Answers (1)
- wetdawgs
- Contributions:39536
Yes, you can pay the deficiency and move on but you also mentioned you can't pay it in a lump sum. As you owe the outstanding mortgage balance when sold, you will need to come up with payment arrangements that are acceptable to your lender. Lenders prefer to be repaid vs short sales, so they probably will have some suggestions for approaches.
It is so refreshing to hear someone ready to pay the deficiency!
It is so refreshing to hear someone ready to pay the deficiency!
Can I sell my house at a loss and just pay off the deficiency to the bank?(relocating for a new job)
We are relocating to another state for a new job. We have lived in our current home for just over 3 years.. we are up to date on our mortgage payments and have a good credit history, but we need to sell our home quickly in order to be able to afford a home (probably just a rental until we're settled in) in the new location. With the current housing market, our home is probably not worth as much as we still owe on it unfortunately. My question is, rather than pay rent in our new home, AND a mortgage here while our house is on the market indefinitely, could we sell our home at a loss so that it will sell quickly, and then just pay the deficiency off to the bank? We obviously don't want to short sale, because it would affect our good credit history, and we CAN afford to pay the deficiency which is usually not the case with a short sale.. we would just need to pay it off rather than in one lump sum. Is this an option?
Thanks :)
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