Should I borrow money to sell my house or ask the bank for a short sale?


I have to sell my house and it is worth less than what I originally paid for it. Should I borrow the $25K to complete the sale (and subsequently write off the loss on my taxes) or should I try to negotiate a short sale with the bank?

Related Topics:

  1. How long does a bank allow a house to be a short sale before it forecloses? We have bid on a house that is and has been a short sale for a few months. We know that the seller is eager, and willing to negotiate. How long does he have to sell his house as a short sale before the bank will foreclose?...
  2. Is a short sale legit for a third party going to the bank with a house that is going into foreclosure? I was wondering if a 3rd party can really go to the bank with no credit check etc. and pay a low amount for cash on a property that is in or going into foreclosure. My landlord is letting the house go that route, and I wanted to know is...
  3. Can I sell my house as a short sale with tenants living in it? I have a contract with a property manager who has the house rented until Feb. I have been told by the bank to sell the house as a short sale. Can I sell the house as a short sale or will it be forced into foreclosure?...
  4. While waiting for a bank to decide on a short sale who pays ongoing costs of empty house? Does the seller pay the mortgage, taxes, utilities on a house with an offer waiting for bank approval? Once the bank approves and accept the short sale offer might there be additional charges if the seller has not been paying mortgage on a home where he no longer lives? If...
  5. Should I continue to make payments on my house even though we’re about to sell it through a short sale? Our realtor is surprised that we have continued to make payments on our house thru the drawn out short sale process. I know that most people who choose a short sale have already defaulted on their loan, however, we have not. We’ve never paid late. We’re very dedicated to having...
  6. How long does it take a bank to approve a bid on a short sale of a pre-foreclosed house? I put a bid down for a short sale, pre-foreclosed house 3 weeks ago and haven’t heard a response from the seller’s bank yet. The seller’s relator doesn’t have any answers for me. He does tell me that there was one other offer placed 2 1/2 months ago, but hasn’t...
  7. If you offer less than what the buyer originally paid for a house, is that a short sale? I am looking at making a bid on a house in which the offer would be less than what the seller originally paid for the house. They paid 118,500 and are asking 125,900. It is appraised at around 100000. If I offered lower, would that be a short sale? Any...
  8. Will my bank agree to a short sale of my house ? I heard my bank(mortgage lender) will not be agree to a short sale of my house when there is a Private mortgage insurance policy on my mortgage loan. Is this true?...
  9. Buying a house that is on short sale? My family was house hunting and we saw this house that we would like to buy becuase it was such a deal. But the thing is, it’s a home that is a short sale. From my understanding the bank hasn’t even approve the selling price. Is buying a short sale...
  10. What is a short sale on a house and how do they work? I am trying to buy a house that happens to be a short sale up in Pennsylvania. How does this work? Why do they call it a short sale? ok, now my other question is, suppose the house goes into foreclosure, would I still get the chance to buy it,...