What happens if I sell my house for less than I owe on my mortgages?

Let's say I sell my house for 150,000 - but still owe 160,000. Do I have to pay that 10,000 right away? Can I roll it into my next mortgage?What happens if I sell my house for less than I owe on my mortgages?
I think you will need to pay off the $10,000. Not a good idea to roll it into the next mortgage, even if your bank or mortgage lender will let you do that.What happens if I sell my house for less than I owe on my mortgages?
That really depends on your bank. Some will let you roll it into another mortgage, some might require you pay it. I would talk to your bank before deciding to sell for less than what you owe. Also, I think that you might be able to claim part of the loss on your taxes, and get some of it back. You would have to double check that. Good luck!
Any time you owe a mortgages and sale it for lest you must pay the rest you owe. Yes you have come up with the $10,000.
u would have to pay it off UNLESS your mortgage


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First of all, you're going to have to get PERMISSION from your bank to do a ';Short Sale';. IF they approve it, you WILL get a 1099 from the IRS for taxes on the $10,000 of ';income'; that was left. Even though you didn't see a dime of it, you owed it, it was ';paid off'; (forgiven actually) and you owe taxes on it.





If your bank will let you ';roll'; it into another mortgage do you really want to do that? I'd be extremely surprised if they agree to this especially considering current market conditions. Consider the bank's position in that case. They've essentially loaned you an additional $10k on a property that, if the market doesn't recover quickly, may end up back in their REO (real estate owned) portfolio in a year or two. Now they'll have to Short Sale again and lose even more money. Would you do that with your money? I wouldn't.
Well, depends on your lender primarily, and the market will play a factor as well. Depending on the lender, the value of the new property, your credit, and loan term, you may be able to roll your negative equity into your new loan. That is not advisable in most situations, but yours could be different and/or your only or best choice. However, getting a loan with an existing balance on an old mortgage may be more difficult, and it will reduce the amount of house you can afford by 10K, and it may also increase your interest rate. This could put you ';upside down'; in your new home, and you are starting out again, with negative equity in a new home. In many ways, your situation and interests have not changed, well not for the better.





Some lenders will allow you to do a payment plan for the remaining balance, but since you no longer have your house for collateral, they will require to put up some other asset to secure the loan (car, 401K, bank accounts, and many lenders and not willing to go this route, because of the heavy risks involved (say a borrower skips out of town, or cashes out the 401K, wrecks the car, and defaults on the remaining balance. They'll be jacked). Not that you would do it, but this is what the banks are (justifiably) afraid of.





There are lenders, depending on the situation, that will require you to write a check to them at once. Find out from your lender what the situation is before you act. You also have to take into account the commission you will pay your seller, if you have one, that will cost you more from your selling property.
Yikes, you are upside down on this house and you want to roll it into the next so you'll be in an even worse position with that house?!@?@!@?@





I believe you will have to pay off the mortgage in full if you want to offer your buyer a clear title. You will have to come up wtih the $10K from somewhere.





I highly recommend you not buy your next house with nothing down. You will end up in this same position a few years down the road!
This is called a short sale. First see if you can role it into the next mortgage or negotiate with your current lender to agree to a short sale. With this, you still pay on the 10k per agreed upon terms.





Me, I'm a bit more adventurous and would get a 0% apr intro rate credit card and then pay the 10k difference with it via cardit.com. Or if the card will let you, transfer your entire card balance to a bank account and pay off the difference and let the rest ride. Many will advise against a credit card, but if you are disciplined, you can come out ahead, not to mention the free trips you'll get!


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You should check with your tx man, because you are paying less than you own, IRS may tax you the $ 10,000.00 as income? he will tell you.... be carefull