Housing Question??

Question

If I own a house and I owe the bank $200,000.00 but I need to get out of the area fast. Can I sell the house for 150,000.00 and try to refinance with the bank for the rest of the money I owe? Will the bank work with me?

Answer 1

It's called a "workout".   2 years ago it didn't exist.  Today the bank will be glad that you aren't just mailing them the keys and moving out.  They will accept your offer but you may have to pay them interest on the unpaid money.  What interest would you offer them.  Think about it before you call. If you won't pay interest, make that clear in the beginning.