I have to sell my house as part of a divorce settlement. I will end up taking a loss due to poor financial decisions made by my ex and I years ago. I don't have the cash to pay off the remaining balance of the mortgage...what are my options????
2006-12-11 11:37:08 · 6 answers · asked by Dave 1 in Business & Finance ➔ Renting & Real Estate
You can sell your home for less than what it's owed with the lender's permission. The process is called a "short sale". Talk to a real estate agent who is able to do one and list the property with them.
If you're in Southern California, I can probably help.
Regards
2006-12-11 11:41:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
All loans today have a clause in the contract that states a loan has to be paid in full in the event of you abondoning, leaving, or selling the home.
There are only a few loans (certain types of helocs - lines of credit) that if they are not tied to only your house, will allow you to continue paying off after the home is sold.
But a mortgage with a lien on your property, they will require it to be paid in full. Unless you can get a court order that states what is going on, then the company may work something out with you, but they will most likely request that they place a lien on a new piece of real estate to protect their interest.
2006-12-11 11:41:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have good credit, you can talk to your bank about getting a line of credit to pay for the remainder.
The entire balance of the Deed of Trust has to be paid before property ownership can change hands. I am basing this off of California Reality Law as that is where I am located, it may or may not be different for your area.
2006-12-11 11:39:55 · answer #3 · answered by Solstice 3 · 0⤊ 1⤋
If you have good credit you can take out an unsecured personal loan. It seems to me your ex should have partial responsibility for the negative equity.
2006-12-11 11:41:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
this is considered a "Short Sale". Contact a local REMAX professional in where you live who will help negotiate with the lender(s) and get you out of the mess your in.
Sincerely,
Richard M. Johnston, GRI, ABR, e-Pro
RE/MAX OTB ESTATES
President's Advisory Council Member
2006-12-11 12:08:43 · answer #5 · answered by ? 3 · 0⤊ 1⤋
I don't think you can sell it if you can't make up the difference.
2006-12-11 11:39:10 · answer #6 · answered by Cardinal Rule 3 · 0⤊ 1⤋