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Home >> Lending >> Home Mortgage
Managing Debt Before it Manages Me
I am trying to sell my house on which I still owe $222,000. I have a swimming pool loan for $28,000 for which there is a lien. I need $250,000 to break even and sell my house. At this price, I am getting no buyers. Is there some kind of loan I could get to pay off the pool loan, and thus sell my house for a lot less, and perhaps attract a buyer? It would be a lot better for me to pay on a loan, then pay on a loan plus the mortgage, that's why I am selling the house. It's a hardship case. Is there a loan I could get to pay off this pool?
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 Likely a lender will want that loan secured. You would need some other property, auto, stock, etc. to pledge as collateral for a new loan.
Another option is to ask your lender if he will accept less than the full payoff and either allow you to make payments, or forgive the debt. That is an option that avoids foreclosure and a potentially larger loss if the lender has the costs to foreclose and sell the property. If you are not in fear of foreclosure, this may not be acceptable to your lender.
Published on BankingQuestions.com 5/21/09
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