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Question
If my present home sells for less than what I owe, can the balance be carried to the new mortgage. Just like negative equity in an automobile.
Thanks
Marilyn
Dear Marilyn: Just because I have never heard of that happening, does not mean that it cannot. However, today's qualifications for a loan are a lot more stringent than they were yesterday. I would suggest contacting your mortgage company that holds the mortgage on your present home and discuss all options with him/her, including what you can and cannot qualify in today's market. I would also suggest that you speak with your accountant regarding tax consequences (if any) of selling your home. A real estate broker can also explain what you would have to pay with reference to buying and selling: sales commissions; escrow fees; miscellaneous costs, repairs, and so forth, in addition to any taxes. You should get all aspects of selling then buying before you do anything. Good luck. Karyn Foley
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Karyn Foley
Expertise
I can answer questions on picking the right agent, marketing properties, contracts, ethics, buyers and sellers responsibilities and fiduciary relationships. I prefer not to answer questions relating to real estate financing.
Experience
I have over 29 years of full time real estate experience in the Southern California area as realtor, assistant manager, education director, and broker. Consistant top producer.
Organizations
Southland Regional Association of Realtors, California Association of Realtors, Calabasas Chamber of Commerce.
Publications
Las Virgenes Enterprise, Calabasas Courier.
Education/Credentials
Bachelor of Science degree, UCLA, licensed real estate broker, graduate realtors institute designation.
Awards and Honors
Trophies and certificates of achievement for real estate production. Training Director, Instructor for the local Board of Realtors, Member of local Board's Grievance Committee. Chamber of Commerce Community Service Award, one of the founders of the City of Calabasas, elected to the first Calabasas City Council, first woman mayor of Calabasas, former Regional Representative to Southern California Association of Governments.
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