Profile picture for Cobrand Demo2

David Dawson

XYZ Brokerage

Email: david@xyzbrokerage.com

Phone: (206) 555-1234

Website: www.xyzbrokerage.com

Back to Results

Tools

Partner Tools


I want to sell my house and i have an interest only mortgage? how should i proceed for selling?

Profile picture for nkda
close Profile picture for nkda

nkda

Contributions: 2

View full profile

I bought the house in 2005 and i want to sell it this april 2009. what should i watch out for esp as the value of the house has fallen and I have an interest only mortgage.
  Flag content
Close
Report a Problem

If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.

Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0 Yes

January 25 - Muskegon
RSS

Answers (3)

Profile picture for Maureen Francis _MI_
close Profile picture for Maureen Francis _MI_

Maureen Francis _MI_

Birmingham, MI

Real Estate Agent

View my 9 listings
Contributions: 179

View full profile

NKDA,

Why are you selling?  Your goals are the first part of the answer.  If you have to move away for a job, the answer is quite different than if you want something bigger across town.

Unless you have paid down the principal or you put a great deal down, you could be upside down, meaning you owe more than the house is worth.  Unless you have a hardship (loss of employment, medical bills, etc,) and are unable to pay, the bank would expect you to bring and shortfall to closing.

If you do have a hardship, you need a Realtor who is VERY experienced with short sales to guide you through this.  It is not straight forward at all.

If you need help finding a local short sale expert, I may be able to help.
  Flag content
Close
Report a Problem

If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.

Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0 Yes

February 13
Profile picture for Michael Dorr
close Profile picture for Michael Dorr

Michael Dorr, "Michael Dorr"

Mortgage Lender

Lender rating

View ratings and reviews

Contributions: 93

View full profile

An interst only mortgage mean that you did not pay down any principal. WIth that said, your payoff will be close to the original balance, san any prepayment penalty and odd days interest owed. As Shayna siad, if you had a high Loan to Value, and the value dropped, you have an issue. What Shayna did not say, was if you put 50% down than it is a matter of a math or need to sell issue.
  Flag content
Close
Report a Problem

If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.

Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

1 Yes

January 26
Profile picture for shay9130
close Profile picture for shay9130

Shayna Stewart, "shay9130"

Contributions: 3

View full profile

I would consider holding off to sell your home because you probably have very little, if any home equity with an interest only mortgage. If you sold your house now, you could only sell it at a loss, which means that you are responsible for paying off the remainder of your mortgage out of your savings. If you are really set on moving, I would consider trying to lease your house to make up for your montly mortgage payments.  
  Flag content
Close
Report a Problem

If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.

Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0 Yes

January 26
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Most Active Muskegon Real Estate Agents
Subscribe via RSS
  1. Profile picture for Mark Wierenga mark wierenga
    34 listings
    Local Expert
  2. Profile picture for Scott Klaassen Scott Klaassen
    8 listings
    Local Expert
  3. Profile picture for Brent Link Brent Link
    22 listings
    145 contributions
  4. Profile picture for Linda Crouse Linda Crouse
    7 listings
    109 contributions
  5. Profile picture for tammykerr tammykerr
    87 listings
    450 contributions

See more Muskegon real estate agents

Related Questions
Profile picture for Maureen Francis _MI_
Question I want to sell my house and i have an interest only mortgage? how should i proceed for selling?
  • Latest answer by Maureen Francis _MI_
  • February 13
Zillow Poll:
Suggested by drj9
As a buyer are you more scared of an offer being
Next poll
Suggest a poll
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

© 2006-2008 Zillow.com, All Rights Reserved

pageName