Walking away from your Metro Detroit home – beware
| I am going to share with you one of the pitfalls of walking away from your Metro Detroit home. Some people are making a plan to walk away from their Metro Detroit home and let it go into foreclosure. They can afford the mortgage, but they look at the amount of what they owe and feel they are so far upside down. They do not want to pay on a home for 10 years just to break even. Sometimes the city or area they have moved into has changed or taken a big beating in home values. So they make a plan to let it go into foreclosure. Well a real estate agent in our real estate franchise did that. They walked away from their mortgage and their home. Then they borrowed money from a friend to pay cash for a smaller home. Well the major mistake was that they put the new home in their name. It had no mortgage nor did it have any liens on it. Well there old mortgage company on the house they walked away from did a county public record search and found out they owned a property clear and free. The mortgage companies attorneys came knocking on the real estate agents door and threatened to sue if they did not turn over the new smaller home. The attorney’s for the foreclosure bank wanted to get back some of the losses the bank incurred from the real estate agent walking away from the Metro Detroit home. So in the end the slick real estate agent let their nice big home go, and lost the new small home back to the bank for damages. Plus they owed the friend $40,000 for the house they just had recently bought. So now they owed $40,000 on a house they no longer owned. So the moral of the story is either do not walk away from your house or if you do – do not buy a new house cash and put it in your name. Just a warning of what can happen to you. |
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