Michigan home - help with options please

Posted by Rich (MI) on September 06, 2005 at 14:07:35:

A friend and I have decided to consolidate households in Michigan because of financial reasons.

We listed his house for sale 18 months ago and have dropped the price twice. The job market is depressed in the area and while the house appraises for 50K over the asking price, noone is looking.

We can not drop the price any further without having to bring money to closing - we don't have any money to bring anyway.

The house is currently up to date on payments but we are to the point where we can't afford to keep it much longer.

We are considering the option to stop paying on the house and allow it to be foreclosed/repossessed - I know it would ruin my friend's credit, but both of ours will be ruined if we wait much longer.

What other options do we have? What about Deed in Lieu or Short sale? Who would we contact about these options?

Thank you.

Follow Ups:

• Forgot to mention - Rich (MI) 14:10:14 09/06/05 (2)
  • Re: Forgot to mention - Robert 22:06:05 10/04/05 (1)
    • Re: Forgot to mention - Rich (MI) 08:48:07 10/05/05 (0)

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Comments:
: A friend and I have decided to consolidate households in Michigan because of financial reasons.

: We listed his house for sale 18 months ago and have dropped the price twice.  The job market is depressed in the area and while the house appraises for 50K over the asking price, noone is looking.

: We can not drop the price any further without having to bring money to closing - we don't have any money to bring anyway.

: The house is currently up to date on payments but we are to the point where we can't afford to keep it much longer.

: We are considering the option to stop paying on the house and allow it to be foreclosed/repossessed - I know it would ruin my friend's credit, but both of ours will be ruined if we wait much longer.

: What other options do we have?  What about Deed in Lieu or Short sale?  Who would we contact about these options?

: Thank you.


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