Q
quizquaz
Guest
Hi,
I bought a house about 4 years ago and now its worth probably just about a half of what I paid for it due to the area now having a bad name.If I sell the house I wont be able to pay a considerable balance due on the mortgage. If I give everything I make on the house sale to the bank, is my mortgage considered paid off in total, because there is no way I can get the funds for the difference.Or can you give the house to the bank and let them decide what they would like to do with it, considering its the collateral on the loan?
Thanks.
I bought a house about 4 years ago and now its worth probably just about a half of what I paid for it due to the area now having a bad name.If I sell the house I wont be able to pay a considerable balance due on the mortgage. If I give everything I make on the house sale to the bank, is my mortgage considered paid off in total, because there is no way I can get the funds for the difference.Or can you give the house to the bank and let them decide what they would like to do with it, considering its the collateral on the loan?
Thanks.