- Feb 8, 2009
- 12,503
- 925
Good looks on the info
- Feb 8, 2009
- 12,503
- 925
Good looks on the info
- Aug 5, 2007
- 16,879
- 22,294
sell
- Apr 30, 2005
- 482
- 11
The money netted from the sale goes toward paying the balance of your mortgage and you either keep the remainder (if you netted more than you owe) or you owe the balance (if you netted less than you owe).
- Aug 5, 2007
- 16,879
- 22,294
sell
- Apr 30, 2005
- 482
- 11
The money netted from the sale goes toward paying the balance of your mortgage and you either keep the remainder (if you netted more than you owe) or you owe the balance (if you netted less than you owe).
- Mar 1, 2009
- 962
- 32
It's just like if you bought a car. You will have negative equity if you sell for less than you currently owe. Say you get a mortgage for $200K. Let's say in 2 years you pay off $50K of the mortgage. Now you're at $150K. Say you really have to sell the house for whatever reason, but the only price you can sell it at is $140K. You receive $140K to put towards your $150K mortgage, but you will still have the negative equity of $10K that you owe the bank.
- Mar 1, 2009
- 962
- 32
It's just like if you bought a car. You will have negative equity if you sell for less than you currently owe. Say you get a mortgage for $200K. Let's say in 2 years you pay off $50K of the mortgage. Now you're at $150K. Say you really have to sell the house for whatever reason, but the only price you can sell it at is $140K. You receive $140K to put towards your $150K mortgage, but you will still have the negative equity of $10K that you owe the bank.
- Apr 29, 2007
- 480
- 10
If u buy it for 100k and sell it for 105k, you use the $105k to pay the 100k loan off, and you keep the 5k profit.
This is just a simple example but the concept is the same if you sold your house for 95k, u would owe the bank 5k from your 100k loan. Keep n mind tho most sellers pay closing costs and realtors commission etc so do your hw before u buy or sell
This is just a simple example but the concept is the same if you sold your house for 95k, u would owe the bank 5k from your 100k loan. Keep n mind tho most sellers pay closing costs and realtors commission etc so do your hw before u buy or sell
- Apr 29, 2007
- 480
- 10
If u buy it for 100k and sell it for 105k, you use the $105k to pay the 100k loan off, and you keep the 5k profit.
This is just a simple example but the concept is the same if you sold your house for 95k, u would owe the bank 5k from your 100k loan. Keep n mind tho most sellers pay closing costs and realtors commission etc so do your hw before u buy or sell
This is just a simple example but the concept is the same if you sold your house for 95k, u would owe the bank 5k from your 100k loan. Keep n mind tho most sellers pay closing costs and realtors commission etc so do your hw before u buy or sell
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