2006-11-12 04:48:42 · 11 answers · asked by nawnabus 1 in Business & Finance ➔ Renting & Real Estate
You can but why would you want to? You'll end up owing the mortgage company money.
2006-11-12 04:50:10 · answer #1 · answered by UNI Panther 3 · 0⤊ 1⤋
Everyone is right so far, you have to pay off what you owe when you sell a house.....however if you are behind in payments, and unable to catch up, and can prove a hardship...(lost job, illness, etc.) you may be able to negotiate a short sale with the bank and a potential buyer.
When you negotiate a short sale, you need to make sure that the bank accepts the purchase price as paid in full and that they will not file a deficiency for the balance of the mortgage that was not covered. Remember, this also affects your credit, and is not a route that should be taken unless absolutely necessary.
You may also be able to negotiate directly with the bank for a deed in lieu of forclosure, again if you are behind and can prove a hardship. This means that you sign the house deed over to the bank and they take over ownership without having to go through all the expense of a forclosure.
I would advise making a few phone calls to the bank and seeing if there can be a repayment plan determined, or a refinance that will allow you to be able to make the payments and keep the house. If you have to go the short sale route, locate a realtor that is versed in this and willing to take it on.
Good luck!
2006-11-12 05:24:54 · answer #2 · answered by julsells 2 · 2⤊ 1⤋
You can if you pay off the current mortgage and then sell the house at a loss. You also may have the client take over your mortgage but that is not very desirable. You are stuck if you try to sell the house less than the lien amount on the house.
2006-11-12 04:57:20 · answer #3 · answered by Donald W 4 · 0⤊ 1⤋
You can sell the house for a dollar if you want but you still have to pay off the mortgage.
2006-11-12 04:56:35 · answer #4 · answered by Igor Jivatofski 5 · 0⤊ 1⤋
You can sell it for less than you owe, but you will have to make up the difference out of your pocket before your bank will allow a deed transfer.
2006-11-12 04:52:05 · answer #5 · answered by sleepless in NC 3 · 0⤊ 1⤋
Realtor Jul is absolutely correct. You can sell the house for less than what's it worth if a lender accepts a short sale offer. Her advice to you is also correct and recommended.
I help people facing foreclosures on a daily basis.
Regards
2006-11-12 06:10:39 · answer #6 · answered by Anonymous · 0⤊ 1⤋
If you do not get what you owe out of the house then you will be responsible for paying what is left out of your pocket. I would not suggest it unless you have the money and you are really wanting to get rid of the house.
2006-11-12 04:51:05 · answer #7 · answered by cmsmith114 3 · 0⤊ 1⤋
If you want to but you would have to repay the difference to your mortgage lender. The loan is secured on the property and once it is sold, you must repay the loan.
2006-11-12 04:50:53 · answer #8 · answered by Anonymous · 1⤊ 1⤋
Sure you can, but why? You will have to make up the difference to your mortgage holder.
2006-11-12 04:52:49 · answer #9 · answered by Anonymous · 0⤊ 1⤋
sure, if you can come up with the difference.
2006-11-12 07:04:05 · answer #10 · answered by Anonymous · 0⤊ 1⤋