If a mortgage is higher than the house value, what would be the solution?

If you can sell, could you just pay the bank the amount from the buyer and walk out?If a mortgage is higher than the house value, what would be the solution?
that is called a short sale and you need approval from your lender.





Once you receive an offer you would forward it to your lender and ask for their approval.





You cannot provide clean title to a buyer if the bank still has a mortgage recorded on the property. This ;process is necessary so that the lender completely wipes out the mortgage despite not being paid in full.If a mortgage is higher than the house value, what would be the solution?
As Steve D said you would still be liable for balance if you sold. Find out your break-even, (mortgage, title,taxes everything) your real estate agent could help you. Then see if you could get a loan for the balance(after your sale price) and take the deal to your mortgage holder. Make sure you downsize in your next house to cover your added burden. If getting out with a more debt is not an option, check out rental rates. Maybe you could rent out the house and break even or have to pay a little extra to cover the mortgage until value turns around. Not much else to do except hold on.
No - without prior approval from the bank, the bank will not release teh lien and you cannot make a clean transfer and the buyer cannot take legal possession. Additionally, depending upon your state and the original mortgage contract, if there is recourse, the bank can come after you for the balance due.
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keep paying the installments regularly. as time passes the value will increase by all means.





don't quit.





'Winner never Quits and Quitter never Wins'