online now
A new question is answered every 9 seconds

I'd like a mortgage and I'd like to get out of it. I have a

Customer Question

Hello I'd like a mortgage and I'd like to get out of it
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: I have a mortgage I'd like to get out of
JA: Has anything been filed or reported?
Customer: No paid up
JA: Anything else you want the lawyer to know before I connect you?
Customer: No. I want to get out of mortgage. Disabled widow left with house payment
Submitted: 2 months ago.
Category: Legal
Expert:  LegalKnowledge replied 2 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  LegalKnowledge replied 2 months ago.

Good afternoon. Is there any equity in the home or is it worth less than what is owed?

Customer: replied 2 months ago.
Hello
Expert:  LegalKnowledge replied 2 months ago.

Hi. Is there any equity in the home or is it worth less than what is owed?

Customer: replied 2 months ago.
Ok
Expert:  LegalKnowledge replied 2 months ago.

Is there any equity in the home or is it worth less than what is owed?

Customer: replied 2 months ago.
Owe 68 thousand house appraised for 70 thousand
Customer: replied 2 months ago.
Worth more than owe
Expert:  LegalKnowledge replied 2 months ago.
Thank you for the reply. In a situation like this you can sell the home. The issue is that the comisssion which you will have to pay will result in you having to come out of pocket some money to close and get the deal done. I saw this because with $2,000 in equity it may be used to pay your closing costs but it would leave you liable to pay the commissions. If you sold it but owner and found a buyer as well who was not using a realtor would would than have no issue with commission and you may be able to sell it and walk away and break even.
Customer: replied 2 months ago.
I have to move soon. I have no time to sale
Customer: replied 2 months ago.
Can I get out of mortgage
Customer: replied 2 months ago.
Disabled on social security
Customer: replied 2 months ago.
Widow husband died 1 year
Customer: replied 2 months ago.
Can't pay mortgage and rental of new place
Expert:  LegalKnowledge replied 2 months ago.
the only other thing you could do is see if the bank would accept a deed in lieu and simply take it back and allow you to walk away. This is not typically done though unless the home is in foreclosure.
Expert:  LegalKnowledge replied 2 months ago.
You could also try finding a tenant and rent it who will pay what the mortgage is assuming it is close to what the rental value is of the home.
Customer: replied 2 months ago.
I can rent home. Would that be too much extra income. I'm on disability social security
Expert:  LegalKnowledge replied 2 months ago.
You would want to speak with the social security office and see how they would view this if the rental income is being applied and going to the mortgage.
Expert:  LegalKnowledge replied 2 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!