Question

What happens if I sell my house but don't have enough money to pay off my mortgage?

Answer 1

You can't sell it. The sale would never get through escrow since the mortgagee needs to be involved in the sale. If there is a foreclosure sale and the house sells for less than the mortgage then the mortgagee looses the money.

Answer 2

if you sell your house the money from the sale goes to the mortgage first then you get the balance. If your mortgage balance is higher than the sale price of the house your mortgage company would not have approved the mortgage in the first place. Sell your house for more than the value of the mortgage.

Answer 3

If I understand correctly, you are trying to sell your house for less money than you owe?. . If that's the case, and you really don't have enough money to pay the difference, the only thing you can do is try to negotiate a "short sale". Your lender would have to agree to eat the loss. Call your lender and ask for their loss mitigation department, or ask your realtor to if you have one.

Answer 4

The mortgage company can take the house, the new owner has to file a claim with their closer insurance and you get sued 3 ways from sunday, criminal charges could also follow.