Selling a house with an unpaid mortgage is a common scenario and not as challenging as it seems. Homeowners often sell before fully paying off their mortgage. The process involves understanding your home's equity, which is the differential between its market value and the outstanding mortgage. When selling, the buyer’s payment typically covers the mortgage balance, letting you keep any leftover proceeds. For those underwater on their mortgage, solutions exist to aid the sale process, making it manageable despite the financial challenges.
When selling your home with an unpaid mortgage, sale proceeds go towards paying off the remaining mortgage balance, and the leftover is your profit.
Home equity is crucial; if the sale price exceeds what you owe, you'll gain profit, but if you owe more, you're considered 'underwater'.
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