Selling an underwater house?
December 21, 2009 6:15 PM Subscribe
I was considering bankruptcy, but now I'm considering selling my house.
My fiancee has left, I have $50k in CC debt, student loans, and a mortgage that is under water by $15-25K.
Renting it out will only cover 2/3 of the mortgage/taxes/ins., and nowhere to live.
I'm thinking about selling it, but what happens if I sell for less than I owe?
Also, I'd be responsible for the realtor's fee (4-6%= appx. $20-25K).
Add those together, and it's 30k to 50k to SELL my house and get out from under the mortgage.
What happens to the balance that I would owe?
posted by antipode12 to Work & Money (25 answers total) 1 user marked this as a favorite