If I sell my house for $30K less than it’s worth right now – what happens to the amount I still owe?
What happens to the difference if I sell my house for a loss?
Posted on May 24, 2010 in Stocks · 3 Comments
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What happens is you have to pay the amount you still owe. It’s due at closing.
You have to pay the full amount of what you owe on the house.
You can’t do this! In order for your new owner to get a clear title (and ownership of the home) you must pay off your mortgage balance in full. The bank/mortgage company has a lien on your home until you fulfill your obligation to them- you can’t sell what you don’t own.