We have had a home for five yeas and we want to sell it.

Question

The only problem is we have taken 2 different loans out on it and now we owe 100,000 instead of 85,000 which is all the home is worth. Is it possible to sell the home for less than we owe and roll over the remaining amount on a new home? We are having problems with our neighbors and would like to get out of here. Please let me know what I can do, thanks!

Answer 1

No, you can't do that.  You won't get a mortgage these days for more than the purchase price of your next home.  You will have to find another way to pay off that $15,000 shortfall.

Answer 2

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