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I moved from Michigan to Kentucky two years ago for my job. I still own the house in Michigan, and I owe about $140,000. However, it is only worth $70,000. I want to get rid of the house. I never want to move back to MI. I was responsible enough to get a fixed-rate mortgage, and I have a good job. Am I basically stuck with this house (and the accompannying huge debt) forever? It seems like people who can't afford payments are getting tons of help, but I'm getting royally screwed because I did everything right.
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Posted: Jan 11, 2009 at 7:43 PM
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Rachael: I assume you're still making payments on the house in Michigan and renting it out. The government has a HOPE program for homeowners that are upside down with their mortgage. Go to this site:
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL.
Your lender should work with you on a short sale of your home even though you have a good job and can afford it. You will have to show that it is a hardship however. They should be glad that you did not file bankruptcy. And yes you're correct, you get the shaft for doing the right thing.
If this does not help please contact me and I'll search further for a remedy. Glad you moved to Kentucky. My great-great-grandfather came from Detroit about a 164 year ago. His father came from Germany. Hope you have a happy and healthy new year, Gary
Jan 11, 2009 at 9:38 PM
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