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I've a question regarding my home in Michigan.
In May I was laid off from my job unexpectedly (automotive engineer).
We refinanced the house and took out the equity ($50000) to pay off
bills to free up cash to make sure we could pay our normal living
expenses.
I've recently been offered a job out of state, but with the soft real
estate market in Michigan I'm concerned that the house will not sell
anywhere near the appraised value if at all.
What are the implications of forfeiting the house back to the lender?
Will this hurt my ability to buy a house in the new location? If the
house does sell for less that what we owe how is the excess handled?
Any help would be appreciated.
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home with zero equity or negative equity
