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Walking away from your house/mortgage

Discussion in 'Anything goes' started by TwoGloves, Jan 10, 2011.

  1. novelist_wannabe

    novelist_wannabe Well-Known Member

    You can't really sell it for "whatever you can get", can you? Isn't it against the law to sell your house for less than you owe on it? Certainly, if you have a lot of equity you can "sell for whatever you can get", but if you're upside-down on that loan -- and a lot of people now fall into that category -- you really don't have that choice in front of you.
     
  2. LongTimeListener

    LongTimeListener Well-Known Member

    At various times he has said he probably couldn't sell it, and then that he couldn't sell it for much more than he owes on it. Those are tremendously different circumstances, obviously, and knowing which one is closer to the truth would be the biggest factor in most people's opinions.
     
  3. BTExpress

    BTExpress Well-Known Member

    Shouldn't be, as long as everyone gets what's owed to them.

    In 1989 I sold a condo in a poor neighboorhood at a large loss.

    I owed about $32,000 on it and sold it for $19,000. I took out a 5-year loan against a $10,000 CD I had to make up the difference.

    Now, selling it for less than you owe with no intention of making up the difference . . . maybe that's against the law.
     
  4. TwoGloves

    TwoGloves Well-Known Member

     
  5. TwoGloves

    TwoGloves Well-Known Member

    She owns a house in the suburbs and it probably wouldn't sell for what she owes. And she's less than three years into a 30-year mortgage. I'm 18 years into one. And her house is newer and in much better shape. I'm pretty much living there now.
     
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