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mortgage shortfall

could you please tell me what happens in a case where the home will sell for less than what is owing on it ( what happens to the outstanding balance after sale. The financing is a private lender.

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One Response to “mortgage shortfall”

Barton Goth GCO Bankruptcy Trustees said...

If your home sells for less than what is owning on it and as a result there is still an amount that is owed the the mortgage company, this is a debt you are still fully responsible for. As a result you will have to make arrangements to continue to make payments on the outstanding amount.

It makes no difference who the financing is provided by, if you verified that they would receive a certain amount of money, the debt is not extinquished until that balance is paid in full, or you have negotiated an alternative settlemnt with the lender, or filed a bankruptcy or a proposal.