If I sell my house for 85,000 and I owe 91,000, can I roll the remainder of the mortgage to a personal loan?

Asked by Tao, 63031 Mon Jul 16, 2012

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Rhonda V Jon…, Agent, Hazelwood, MO
Mon Jul 16, 2012
I would recommend you speak with an experience CDPE , Certified Distress Property expert to explore the Short Sale Option. There are several programs available to help homeowners who are upside down on their mortgage. Don's reply is on point if you are looking at paying your way out without blemishing your credit history.
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Thank you, yes this is a option to consider.
Flag Mon Jul 16, 2012
Don Tepper, Agent, Burke, VA
Mon Jul 16, 2012
Well, kind of. You'd have to bring the difference with you to the closing. You could get a personal loan for the difference, prior to the sale, and then show up with the cash. Recognize, though, that it'll be a lot more than $6,000. If you use a real estate agent, there will be commissions. The buyers may require you to help pay their closing costs. There might be repairs needed to the house. Allow, at a minimum, another $6,000-$8,000. So, with your scenario, you'd have to borrow $12,000 or more and then pay that out at closing. It certainly can be done.

You can check with your Realtor for a better estimate of the expenses you're likely to incur.

Hope that helps.
0 votes
Yes - that helps, thanks for your reply.
Flag Mon Jul 16, 2012
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