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Old 08-13-2007, 10:43 AM
kim t kim t is offline
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Default What happens when you sell property and at closing you are short $10-$15,000.?

This is the real question and scenario. I want to sell a condo. worth $160,000 and owe cibc 80k's, owe household financial 80k's for second and third mortgage, and have a lien on the condo. also for $1200. Can this be sold with liens and also if at closing I'm short 10-15k's do I claim bankrupt or what, as the deal won't go through or will it go through.
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Old 08-15-2007, 10:50 AM
Drew Drew is offline
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If there are liens, you must take care of them first before selling. Escrow will not process your sale if the buyers money can not cover all liens.

You can not sell with liens, unless the buyer agrees to pay for it on escrow.

If you file bankruptcy, the first loan will take over your house and you will lose out. Don't do this. Your best bet is pay off the extra $10-15K somehow, then sell it. Otherwise, list the house price higher!
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