Contact Information
Jim Signor Key Largo Realty, Inc. 99550 Overseas Hwy PO Box: 371214 Key Largo, Florida, 33037
Office: 305-451-2111 ext 301
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selling a home for less than its mortgage |
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Can a home seller sell a home for less than its mortgage?
Yes, in some case you can sell your Florida Keys including Key Largo, Tavernier, Islamorada, Marathon, Big Pine Key and Key West home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid.
A short sale may be more complicated if the loan has been sold to the
secondary market because then the lender will have to get permission
from Freddie Mac, the two major secondary-market players.
If the loan was a low down payment mortgage with private mortgage
insurance, then the lender also must involve the mortgage insurance
company that insured the low-down loan.
Questions about Florida Keys including Key Largo, Tavernier, Islamorada, Marathon, Big Pine Key and Key West Real Estate?
Ask us below or Call us Now at 305-451-2111
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Last Updated ( Tuesday, 29 July 2008 )
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