With all this house foreclosure one wonders how you can sell your house if you owe more.?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

http://realinsight.blogspot.com/2007/02/...

With all this house foreclosure one wonders how you can sell your house if you owe more.?

There is no negative equity. It's a loss, the money is gone. Report It

With all this house foreclosure one wonders how you can sell your house if you owe more.?

They loose the house and they owe the difference between what the bank got and what they still owed .

If they sell at a loss , they owe the lender the difference .

Regardless , if you take out a loan for $300K and only get them back $250 from a sale (by you or by the lender at the foreclosure sale) , you still owe the lender another $50K .

With all this house foreclosure one wonders how you can sell your house if you owe more.?

You can sell you house at any time for any amount you want, after all it is your house. That being said you will close and have to pay, the real estate commissions, closing costs and the loan balance which can leave you writing a check at closing.

With all this house foreclosure one wonders how you can sell your house if you owe more.?

It's pretty simple. You just bring a check to closing.

There is no rule that you have to break even or make a profit when selling real estate.

People do what they have to do to get out of a property. You borrow money from friends. You sell some things to bring in cash. You dip into savings or 401K. Or you just don't sell. Rent out rooms. Rent the whole house and wait.

First Previous 12NextEnd

With all this house foreclosure one wonders how you can sell your house if you owe more.?

Topic