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For those with real estate knowledge, if you have say a $500,000 mortgage but sell your house for $400,000, do you have to write the bank a check for $100,000 on day of closing? What if you don't have that much money?
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01.19.09, 06:18 AM Flag ]
- Million of americans owe more on their mortgage than their house is worth. You'll be in default of your mortgage if you can't pay it off in the event of a sale and your credit will be ruined, don't plan on buying another home.. you'll be a renter for many years to come.
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  01.19.09, 06:55 AM Flag

For those with real estate knowledge, if you have say a $500,000 mortgage but sell your house for $400,000, do you have to write the bank a check for $100,000 on day of closing? What if you don't have that much money?