Options available to ‘finance’ capital loss at closing of sale of real estate?
What are my financing options available at the time of a sale of realestate property to compensate for monies owed mortgage company due to falling appraised value of the home? In other words, price/sale of home will not pay off the outstanding mortgage balance. Thanks.
You will have to ask the lender if they can do a short sale or personal, unsecured loan if you wish to sell your home for less than what you owe on it. Those are your two options.
If you’re already under contract to sell your home, you’d better start making some phone calls ASAP and have your Realtor help you with this.
Best of luck to you!
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February 26th, 2010 at 9:48 am
Read your mortgage lien. You probably need to pay off the entire balance at closing.
References :
February 26th, 2010 at 10:37 am
You will have to ask the lender if they can do a short sale or personal, unsecured loan if you wish to sell your home for less than what you owe on it. Those are your two options.
If you’re already under contract to sell your home, you’d better start making some phone calls ASAP and have your Realtor help you with this.
Best of luck to you!
References :
I’m a licensed Realtor in Colorado.
February 26th, 2010 at 11:09 am
If your question is how can I finance the portion of my mortgage that the sale wont cover, you’re going to need to get a personal loan somehow BEFORE closing.
Any liens on the property have to be resolved prior to or at closing in order for title to pass.
No other options.
References :