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No, but if you sell your house you need to come up with the difference between what you sell it for and the amount still owing on it in cash, don't you?
by hugh3 16y ago
No, but if you sell your house you need to come up with the difference between what you sell it for and the amount still owing on it in cash, don't you?
- bartonfink 16y agoOr you're still on the hook for the balance of the mortgage, depending on your terms. Either way, you're in a very unpleasant situation.
- eru 16y agoYes, but you're in the books for that anyway. No matter whether you still have the house or not. Though I do see that it is a problem, if you have to come up with the margin call in cash when you sell the house.