If there is $15000 remaining, do I just still keep paying my mortgage company or do I need to pay off the full balance with say a second loan to make up difference? Our condo dropped about $50G since we bought it 4 years ago and we need to sell but can't wait any longer for market to rebound. We lost our whole cash down payment and at this point are just trying to minimize our losses. We don't want to rent it. Thanks
Beverly S
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You can't sell without paying full balance- illegal. The buyers would have your lien against the house & no attorney will close the loan unless they have a payoff letter from the mortgage company & they pay the full balance at closing from your proceeds.
Peter Griffin
Wish I could help ya with this man.... I will ask around but doubt Ill get a reliable answer.
My advice would be to call a banks mortgage lender and ask him or her this... tell him/her that you are lookin to sell PERHAPS, but need to be sure you wont have a lien of 15Gs or have to take out a loan for 15Gs to close.
Also, why not renting? I mean.. if you sell youre gonna end up with more debt anyways (a 15G loan is only a few hundred a month to pay off but still its an added bill.) why not try to rent? Liability?
Jennifer S
Depends on more information that you have not listed. First of all if you are selling for less than you owe the new owner cannot take clear title. Now if you are selling it as a short sale then that is much different. The 15k owed would be handled by the bank usually sending you a 1099 at the end of the year. Without more specifics I am not sure if I answered this clearly enough.
golferwhoworks
in order to sell and deliver good deed then all liens must be paid at close. The $15,000 must be brought to closing.
I am a mortgage banker in TN