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If I have a modification of 40K but the housing market

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dropped so the value of...
If I have a modification of 40K but the housing market dropped so the value of my home decreased, is there anyway to reduce the cost or am I liable to pay even if I am "upside down" selling my home? I bought it for 275K in 2009. With the modification I owe 273K. The house has been on the market for a year and just got an offer of 265K but still have to pay 6% to realtor as well so will have to come up with about 25 grand at the closing.
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 18 minutes by:
7/11/2016
Real Estate Lawyer: Lucy, Esq., Lawyer replied 1 year ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 30,589
Experience: JA Mentor
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Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your situation.

You are legally responsible for the full amount of the modified loan, even when the value of the house drops, because that's the agreement that you made. However, you could see if the bank will agree to a short sale, meaning that they agree to cancel the balance due on the loan in exchange for you selling the property for the market value. It's entirely up to the bank whether they're willing to do this, and you'd still have to pay any realtor fees out of your own pocket, but you might be able to avoid paying the difference between the sales price and the total due on the loan.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

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Real Estate Lawyer: Lucy, Esq., Lawyer replied 1 year ago

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Lucy, Esq.
Lucy, Esq.
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