Must sell our house for less than what is owed on our mortgage - how do we pay off the rest of it?
This is tricky, and you are not alone in your misunderstanding of home loans. A lot of people go get loans without really understanding what they are getting into, and then when something changes they get all flustered. Here's a suggestion, go get your loan papers and you and your husband need to read them over and try and figure out what it is saying. Then after that, if it still doesn't make the terms of the loan crystal clear...just make an appointment with your bank loan officer and have tell them what you are thinking of doing and have them explain. My advice: whatever you do, do not make the mistake of thinking its a good idea to get into more debt, by buying another house before you sell the one you are in. Lots of people will tell you that is why the real estate market is so screwed up right now. People are getting in too deep in debt, then are defaulting, and getting foreclosed on. You might have to come to the reality that you need to stay put for a few more years in your house and perhaps get a second job to pay off the mortgage quicker. ??
by orchard - 13 hours ago
You cannot sell it without coming up with the cash shortfall yourselves. The only possible option is a short sale - but lenders will normally only approve that if the alternative is foreclosure.
by kj566 - 13 hours ago
You cannot sell it for 80k without bank approval. The house is not yours to sell unless you pay off the 93k. You need to talk to your lender about a short sale. Meaning the bank will settle for the 80k and you will owe nothing. Get approval in writing
by ? - 13 hours ago
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