| Re: Opinions Wanted on Moving Out of house
Lisa said, "we can rent a beautiful townhome for over 1,500 a month less than it has been costing us to stay in this house." I guess my confusion with this statement is that assuming you are not making the payments on the home, it probably isn't currently costing you much of anything besides standard utility services. The more important thing is does it make sense to move out during the redemption period, given that the home is effectively unmarketable during this period because the lender cannot convey clear title.
Lisa, my understanding is MN, like most of the states, does allow deficiency judgments designed to make your lender whole. What I'd recommend doing is to see if you can mitigate the lenders damages (thus reducing your exposure), by seeking to transfer your potential redemption rights. Who knows how valuable those redemption rights are... One thought might be to offer to convey them to the lender in exchange for a full release from liability for any potential deficiency judgment.
Daniel |