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What happens if I sell my house for less than owed on mortgage, can I finance the difference?
I would like to sell my home but I know I won’t get what is owed on it. Will Wells Fargo allow me to pay the rest over time? Thanks
...asked on March 25th, 2012 @ 11:25 pm in Loan - Home
short answer NO,
Basically if you can not sell the home for the loan value , you can not get clear title to sell it , you can try a short sale with the lender to try and get them to take less then loan value but your credit will be ding and there is a good chance the shot sell fails and you may end up in foreclosure
...answered by goz1111 on March 26, 2012 @ 12:06 am
You have to pay the difference at closing.
They may allow a short sale in which they would accept the sales price for full satisfaction of the loan but your credit would then take a hit.
...answered by Wayne Z on March 26, 2012 @ 12:55 am
That is what you will work out with Wells Fargo. Depends on just how much you owe.
...answered by Iffy on March 26, 2012 @ 1:19 am
LOL, absolutely not.
...answered by Common Sense on March 26, 2012 @ 2:14 am
I will just say Norman if everyone were like you we would not be in this mess. Most people are just walking away from these underwater mortgages and leaving it up to the banks (taxpayers) to figure it out. I imagine Wells fargo would work with you to an extent. However, your new loan will not be secured by the home anymore and therefore I would not expect great terms. You might be able to use your leverage though if necessary..either give me a loan or I will just walk away. A wise lender would work with you since they get more if you are still paying. Anyway, if you get the house paid off, thanks for not sticking the taxpayer with the bill.
...answered by richard t on March 26, 2012 @ 3:11 am