|
|
| *Loan,banking and credit>>>mortgage loan |
What happens if my property sale does not cover my mortgage and secured loan? |
I am about to sell my house but the amount will not cover the mortgage and the secured loan. What will happen? The only option I see to get out of this without owing is a "short sale". The buyer, usually a saavy investor, negotiates with your bank to get them to accept less than the payoff balance of the loan you owe. The bank may bend if they feel that you are going to foreclose and stick them with a house that won't sell. Then they wouldn't get their money anyway and would take a bigger loss. It helps if the house is a dump now that is impossible to sell. If the seller can convince the bank that they are better off dumping the property, it may work. Source(s): To learn more about the mortgage process, visit my blog: http://explaintome.blogspot.com... You will owe the balance. You will still owe the money, but it often can be attached to your loan for the house you are buying. You will still owe the bank cash. Sucks to be you. you keep making payments until the loan is paid off. Put as much as you can into paying off the mortgage. After that you will continue to make monthly mortage payments just as you would have done if you continued to own the property, but you'll pay it off a lot faster. |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |