selling a home for less than its mortgage

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selling a home for less than its mortgage

Can a home seller sell a home for less than its mortgage?

Yes, in some case you can sell your Farragut, TN home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid.

A short sale may be more complicated if the loan has been sold to the secondary market because then the lender will have to get permission from Freddie Mac, the two major secondary-market players.
If the loan was a low down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.

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David Hamilton
REALTOR®, SRES®, CDPE
Ferguson Realtors
8085 Kingston Pike
Knoxville, TN 37919
Cell 865-310-0636
Office 865-690-1300
Toll-Free 800-747-0713

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