Thanks in advance for any consideration of my post.
I plan to sell my home in the near future. I'm curious whether someone with more financial experience than me would please double check or correct my understanding of the financial processes involved.
My situation: I did everything wrong purchasing my home. I bought in 2007, I made no down payment, and until recently I have not been able to pay down any extra principal per month. I owe about the same amount to my mortgage company in unpaid principal as the current market value of my home.
I spoke with a realtor this week who explained that her sales commission fee (7%), certain house inspection fees, and repairs would likely cost approximately $X. X is obviously less than I currently owe in unpaid principal, since the unpaid principle is roughly the same as my market value.
Does this mean that I need to pay down my unpaid principal by X amount by the time I close on the sale of my house? If so, that leaves me with possibly four to five months to save/pay down a considerable amount of money.
TL:DR: Market value of home = A Mortgage principal =~A Fees/taxes, etc. to sell = B Do I have to pay down A by B amount in order to sell my home without owing the mortgagee?
Submitted January 29, 2017 at 12:14AM by Body_of_Binky http://ift.tt/2jDvNrO
