“Will someone buy my house for what I owe?” The short answer is yes! When you owe as much as the current value of your home, you can still sell it.
What if I owe more for my house than I can pay?
You have a few options.
- Let the property go into foreclosure. (credit decimated)
- Give the lender the deed in lieu of foreclosure to save yourself the additional fees associated with a foreclosure. (credit almost decimated)
- Sell it and pay the $68,000 at the closing table (credit safe)
- Have the initial foreclosure proceedings occur and then contact your lender about doing a SHORT SALE (where the lender agrees to take less money than what is owed on the property … this is where your private mortgage insurance comes in handy). If the lender accepts you walk away from the debt in full. (Credit will suffer some, but not near as bad as a foreclosure)
- Find a buyer to take over payments
There are many benefits to finding a buyer to take over payments on your mortgage. At Big State Home Buyers, we are experienced in facilitating these types of transaction.
For more information on how the process works, check out our free guide to taking over payments!