Default on mortgage?

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Default on mortgage?

Water is contaminated from old military
base, Oscoda MI. Home will not sell.
How can I, or can I legally default?
Any loopholes to get out?

Asked on March 1, 2019 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can't. The mortgage is a contract between you as the mortgagor and the lender as mortgagee. That contract is only affected by wrongdoing by the mortgagee/lender, such as if they committed fraud against you. It is not affected by any changes in circumstances or issues that are NOT due to the lender's actions. Unfortunately, when you sign a contract (including a mortgage), you agree to be legally bound by it and responsibel for payments due under it even if you circumstances change for the worse. What you describe is not grounds to get out of the mortgage or default on it without penalty.


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