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I am currently in a $ 105k new construction house and haven’t made any upgrades in the 3 years I have lived there. If I were to sell it for less than I bought it for like let’s say $ 95k (for example), for story sake lets rule out any principal $ $ that is secured towards the actual house – and in turn find a $ 60k house where does that $ 10k from my last mortgage go?

Is that $ 10k able to transfer into the new mortgage of the $ 60k home mortgage making it $ 70k or is that a separate loan in itself? I have a feeling I’m going to be eating some costs to get rid of my home to purchase a bigger & older home but where does that cost essentially go? How is it accounted for, and is it transferable?

Just curious? Any insight would be deeply appreciated.

Thanks in advance!!

4 Thoughts on Question about home mortgage financing…?
  1. Reply
    February 5, 2014 at 12:55 pm

    if you short sell….you will need to come up with the additional amount oweing to the mortg. co. at closing…so if it is 10K…have the $ 10,000 at closing ready to turn over to the mortgage co.

    you can’t transfer a home debt like that.

  2. Reply
    MR. Cadillac Jones
    February 5, 2014 at 1:05 pm

    It would be a separate debt. You should first pay for a appraisal to see exactly where your house is listed. For instance, even though you didn’t have any improvements your market value might have gone up do to the neighborhood and demographic you live in. You cant transfer loan debt. I would get actual numbers and also get a payoff on your current 1st mortgage with a per Diem, which accounts for interest per day. That is the first step.

  3. Reply
    February 5, 2014 at 1:13 pm

    Pull out a line of credit from your bank to pay the remaining balance of your home.

  4. Reply
    February 5, 2014 at 1:35 pm

    You can’t roll over a negative balance from one home to another. It’s not like going to a car dealership.

    You’d have to come to your closing when selling your home with a check for that $ 10,000. If you don’t have it, you’d have to get a separate loan for it, if you can get one. Getting $ 10K in unsecured money would require a pretty good credit score and decent income.

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