 Is it possible to get out of a lease early? |
| I have been leasing this apartment for three years and now im about to close on my new home. my lease ends in on nov 30th and I close in mid oct. when I informed my apartment they had me sign a 30 ... |
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 Is 25 dollars a week too much for supposed rent? |
| I want your opinion on this, for mine is most obvious. The person who is being billed this is an 18 year old, trying to balance her junior year in high school and a job at sonic, which she just got ... |
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 (UK) Can you afford to buy a house where you live? |
and do you mind me asking you where you live and what sort of work you do?
Thanks!... |
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 SECURITY DEPOSIT question? |
| if a landlord holds back your SECURITY DEPOSIT because he claims that you damaged items in the apartment, can you fight it? is it worth it to fight it? what are your chances of winning? what do you ... |
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 What does "o.n.o" mean? |
Hi All,
just a quick question.... In adverts for property to rent, what does "o.n.o" mean?... |
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 How do I add my name to my husband's deed of our home? ? |
| He bought the house while we were engaged and even though we live in a Community Property State, we would feel better if now my name is on the deed in case of a tragedy or like now when we want to ... |
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 Where would you live in the U.S.? |
| If you could move to any part(state) in the U.S., where would it be? I think I'm getting tired of how busy and overpriced Southern California is.... |
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 My Mom, whom I live with wants to give me her home, better to sell,quick claim or will, have 4 siblings? |
| She has a loan of 56,000.00 which I would like to take over or pay off. But we are not sure if I should which way to go. I just paid the taxes and don't want to be taxed again. I have been ... |
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 What can a landlord legally deduct from your security deposit? |
| I live in Arkansas, and my landlord is trying to charge us for stuff that is normal wear and tear. A thermometer is broken that worked just fine until we left, and he is trying to charge us for that. ... |
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 Need advice on trying to buy first home? |
| I am a single mom of three boys, currently going to a Votech and i am wanting some information on trying to buy my first home. I have a limited income for right now. But i want to move to the Tulsa ... |
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 Just moved in and found a problem...? |
| We just moved into our first house, and we've been here almost 3 months. Last week we discovered the floor around the toilet is rotted. Will any kind of insurance cover this, or simply a case of ... |
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 Spouse's Foreclosure? |
| My husband and I live in CA. He purchased a home completely on his own. I was not on the loan and I did not sign any loan documents. I am on the deed. When ever I have my credit report run, the ... |
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 How bad would it be for our credit if we bought a house, and let our condo fall into foreclosure? |
| I want to try to get approved for another mortgage for a house, because our condo won't sell. We live in Southeastern Michigan, and the market is awful, and we need to get into a house.... |
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 What are those houses called? |
| they are not trailers you buy them from a place (pre-built) then the people from the place (its like a dealership) bring it to your property (they put it on a big truck)... |
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 Can you buy a home with poor to bad credit??? |
| I have never bought a house before, and don't know if it is possible for someone to do so with poor credit. It just seems silly to throw away $700-$800 a month renting an apartment or townhome.<... |
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 Does a down payment get you a better interest rate on your Mortgage? |
| We are in the market for our first home. We found one we like, but aren't sure we want to put anything down on it. The house is on the market for $204,000. Would we get a better interest ... |
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vegaseaglesfan | Is it possible to sell your home for less than what you owe? |
Say your home is worth 300,000 but you can only sell it for 270,000. Is it possible to buy another home for 290,000 and put the 30,000 owed on the first loan on the second? |
 |
 
HIGH SHAMAN
|
I' sorry BUT that just is not going to happen .....
You need to shop around for a home that you can actually afford with the money that you have .... |
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Alterfemego
 |
Afraid not. Each loan is legally tied to each property. What you are indicating is you are upside down in your loan. Which millions of us are. To sell it short of the mortgage balance requires your lenders approval. Without it, they can and will file a 1099 form to the IRS grossing up your income by the difference. However, if they agree to a short sale, then typically they don't file this form. It's not easy getting them to agree and it takes time. |
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Biggie @ Arbor Mortgage
 |
No lender will do that or ever has. You were able to borrow more than what your home is worth at one time, but not during a purchase transaction. You will have to do a short sale. |
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chatsplas
|
YES
NOPE
KEY info missing: how much is existing mortgage? If $300,000:
you sell your first home, short sale, you come up with difference in cash, or you don't--with bank cooperation
then buy second home IF you can find a lender |
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Kelly
 |
Ther have been many cases where the bank will accept less (short sale) but it's usually to avoid a foreclosure. |
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Marysue
 |
The other two are correct.
To answer your title question (ignoring details) of course you can sell for less than you owe, you just need the cash to cover the difference. |
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src50
|
No. |
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MM C
|
First, you'll need to put a down payment when you buy a house. Even you can find a lender to do a 100% mortgage, they won't let you cash out at closing with a purchase. So technically, you cannot transfer the $30,000 owed to your new house to pay off later. In order to sell your first house, you need to either short sale (which need lender approval and you have to submit a lot of document to show you're in financial hardship) or pay $30,000 to cover the difference at sale. |
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Tim
|
What matters is the loan-to-value ratio on the new home that you're buying.
If you are not planning on making a down-payment, the additional $30,000 debt would put the LTV on the new home at nearly 100% (or more).
Now, banks like to keep the LTV (even on a second, higher-int. loan) at 95% or lower. A loan with an LTV over 100% would be hard to find, is risky for everyone, and would likely have a very high rate.
Good Luck |
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