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Kathy Mendham-Meathrel
Realty Executives Elite Ltd
7-515 Wellington Rd South
London, Ontario, N6C 4R3
Office: (519) 649-6900
Cell: (519) 854-1974
Can I sell a home for less than its mortgage? | Print |

Can a home seller sell a home for less than its mortgage?


Yes, in some case you can sell your home for less than what you still owe on the mortgage. But it is complicated and depends on the lender.

This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid.

 

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