Tom Hassan, 604-809-9777, West Vancouver Real Estate
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Selling at a Loss


Can I Sell My Home For Less Than the Mortgage?


Yes, in some case you can sell your 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 Fannie Mae or 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.


 

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Prudential Sussex Realty - Tom Hassan
2397 Marine Drive - West Vancouver - Canada - V7V 1K9
Cell: 604.809.9777 - Office: 604.925.2911 - Fax: 1.866.468.4022



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