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jhulett · Joined: 25 Jan 2011 Posts: 1 1.33 Dollars($)

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?

adonis · Posted: Tue Jan 25, 2011 10:43 pm Post subject:

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.

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