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Selling Investment Property for less than mortgage

Tidyweb · 2011-09-28 11:07:38

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.

28-09-2011 11:07am

#1

Tidyweb

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Join Date: August 2011

Posts: 301

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.

0

Comments

#2 28-09-2011 12:36pm

peteb2

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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!!

0
#3 28-09-2011 12:37pm

Tidyweb

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

0