Posted on: 28th Oct, 2010 07:18 am
My house has been on the market for over a year and although we have had lots of showings we haven't had a single offer. With the mortgage on this house and the house we currently live in and a baby on the way we really need to unload this house. My agent has suggested we lower the price again since the surrounding houses are foreclosures and short sales. This will mean at closing we will have to come up with a large amout of cash. Is it possible to take out a loan to cover what we will have to pay at closing?
Depending on your income, your credit and your current obligations, it may be possible for you to obtain a loan for the shortfall on the sale. However, much depends on precisely what you'd require in terms of funds. And, as noted, if your debt load is already high, you may find it difficult to negotiate a new loan.
If you're able to get such a loan, it certainly would work to allow you to pay off the existing mortgage at closing.
If you're able to get such a loan, it certainly would work to allow you to pay off the existing mortgage at closing.