I need to sell but am underwater on my home. What do I do with the extra I owe to the bank? Can I just continue paying it as an unsecured loan? Any?

Asked by Slppy, Chicago, IL Fri Jul 23, 2010

chance of rolling it into a new mortgage?

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Bob McClure, Other Pro, Walled Lake, MI
Tue Jul 26, 2011
good evening...answer is no....you cannot...position your exit strategy before doing anything with your existing home...if another home is the solution, then pre-approve for it...your current house payment will be added to your cc debt and car payments to arrive at a debt ratio for buying.....if the math works../.close the deal and then make a decision on the one you're in...
best regards....
bob mcclure
percentPlus
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Usa Home Buy…, , California
Tue Jul 26, 2011
Underwater on your home mortgage? Don't walk away! Don't short sale! Sell your home for FULL PRICE to us! http://www.USAHomeBuyer.net
Web Reference:  http://www.USAHomeBuyer.net
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Jennifer Gra…, , Sacramento, CA
Fri Jul 23, 2010
Each state has their own rules.
Check out http://www.janusequitymanagement.com. There you will find foreclosure laws for your state and information about short sales.
From your question, I am assuming you want to sell your house.
What happens is:
1. You list your house for sale with an agent - most banks require you do this.
2. You get an offer on your house
3. Your agent or negotiator will submit the offer, plus financial info you provide to the bank
4. A BPO (broker price opinion) or appraisal is done on the house to determine the value.
5. The bank will accept, counter or reject the offer
6. The bank will either release the lien and you do not owe money, or the bank will release the lien on the property but you will still be liable for an amount.
This is where having a GREAT NEGOTIATOR on your team helps get the release of lien and release of liability for the deficiency amount.
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