 If a house is bought while single, then one gets married, if house is sold, will spouse be entitled to profit? |
| I purchased a home when I was single, got married, never changed deed over to married name or added spouse to the deed. If the home is sold, does my spouse have legal rights to the proceeds?... |
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| We found a house we want to purchase. The house is listed for sale by the owners. The gf is wanting to use a realtor to help with the purchase of the house. what exactly would they do? we are ... |
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| My husband and I are planning to move soon. I say that extra payments at this point are akin to putting money under the mattress. He thinks we will get more than we put in when we sell. We ... |
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| we recieved a house from a family member, completely paid off. its worth between 200 thou and 250. me and my fiance both have credit issues. my question is that we both would like to have a new ... |
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| My landlord told me by phone to "not say anything" with the city inspector comes. I assume the city inspector would come alone, not with the landlord when doing the inspection. There are ... |
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| im 17 at the moment but in about 2 years time i want to rent a flat with my friend can i hav some facts and advice please. i currently hav no job at the moment but plan to when i finish college next ... |
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I believe they make you a cash offer ,however they ask for an upfront fee before they even come out to look at the house.
Is this a scam because they offer a really bad price or just to ensure ... |
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| If I put a down payment on a house, can I immediately begin renting it out, using that rent to help pay down the mortgage? Is this feasible or am I missing some dynamic? There must be a downside. P... |
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| I am buying a house i UK. I have already signed the contracts and made a deposit of 5% of the mortgage through my sollicitor. I was told I will get the keys to the house as soon as I do this.After ... |
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 We are renting to own a home and Landlord has told us that his homeowners insurance has gone up to $625.00? |
| monthly. Our monthly payment with this increase is $2150.00 per month. I am a Stay at home Mom and we can not afford this!! He told us to try to get our own coverage when we moved in 2 months ago ( ... |
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| My boyfriend and I were out of town for a month. We gave the rent money to a friend who was staying there to watch our cat while we were gone. She ended up not paying it so we got an eviction ... |
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 Can I sue my Landlord?!?!? |
| Okay, so here is the deal. I came home from my father in-laws house fixing an computer problem for him to come back to my place to notice and pretty big crack in my ceiling. Looking at the crack I ... |
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 Can I afford this Apartment? |
| Its really nice its 2 bed room for $1600. I make about $3000 a month as a nurse. Cell phone is $100. car payment is $260 insurance is $145. Tv and internet is $135. The website says the apartment ... |
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dallya809 | What happens if I sell my house for less than I owe on my mortgages? |
Let's say I sell my house for 150,000 - but still owe 160,000. Do I have to pay that 10,000 right away? Can I roll it into my next mortgage? |
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Imaka
|
I think you will need to pay off the $10,000. Not a good idea to roll it into the next mortgage, even if your bank or mortgage lender will let you do that. |
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kevin h
|
That really depends on your bank. Some will let you roll it into another mortgage, some might require you pay it. I would talk to your bank before deciding to sell for less than what you owe. Also, I think that you might be able to claim part of the loss on your taxes, and get some of it back. You would have to double check that. Good luck! |
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contessaharridan
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Well, depends on your lender primarily, and the market will play a factor as well. Depending on the lender, the value of the new property, your credit, and loan term, you may be able to roll your negative equity into your new loan. That is not advisable in most situations, but yours could be different and/or your only or best choice. However, getting a loan with an existing balance on an old mortgage may be more difficult, and it will reduce the amount of house you can afford by 10K, and it may also increase your interest rate. This could put you "upside down" in your new home, and you are starting out again, with negative equity in a new home. In many ways, your situation and interests have not changed, well not for the better.
Some lenders will allow you to do a payment plan for the remaining balance, but since you no longer have your house for collateral, they will require to put up some other asset to secure the loan (car, 401K, bank accounts, and many lenders and not willing to go this route, because of the heavy risks involved (say a borrower skips out of town, or cashes out the 401K, wrecks the car, and defaults on the remaining balance. They'll be jacked). Not that you would do it, but this is what the banks are (justifiably) afraid of.
There are lenders, depending on the situation, that will require you to write a check to them at once. Find out from your lender what the situation is before you act. You also have to take into account the commission you will pay your seller, if you have one, that will cost you more from your selling property. |
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jackie
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Any time you owe a mortgages and sale it for lest you must pay the rest you owe. Yes you have come up with the $10,000. |
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kemperk
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u would have to pay it off UNLESS your mortgage
firm loves you and carries it.
try this instead, open a small biz inside the house--
assisted care, real estate investing
tax certificate investing
--thus, let the house pay for itself.
i can help |
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bigoilman
 |
First of all, you're going to have to get PERMISSION from your bank to do a "Short Sale". IF they approve it, you WILL get a 1099 from the IRS for taxes on the $10,000 of "income" that was left. Even though you didn't see a dime of it, you owed it, it was "paid off" (forgiven actually) and you owe taxes on it.
If your bank will let you "roll" it into another mortgage do you really want to do that? I'd be extremely surprised if they agree to this especially considering current market conditions. Consider the bank's position in that case. They've essentially loaned you an additional $10k on a property that, if the market doesn't recover quickly, may end up back in their REO (real estate owned) portfolio in a year or two. Now they'll have to Short Sale again and lose even more money. Would you do that with your money? I wouldn't. |
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Rick B
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Yikes, you are upside down on this house and you want to roll it into the next so you'll be in an even worse position with that house?!@?@!@?@
I believe you will have to pay off the mortgage in full if you want to offer your buyer a clear title. You will have to come up wtih the $10K from somewhere.
I highly recommend you not buy your next house with nothing down. You will end up in this same position a few years down the road! |
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rechdxs
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This is called a short sale. First see if you can role it into the next mortgage or negotiate with your current lender to agree to a short sale. With this, you still pay on the 10k per agreed upon terms.
Me, I'm a bit more adventurous and would get a 0% apr intro rate credit card and then pay the 10k difference with it via cardit.com. Or if the card will let you, transfer your entire card balance to a bank account and pay off the difference and let the rest ride. Many will advise against a credit card, but if you are disciplined, you can come out ahead, not to mention the free trips you'll get!
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carmen m
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You should check with your tx man, because you are paying less than you own, IRS may tax you the $ 10,000.00 as income? he will tell you.... be carefull |
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