 I owe $431k on a rental, can't make the payments anymore and no buyers, what options do I have? |
| I owe $431k on the rental property, My rental income is $3000 but my payment is $4000, Can't continue making the payments, Due to the market no one will buy my property for $431k, What can I do?... |
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Additional Details
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| If I had a 100% loan for $100,000 and made $20,000 worth of home improvements within the first year, can I get my lender to cancel PMI?... |
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| I moved into a house with 2 other girls and the rent that was offered was $550. I had asked as to why it was so high, and it was because it was for the room + garage space. I had asked to knock off $... |
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| I have been pre-qualified for a home loan for 100k from countrywide through fha. I make 35k a year and have a car payment and cc debt that totals close to 500.00 does anyone think I will be able to ... |
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 How safe is buying land off Ebay without seeing it first? |
Additional Details
this is a family owned business and they are sending me the paperwork and pictures of the property through the mail. I'm thinking I'll have an attorney look ... |
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 Can a water utility company withhold service from me because of a previous owners unpaid bill? |
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Mimi | How much do you get if you sell property after paying off a few mortgage repayments? |
Do you get your additional deposit plus what you paid over the years? What if the property price increased, how does that work out ? |
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Reggie the Veggie.
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It depends on the price you sell it for, as far as profit/loss is concerned. Most of the repayments in early years are swallowed up as interest, so you will see very little in the way of a reduction in how much you owe your lender. You need an increase in the selling price to offset expenses, before you can think about profiting. If you sell for less than you bought, then it will eat away your original deposit. |
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misty55
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You need to get a settlement figure from the mortgage company which shows how much you owe them. Then basically what you get is however much you sell your house for minus the settlement figure, estate agents fees and legal costs. |
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anthonyky
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You get what you sell it for minus what you still owe on it. |
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Loo
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You take away what you owe on your mortgage plus any Claus for paying it off early and then what ever is left is yours. |
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snetterton
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You get what the property sells for, minus the value of what is left of your mortgage.
Let's say you originally bought the property for £90,000 and you borrowed £80,000 on a mortgage. Now the house is worth, (I'm playing let's pretend here) £100,000.
Since buying it you have paid £2,000 off your mortgage. You still owe £78,000 plus interest to that point.
At the very most, you will walk away with c. £20,000 (not sure how much interest you might owe). Ten grand of that is of course your original deposit.
However, a good proportion of this will be eaten up by estate agents' fees, solicitors' fees, and the myriad other little costs involved in selling a house.
If however house prices fall, then you will be left owing money and can kiss goodbye both to your deposit and any repayments you have made. |
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Amanda H
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This is why you use an escrow company. They take the gross selling price-- whaver someone is willing to pay-- and then they contact your mortgage company and get a payoff quote for the date of closing. if you're behind on your payments, this would include the interst thats been accruing that you're not keeping up on.
Then they pay off the old mortgage and cut you a check for the differece.
If you paid the principal balance down AND the value when up, then yes, you'll get plenty back. Remember you have closing costs thoguh-- taxes, realtor fees, etc. |
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John T
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what??????? confusing |
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OriginalBubble
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Ok lets say you have a £100,000 mortgage. You sell your house for £110,000. You get to keep £10,000.
It doesnt matter about what you have paid, or the deposit or anything else.
Remeber you will have to pay solicitors fees to sell as well. |
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redduron
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Once you sell up and once the solicitor and estate agent have taken their cut you will get what is left. Contact you lender and ask for the current balance of the morgage. If you have only had it for a few years most of your payments will be covering the interest so you will not have paid much off. The only hope is that the property has increase in value |
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robbie angel
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when you sell your house what you get back is anything thats left once morgage is paid up for this you need a settlement figure, as you have to obviuusly pay the lender all you owe, also check for fees you may get if you havnt had morgage that long. they may charge for early settlement also dont forget that they be estate angents fees ect too, find out prices and costs of thing b4 making any desisions |
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Not Ecky Boy
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After such a short period, the only people to benefit will be the solicitors, estate agents and mortgage lenders.
You have to stay in a (UK) house about 2 years before you start to break even. |
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?
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you'd get the fair market value |
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