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 reymarromero
Joined: 01 Nov 2009
Posts: 1
1.00 Dollars($)
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 Posted: Sun Nov 01, 2009 12:43 pm Post subject: House value less than mortgage loan |
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| I will be putting my house on the market sometime later next year (sept 2010) due to divorced. If my house market value is less than my total mortgage loan (1st and 2nd mortgage with bank of america), can I take a personal loan to pay the remaining balance on the loan considering my house sells for less than my total loan amount? My total loan amount is $155,000. If a buyer is willing to pay $120,000 for example, can I take $35,000 personal loan so that I can close the deal? I don't want to go through short-sale or even forclosure. I would rather take a lost and pay the remaining balance on my loan if my house sell for less. I want to get rid of my house as soon as possible, it's causing me financial and emotional stress. Thank you for any advice you can give me... |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Sun Nov 01, 2009 7:39 pm Post subject: |
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Hi reymarromero,
You can definitely take a personal loan to pay off the deficient amount to the lender. In my opinion, it would be a good idea to take a personal loan and pay off the balance and get rid of the property.
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apple8520
Joined: 02 Nov 2009
Posts: 3
1.38 Dollars($)
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| Posted: Mon Nov 02, 2009 12:15 am Post subject: |
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You can definitely take a personal loan to pay off the deficient amount to the lender. In my opinion, it would be a good idea to take a personal loan and pay off the balance and get rid of the property.
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