Has anyone been able to sell their house that there were upside down on?

**jimss** · 10-20-2011, 05:56 PM

How did you do it? Any tips? Creative real estate?

**Greg** · 10-21-2011, 05:06 AM

You can sell an upside down house if:

You have enough cash to bring to closing to pay off the loan.

You can get a small personal loan to get the cash to bring to closing.

You do a short sale. If you go this route make sure you check into the laws in your state so you don't end up owing the bank the balance of the loan at some point later in your life. Your credit will also be trashed doing a short sale.

**jimss** · 10-21-2011, 06:46 PM

Originally Posted by Greg

You can sell an upside down house if:

You have enough cash to bring to closing to pay off the loan.

You can get a small personal loan to get the cash to bring to closing.

You do a short sale. If you go this route make sure you check into the laws in your state so you don't end up owing the bank the balance of the loan at some point later in your life. Your credit will also be trashed doing a short sale.

Expanding a little on the "small personal loan" to get the cash to bring to closing - I had been thinking of this option. I could handle the new mortgage AND a separate loan for the difference. It wouldn't make me happy but I REALLY want out of this house. Wondering if anyone else here has done this??

**Carla Hailey** · 10-23-2011, 08:08 AM

Originally Posted by Greg

You can sell an upside down house if:

You have enough cash to bring to closing to pay off the loan.

You can get a small personal loan to get the cash to bring to closing.

You do a short sale. If you go this route make sure you check into the laws in your state so you don't end up owing the bank the balance of the loan at some point later in your life. Your credit will also be trashed doing a short sale.

I think it is the best way to sell your upside down house.