 Mortgage question? |
I have a 651 credit score. i have no money to put down, first time homebuyer. i was wondering what programs are available w/no money down. also is a lease/purchase a good idea?
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 Can you sell your house for less money than it's worth, and how much less? |
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jenski84 | If I I accept an offer on my house that is less than what I owe, what happens? |
I am selling my house for $159, if someone offers $150 and I still owe on the loan; will I be expected to pay the difference at closing or will the loan company work with me? (There is no Equity in the house because it was bought less than 6 months ago) |
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golferwhoworks
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not only will you owe the difference payable at the time of close so you can deliver good deed to the buyers you will have tax stamps as well as title transfer fees, termite inspection fees etc. and if realtors are involved you will owe commission as well |
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JENNIE
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You will owe the difference. |
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A D
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The easy, quick way out if for you to pay the difference at closing.
If that is not possible, and
If the lender will accept the offer and "forgive" you the difference, you may find that it will show as "income" to you and you will have to pay the tax on it as income.
Have you listed your house for sale w/a real estate agent? If so, your agent should be able to give you specific info for your area. If not, your lender may require you have a licensed agent before agreeing to work with you on a "short sale" (selling for less than you owe).
You will not be able to give "clear" title on this property until your lender releases the lien. A buyer will not be able to get financing unless they have clear title. |
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quizzard123
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The problem is yours, not the loan company. They loaned you xxxx, they expect xxxx (plus interest) back.
If you are seriously in arrears, your loan company MAY agree to a 'short sale' where they take whatever you can get. But after only 6 months, that's not at all likely.
Sounds like you need to hold out for $159. Tell the potential buyer you cannot take less, and maybe they'll come up. $9000 isn't much in real estate.
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cheeba0228
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You will owe the difference. You took out a loan to buy a house. Your not renting. If I lend you $100 to buy a radio and you decide to sell the radio for $80...you still owe me $100. If you take $150 and owe $160....you still owe $160. Your going to pay the difference or the sale will fall through at funding. |
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deb1975@sbcglobal.net
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You will be responsible for paying the difference |
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AJ
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The bank may not let you sell for less than what is still owed. If they do let you sell, you will be expected to pay off the loan immediately.
Why if you just bought the house are you trying to sell it? Haven't you been watching the news? and why would you accept an offer less than what its worth? |
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bhansingh
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You are to pay the difference , however it is also possible that the bank/Mortgage company may on your request decide to waive the difference. BUT at the same time it has the right to refuse the waiver,Suggest that you contact the local government offices to help you on that .They might have the power to help you |
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acermill
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You will have to come up with $9.000 at closing. You borrowed $159,000 and that is what you are expected to pay back. The lender will not release its mortgage lien on the house unless you show up at closing with the $9,000 deficiency.
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cran_rum84
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For some reason I can't respond to yall on my other account. I am having to sale my house after 6 months because of a Divorce. I know I will have to pay the difference, that wasn't my question. My question was the difference I owe, will it be due at closing or is there a way to work with the bank to cover the difference in another loan. I am trying to see what my options are. The Judge set the price for the house but also said I have to accept any offer within 10%... So it is a possibility that I will owe up to $15,000 on the house because of that. Trust me this isn't what I wanted but the situation I am in. |
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