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Upsidedown on Condo |
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We have a condo we are trying to sell. We owe 230k, but have an offer for 200k. If we accept the offer, but don't have the remaining 30k to pay off the mortgage at the close of the sale, what options do we have? Will our lender set up a payment plan? Any advice is greatly appreciated. |
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Your buyer is not going to take the property with that mortgage still on it. It'll have to be cleared before you transfer title.
Talk with your lender to see if there's any chance they'll forgive the rest of the debt ("sort sale"). Otherwise, you might be able to set up a personal loan, with your lender or elsewhere, if you really must sell at this time. That would depend on your whole credit rating.
Let me know what happens; I'm interested. |
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Edith
Originally published on May 15, 2008 |
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