Colli Real Estate

Mortgage/house sale issue?

I have put my house on the market because I am in danger of foreclosure. What will happen if I can only sell my house for less that what is owed on my mortgage?

Then the bank will decide wether or not they want to approve what is called a short sale payoff. If the values have dropped and they can’t get the full value through a foreclosure, they will entertain the idea, but if they know they can get more value by going through with th eforeclosure then they will not aapprove the short sale, and take the house. See an attorney right away, they usually consult for free. Good Luck!!

Mortgage Foreclosure Issues

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