Selling home w/ equity line
I live in Michigan & have a home equity line of credit against it. Is it legal for me to sell it on a land contract? If not, what can I do without ruining my credit or filing bankrupcy?
Selling home w/ equity line
I live in Michigan & have a home equity line of credit against it. Is it legal for me to sell it on a land contract? If not, what can I do without ruining my credit or filing bankrupcy?
Re: Selling home w/ equity line
In a typical loan for the property, you would have promised to the bank that you would not sell the property on land contract and in the event you did, you would accelerate the loan repayment so that you would have to pay the loan in full. Though it is a breach of the mortgage contract, such a sale is a common occurrence.
If you have further questions or concerns, please contact me via my website at http://www.lawrefs.com.
Renee Walsh
Walsh Law PLLC
1805 Hamilton Road
Okemos, MI 48864