answersLogoWhite

0


Best Answer

In most cases you are still liable for the remainder. Check with the lender to see if they will waive the balance left over. If not you are probably going to have to come up with it.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What if the proceeds from the sale does not cover the balance of the existing loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How do you sell motorhome with a loan balance?

You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.


What do loan proceeds cover in real estate?

What are loan proceeds


Is the consumer liable for the balance of the loan on a repossessed motorcycle in the state of CA?

The vehicle will be sold at fair market value and the proceeds will go to pay off the secured loan. If the auction price does not cover the amount of the loan plus fees - then yes, the balance would be due from the consumer.


Can you roll the balance of a carloan into a new car loan?

No, it most cases you cannot roll the balance of an existing car loan into a new car loan.


How do you get rid of a reverse mortgage?

You can pay off the existing loan balance. This can be done at any point during the loan.


Existing Loan Calculator?

Existing Loan Calculator Use this calculator to analyze one of your existing loans. Calculate your remaining balance based on the number of monthly payments you have remaining. You can then click on the "View Report" button for a complete, payment by payment, amortization schedule of your loan.


Can you trade in a loan car?

Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.


When a borrower receives a discount loan the interest total is subtracted from the principal and the borrower receives the remainder what is the remainder of the loan called?

aplus loan proceeds


When the loan company sells a deceased person's car but doesn't cover the amount of the loan is the estate responsible for the balance?

Yes, but it does depend on what Country you are in!


Are The Fees Deducted From Loan Proceeds?

Yes. The one-time referral, packaging, and guarantee costs as well as closing costs are deducted from your loan proceeds at the time of business funding. However, costs for other services, if any, are not deducted from loan proceeds.


Is Loan on balance sheet or off balance sheet?

Loan is on balance sheet


If your house is sherriff sold are you responsible for the remaing debt?

Yes, you are still liable. If the sale doesn't cover the cost of the loan, the balance has to be resolved. If there is money left over, after costs, the person that was paying on the loan gets the balance.