Michigan Real Estate Law Question Michigan

[chadnirat]

hi guys

Our home in Michigan, which we bought in 2004, is significantly underwater, and we are trying to decide if it makes financial sense to keep it, or to foreclose. My question is this: My wife and I are both on the mortgage, but I am NOT on the note. What kind of position does this put me in? Will my credit be trashed if we foreclose, since I'm not on the note? Will I be eligible for a new mortgage, or possibly even qualify for Obama's $8k new homebuyer tax credit? Please help! From what I've read so far, it would appear that only my wife's credit will take the hit if we foreclose.

thanks















































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[Callista Gail]

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