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Im a senior having lived in my home since 1957. I want to…

Customer Question
Hi... Im a senior...

Hi... Im a senior having lived in my home since 1957. I want to move to a retired community apartment but I have a city lean aginst my house ab=nd a 12 year old morgage. Can I just walk away from my home and owe notrhing ?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

St. Clair Shores, Michigan

Lawyer's Assistant: Has anything been filed or reported?

Nothing

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

What about taxs ?

Submitted: 1 year ago.Category: Real Estate Law
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Answered in 4 hours by:
3/22/2017
Real Estate Lawyer: Bruce Schreiber, Lawyer replied 1 year ago
Bruce Schreiber
Category: Real Estate Law
Satisfied Customers: 854
Experience: Attorney At Law at SELF
Verified

Welcome and thank you for your question. I will be the professional that will be assisting you.

The answer to your question depends upon the value of the home and the total amount of liens, mortgages and taxes owed. Certainly you can walk away and let the home be foreclosed; the question will be when the h me is then sold will there be enough funds to cover all of the indebtedness against it.

If there is not enough equity, the Lender or the City may be able to seek recovery of the deficient funds from you. Also, if oyu walk away, your credit will suffer when the home goes into foreclosure.

If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it.

The site does not credit the Attorneys unless the customer rates our service positively. Thank you for your consideration. Please let me know if you were unhappy with my service and I will opt out for another Attorney to assist you.

Thank you for using JA! We appreciate your business.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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