Feb
22
can i sell my house, whilst in arrears?
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Can i sell my house whilst i am in arrears with mortgage lender, I also have a secured loan on house and am in arrears with that too
Even if we do sell i dont think we would make enough to pay off both mortgage and secured loan, what would happen then?How do i go about getting a short sale? Who do i contact?
Is this short sale available in Scotland? And what is a realtor i can seem to find any when i search.
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4 Comments
June 18th, 2009 at 12:31 pm
Call a REALTOR - have them start marketing the home as a short sale - that will get you out from under both loans & if your agent does it right - they’ll get the amount undersold (still owed the bank) written off and forgiven with a reasonable offer
Good Luck
June 20th, 2009 at 11:15 pm
Yes, the financier will take theirs right off the top.
June 22nd, 2009 at 6:34 pm
yes u can sell it. (its called a short sale) u can talk to ur mortgage co’s about it. the thing is though u cannot make 1 penny profit. you should also talk to a real estate attorney, he will direct you on what has to be done, handle the short sale and add his fees as well to closing so you will not need any money.
June 25th, 2009 at 12:15 pm
As long as you name is the one on the title, you can sell the house. In order to give the buyer a clean title, you must get the mortgage holder to release their lien. This is generally done by paying of the mortgage.
A short sale means the mortgage company agrees to accept the proceeds of a sale that are ’short’ of the mortgage balance as settlement for the loan.
You should contact a good Realtor to help you sell the house for the most you can AND to show the mortgage company that they could not do better if they foreclosed and sold it themselves.