Posted on: 25th Jan, 2011 09:31 am
I have a modular on rented land. I have been trying to do a short sale with the lender(GreenTree) for 8 months and they turn me down every time. We are considering giving it back. Financially what can they do to me. I live in Michigan. We owe $42,000 and I have brought offers of $28,000 to them and they have turned it down. We are in the process of buying a home from our family members and don't want GT to be able to place any liens on the property. I have been told that we should have the property of the new home put into a Trust to protect us?
Welcome jhulett,
After a short sale, the lender will come after you in order to recover the deficient balance resulting from the sale of the property. If you place the new property into a trust, then there are chances that the lender won't be able to place a lien on it.
After a short sale, the lender will come after you in order to recover the deficient balance resulting from the sale of the property. If you place the new property into a trust, then there are chances that the lender won't be able to place a lien on it.