Can you take out a personal loan to pay off sale of home?

Question by : Can you take out a personal loan to pay off sale of home?
If I sell my home for less than what I owe the lender, am I allowed to take out a small personal loan to pay them?

Best answer:

Answer by Jim L
If anyone will give you a loan to do that, you could. It would be very difficult to get a loan from anyone for that purpose.

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  1. Baltimore Brian says:

    In many cases, the lender will accept a promissory note from you. The terms of which would be negotiated by you and/or your attorney and the lender. As far as your ability to secure a personal loan, having gone through a short sale, remains to be seen. Remember, you are selling short because you’ve demonstrated a hardship that will not allow you to make payments on your mortgage in the first place. It is admirable that you want to make good on your debt. Check with your attorney and CPA to understand all of the ramifications of any course of action you take involving a short sale and agreeing to a promissory note.

  2. Diane says:

    If you can get the funds, you can use them to pay off the loan.
    However, if you don’t have enough of a sales price to pay off the loan, you might want to consider a short sale. You will need lender approval, but basically, the bank accepts less than you owe to transfer title of the property. You should also check with your accountant to see if there are any tax implications for you,as well.

    Good luck.

  3. Limo says:

    The application and approval procedure of personal loans is online. Lots of lenders are available on the World Wide Web with lot of attractive offers and packages for you. You just surf the web for the best lender offering suitable terms and conditions as per your requirements and financial plight Once you have selected the lender your half of job is over. Now you have to apply for the loan via internet and you have to perform some petty documentation which involves the details of your income resources and expenditures.

    If you go for the secured type of personal loan you have to submit the details of the collateral you wish to offer. Now it is the turn of your lender to assess your repayment capabilities and approve the funds. Your funds are instantly transferred to your bank account after it has been approved.Take a Personal Loan and go ahead to have all the things you’ve been dreaming of without even worrying how to repay it. Sit on the chair, be a bit clicking conscious and find all your plans molding in a true shape.

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