What happens when you can't sell your house for what you owe due to market?

Credit and mortgage advice Forums Buying Your Home Buying Your Home What happens when you can't sell your house for what you owe due to market?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 5 months ago.



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    Anonymous

    We have to put our house up for sale (job transfer). We have a 1st and 2nd mortgage, totaling about $ 45,000 more than homes are currently selling for. What happens if we can’t get what we owe? I’ve read that mortgage companies are “forgiving” loans in this situation, but how does that effect your credit?



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