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Can they sell your house if you owe more than its worth to pay a loan off?
Wiki User
∙ 13y ago
If you're upside down, they will look to you for the difference after.
Wiki User
∙ 13y ago
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If you plan to sell your house in 6 months but would like to do some renovations first to increase the resale value is it worth it to take out a home equity loan or is it even possible in this case?
It is possible to get an equity loan, just don't reveal your selling plans just in case. As for the home improvements, anything you do will help the value of your home. You have to think about the cost of the improvement and if it is going to help your house sell for more than the loan. A real estate agent could help you figure out the value of a project.
How do you sell a car if you have a loan on it but it is worth more than you still owe?
First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan. This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.
Can you deduct interest from a personal loan taken for a down payment on a home?
You cannot borrow money for a down payment on a house, the only exception is if the loan is secured against an asset, like 401 k, borrowing against a vehicle that's paid for, from relative or friends When the bank loans money for a house, they've calculated that you won't be able to pay back your loan if you take on more debt, and borrowing the down payment is additional debt. If payments aren't made and they have to repossess the house to sell, often it sells for less than it's worth. So they can sell quickly, and a down payment prevents them from having a loss.
If an estate is worth 20K and there is a bank loan out for the home can the bank repossess the house or is the beneficiary entitled to the home?
Loans (mortgages) are secured loans, the house is the collateral. In some cases a death benefit is included in the homeowner's insurance that may cover the outstanding balance. A surviving spouse, co-owner, etc. will have to pay the balance of the loan or sell/forfeit the property.
Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.
If you plan to sell your house in 6 months but would like to do some renovations first to increase the resale value is it worth it to take out a home equity loan or is it even possible in this case?
It is possible to get an equity loan, just don't reveal your selling plans just in case. As for the home improvements, anything you do will help the value of your home. You have to think about the cost of the improvement and if it is going to help your house sell for more than the loan. A real estate agent could help you figure out the value of a project.
How does one sell his or her home on which the IRS has placed a lien?
To sell your home, you put a FOR SALE sign out front. If the value of the lien is less than what you will get out of the house, then when you sell the house and pay off the lien, you get the rest of the money. If the lien is for more than the house is worth and you are ready to move elsewhere, you hand the keys to the IRS and say. "Here, have fun. It is all yours." At that point you owe more on the house than the house is worth.
Can you sell the house to your husband and carry the contract if you are the only one on the loan?
If you want to.
How can you sell a car that you owe more on than what it's worth in other words where does the balance you owe transfer to?
If you car is finance, there is a lien against it by the bank or loan company. This Lien will have to be removed, which means that the balance owed on the vehicle has to be paid in full in order to get a clear title to sell the car. You are "upside-down" on your car loan ... where you owe more than it is worth or can be sold for. You need the permission of the loan company to sell the car ... you can't sell it without the title, and the company that holds the title (aka pink slip) also holds the note for the loan that you are paying back monthly. You will need to pay the balance of the loan regardless of what price you could sell it for. In this case, you will be handing over a large sum of money just to sell the car ... best thing to do is just keep it.
Is it illegal for a lender to sell a house for more than it's worth?
Its a Business, It is fine to sell it for a high price as long as the other party is willing to pay for it .
How do you sell a car if you have a loan on it but it is worth more than you still owe?
First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan. This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.
Are surviving children in the state of Florida responsible for their deceased parents debts as a mortgage loan if the house was left in their will?
The house would have been left subject to the loan. Either the estate has to pay off the loan or sell the house. Once that is done, then the assets can be distributed. One of the children could obtain a loan and buy the house from the estate.
If your ex was court-directed to pay off your home-equity loan in the divorce can you sell the house without using your own equity to pay off the loan if he cannot refinance or pay in a lump sum?
Since the house was used as collatoral for the loan you would have to use your equity in the house to pay off the loan.
What are prons and cons of Build-a-lot?
With Build-a-lot a person can flip a house and make some money off of it. Usually making more profit than what they spent. The cons would be that a person may have to spend more than what the house will be worth to sell, or the house may not sell.?æ
Can you deduct interest from a personal loan taken for a down payment on a home?
You cannot borrow money for a down payment on a house, the only exception is if the loan is secured against an asset, like 401 k, borrowing against a vehicle that's paid for, from relative or friends When the bank loans money for a house, they've calculated that you won't be able to pay back your loan if you take on more debt, and borrowing the down payment is additional debt. If payments aren't made and they have to repossess the house to sell, often it sells for less than it's worth. So they can sell quickly, and a down payment prevents them from having a loss.
If your only surviving parent dies and has an active loan on the home what can you do?
The estate will have two specific choices: Pay off the loan with the money in the estate. Sell the house and pay off the loan.
How do you pay off medical bills without selling the house?
Sell other assets to resolve the debt. Or take a loan out against the house.
