I want to sell my house but I am upside down in my mortgage…Any suggestions?
I want to sell my home but I am upside down $ 25,000 in my mortgage. I am current on my mortgage – I just need to relocate. If I sell my home for less than I owe, plus closing cost – I will be short about 30,000. do I need to come to the settlement table with the money, or can I pay it back in the form of a loan to the mortgage company. I am in the process of purchasing another house(contingent on my primary home sale), and I need the money I have saved for the new home.
If I do a short sale will that hurt my credit, or hinder me from going through with the sale of the pending new home?
I am looking for another Mortgage Broker in Florida that can help me fill out my loan application for my borrower. Where can I find free information that will help me figure out the fees, tables, what needs to go into the application?
You need to bring cash to the closing. Other wise the house cannot be sold since the original lender has not been paid in full. Discuss a short sale with your lender
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LikeDislikeYou have to bring that 30k to the closing table
You don’t get to pay it back in time so you can use your money for another house.
A short sale will hurt your credit, and there is the possibility of them coming after you with a 1099 (the banks loss of money will be counted as income to you) unless you have that specifically written in the short sale agreement.
Another option is to sell the house using a wrap around mortgage. This is when you have a real estate attorney “wrap” a buyers mortgage around your already existing mortgage. This is also called a lease option, purchase option, or a number of different things. Consult a law firm that specializes in real estate law. This is something that investors, and real estate companies do all the time.
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LikeDislikeFirst of all when you say you are looking for another broker, does that mean you are currently with one in particular where you hung your license at their office? If so, it is against the law to do business with another broker, unless you have a broker’s license yourself, (it doesn’t sound like you would) if you don’t know how to fill out the application, are you actually referring to the Good Faith Estimate? I think so. You need to contact the broker you work with now, if you don’t have one, actually if you are a beginner you need to let the broker do this for you, if you make a serious mistake you might get yourself involved in legal difficulties. I’d take a training course if I were you, or ask the broker if you can be there when he is doing an application. People in this field need to be equipped to do the job right. Did you go to RE classes? & trainning? I would if I were you and get your license if you haven’t.
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