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Selling Investment Property for less than mortgage

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  • 28-09-2011 12:07pm
    #1
    Tidyweb
    Registered Users Posts: 402 ✭✭


    I am selling my investment property for 15K less than the mortage redemption value.

    I currently have no income and cant get a loan to cover the shortfall.


    Any suggestions on what I can do.


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    #2
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    Have you spoke to the bank? You would have to have their permission to sell the property below the redemption value. Otherwise when you come to closing you will have a problem with transferring the title!!


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    #3
    Tidyweb
    Registered Users Posts: 402 ✭✭Tidyweb


    I have, they told me to get a loan to pay the shortfall.


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