Selling a Home for Less than it's Morgage

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Selling a Home for Less than it's Morgage

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Can a home seller sell a home for less than its mortgage?

Yes, in some case you can sell your Mammoth California home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid.

Unfortunately, many properties in the Mammoth CA area are vacation and second homes and lenders frequently will only negotiate short sales for primary residences. If you need to sell and your property is not worth as much as when you bought it and now you cannot afford your payments, check with your lender to see if you qualify for a short sale.

A short sale may be more complicated if the loan has been sold to the secondary market because then the lender will have to get permission from Freddie Mac, the two major secondary-market players.
If the loan was a low down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.

Questions about Mammoth California Real Estate?

Ask us below or Call us Now at 760-793-6344