Can I still sell my house if I have a mortgage?
I bought a house a couple years ago for $ 213000…it was appraised at $ 215000…we have two mortgages to cover the whole $ 213000…If we were to sell our house for $ 210000(housing costs have actually dropped in our area) would we be able to do this if we owe $ 213000? After fees and what not I was thinking we would get $ 190000 from the sale which we would have to use to pay for the mortgages…Could we pay off the mortgages and then still pay on whats left? We are thinking of moving to a cheaper location but we were wondering if we could sell this house, buy another one, and then continue to pay on what was left on the old mortgages as well as pay on a new mortgage. I hope this makes sense!
Not sure what we would get for the house now as I haven’t looked into it yet but using the low end I am saying $ 210000…we still owe about $ 213000 on it…after we pay for real estate agents and all the other fees I was thinking we would get about $ 190000 from the sale…this would all go to the current mortgages…we would then owe $ 23000 on one mortgage from this current house…we then would buy a new house for say $ 150000…can we continue to pay off the $ 23000 and then get another mortgage for $ 150000? The reason for all of this is because I may take a new job out of state and the cost of housing is cheaper in the new place.