Selling Your Home - Selling at a Loss


Can a home seller sell a home for less than its mortgage?
Yes, in some case you can sell your home for less than what you still owe on the mortgage, but this 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. 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.

When does foreclosure begin?
Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the borrower in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction. A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale. Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them. Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.

House To Home Realty

Kim Myers

MatthewsNC28104
Cell:(704) 576-5284
Business:(704) 576-5284
Fax:(704) 625-3629
License #:227509

Making new friends and clients for life!

My name is Kim Myers, Owner and Broker-in-Charge of House To Home Realty.  I have been representing Buyers and Sellers in the Union and Mecklenburg Counties for 10 years. 
Buying or selling a home is a very personal and emotional decision and it is my goal to make it as stress free for you as possible.  I will take the time to walk you through the process step by step so that there is no fear of the unknown. 
I have made many new friends over the years in the business that have brought me great joy!  I hope to meet you too!

Kim Myers

Owner / Broker-in-Charge

House To Home Realty, LLC


 

 


 

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