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Mortgage Upside Down |
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if a home is appraised for $40,000 less then the balance owed to mortgage company, will the mortgage company take a huge lose and drop balance to home value? |
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I feel pretty safe in saying no, they won't. What they will sometimes agree to do, if you're selling at a big loss and have no other assets, is to accept a "short sale" -- settling for whatever the place brings and forgiving the rest of the debt. |
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Edith
Originally published on June 11, 2008 |
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