Previously 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
on Dec 21, 2009 -
I have a rental house that I am selling.
It has been listed with a Real Estate agent since Nov 07. Not one offer on it.
Some people from my parent's church are interested in buying it, but they want to do it For Sale By Owner -no Real Estate Agents involved.
My listing expires on Oct. 11.
How long after the listing expires can I sell it on my own? Is there a grace period?
Any ideas of how to cancel the listing beforehand? I don't want to lie, but I would rather sell to the church people for obvious reasons (more money for me, better deal for them, etc.).
I am in GA.
posted by twistedmetal
on Sep 2, 2008 -
My mortgage payments are overdue and I have filed paperwork for a loan modification. I just accepted an offer on the condo, and it is due to close on June 26. What is the best way to get clear with the mortgage company before closing? [more inside]
posted by hamster
on Apr 30, 2008 -