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sigel · Joined: 18 Nov 2009 Posts: 1 1.27 Dollars($)

We have sold our house but for less than we owe. I need to get a loan to payoff this mortgage and a little to start over. Is this possible - to get a mortgage payoff loan?

savior70 · Posted: Wed Nov 18, 2009 6:03 am Post subject:

Hi,

If you've sold the house for less than what you owe on the property, you're liable for the deficiency. You cannot get a loan to pay off this deficiency. The short sale has already affected your credit negatively and the collateral is also gone. You can no longer use the property as security and take out a loan. A personal loan won't require collateral. But you must have good credit to get the loan. With the recent short sale on your credit, it is unlikely that you'll qualify for a personal loan.

gmakerley · Posted: Wed Nov 18, 2009 9:12 am Post subject:

i'd think that the lender with whom you now have a deficiency balance would be willing to work out a payment arrangement with you. have you had an opportunity to address this with them?

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Home sold but for less than we owe