CANCEL MTGE
This is a discussion on CANCEL MTGE within the Buying & Selling Property forum, part of the REAL ESTATE & PROPERTY LAW category; My sister bought a home in Miami,FL under the premise that family would continue to live with her and contribute ...
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Sep 29th, 2006, 08:39 PM
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CANCEL MTGE
My sister bought a home in Miami,FL under the premise that family would continue to live with her and contribute to the monthly mtge pmt. Well, family has opted out and moved elsewhere. As a result she can't afford this house, would like to cut her losses, and move back into an apartment. The first payment is due Nov 1, 2006 (that she would obviously default on). How can she cancel the mortgage? Moreso, it puzzles me that she was loaned $400k+ on a $36k annual salary.
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Sep 30th, 2006, 07:59 AM
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It would seem she may want to sell the home as quickly as possible, or refinance. She could possibly sue any persons that made an agreement with her and then backed out.
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