Can I Sell My House If I Owe More Than It Is Worth?
Yes, you can sell your house even if you owe more than it is worth. This is called being "underwater" or having negative equity. While the process is more complicated than a standard sale, you have several options.
The most common option is a short sale. In a short sale, your lender agrees to accept less than the full mortgage balance. You sell the home at market value, the lender takes the proceeds, and the remaining balance is either forgiven or negotiated. Short sales require lender approval and can take 3 to 6 months.
Another option is to bring cash to closing. If you owe $10,000 more than the home is worth, you can pay the difference out of pocket at closing. This is only practical when the gap is small.
If you are behind on payments and facing foreclosure, selling quickly may protect your credit. A short sale or cash sale to a company like Acquily can help you avoid the foreclosure process, which damages your credit score for 7 years.
Acquily works with homeowners in difficult situations every day. If you are underwater on your mortgage, we can review your situation and help you understand your options. In some cases, we work directly with your lender to facilitate a short sale or negotiate a payoff amount.
The key is to act early. The longer you wait, the fewer options you have. If you are struggling with payments and think you might owe more than your home is worth, contact Acquily for a free consultation. We can help you understand where you stand and what steps to take next.
Frequently Asked Questions
What is a short sale?
A short sale is when your mortgage lender agrees to let you sell the home for less than you owe. The lender takes the sale proceeds and may forgive the remaining balance. It requires lender approval.
Will a short sale hurt my credit?
Yes, but much less than a foreclosure. A short sale typically affects your credit for 2 to 4 years, while a foreclosure can stay on your record for 7 years.
Can Acquily help with a short sale?
Yes. Acquily has experience working with lenders on short sales. Contact us to discuss your situation and we will help you explore your options.
Get Your Free Cash Offer