What happens to an existing if I sell my house?

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What happens to an existing if I sell my house?

I still owe around $90,000 but need to get out. I wanted to know if I sell to my ex-partner for a significant amount less then what the house is worth, what happens to the $90,000? Does that roll into the new loan or would that have to be paid off first?

Asked on February 24, 2018 under Real Estate Law, Nebraska

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

I'm not clear as to your situation but if you just want to get out of the house since you and your artner are no longer together as a couple, you cannot simply just sell the house to them. When a property is sold and without paying off an exisiting mortgage, the mortgage is accelerated and becomes immediately due and payable. 

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Let me get this straight: there is still a $90,000 mortgage left on the house?  And you want to sell it for less thatn the mortgage amount?  That is known as a "short sale" and in order to be able to do that you would need the permission of the mortgage holder (the bank or mortgage company).  That is because they would have to agree to take less on the mortgage.  But beware: there is a deficiency left (mortgage amount minus less sale amount) and for that YOU would be liable.  I suggest going to see someone to help you here.  Good luck.


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