selling a home for less than its mortgage

Sep October 2010 Nov

S	M	T	W	T	F	S
					1	2
3	4	5	6	7	8	9
10	11	12	13	14	15	16
17	18	19	20	21	22	23
24	25	26	27	28	29	30
31

Latest in Blog

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

Yes, in some case you can sell your Knoxville 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.

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 Knoxville Real Estate?

Ask us below or Call us Now at 865-690-1300

Syndicate this Site

Get the newest real estate Information from our site delivered right to your desktop!

Sitemap

Payment Estimator

Thanks Again For Visiting the
Knoxville Real Estate
Information Website

David Hamilton, CDPE, REALTOR®
FERGUSON REALTORS
8085 Kingston Pike
Knoxville, TN 37919
Cell 865-310-0636
Office 865-690-1300
Toll-Free 800-747-0713
Toll-Free Private Fax 888-600-5128

By completing a form on this site, you are making an inquiry and are granting your permission for an agent to contact you via telephone and/or email.

Just Listed RSS Feed

See the newest properties as soon as we enter them in your favorite feed reader!

Don't worry about missing the right one... we make it easy for you!