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!!