Posted on: 07th Jan, 2011 09:47 am
Our house is worth about $15 thousand less that what we owe. We are desperate to move to another area. If we were to sell the house, would we have to to pay the mortgage company $15 thousand in cash or can I add that on to my next home loan?
You cannot add the deficient balance to the new mortgage that you take out to buy a property. Once your present property is sold off, you'll have to pay off the deficient balance immediately to the lender.
if it's a sale, you can possibly negotiate a short pay off with your current bank. look to speak with their loss mitigation department.
