Posted on: 19th Nov, 2010 05:08 pm
My wife and I have to relocate for my work and will have to sell our home. We are not behind on payments and have outstanding credit. We are not going to be able to sell the house for what we owe and are expecting to loose somewhere around $25,000 on the sale. We do not want to short sell and actually want to pay the difference, but we don't want to empty our savings or borrow against retirement to pay difference. What options do we have? Was thinking about personal loan but not sure if we would qualify with current debt/income ratio but we would if we could sell house. Anyone with any experience with this??
Hi clp,
I don't think you'll be able to get a personal loan in order to pay off the deficient amount. You will either have to use your savings in order to pay off the deficient balance or ask the lender to forgive the dues.
Thanks
I don't think you'll be able to get a personal loan in order to pay off the deficient amount. You will either have to use your savings in order to pay off the deficient balance or ask the lender to forgive the dues.
Thanks