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Answers (3)
- Maureen Francis _MI_
- Contributions:24
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.
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.
- Michael Dorr, "Michael Dorr"
- Contributions:93
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.
- Shayna Stewart, "shay9130"
- Contributions:2
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.
I want to sell my house and i have an interest only mortgage? how should i proceed for selling?
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