Upside Down Loan and Short Sales   How do you get out of an
upside down loan with out short sale?   Unfortunately, if you
can’t sell your house for what you owe on it, or bring some
money into closing, you can’t get out without some consequences.
There are two main options:  Foreclosure and Deed-in-lieu of
foreclosure. These are both the same thing, but with deed-in-
lieu, you basically voluntarily surrender the house for the bank
to sell.  In either case, the bank will auction or sell your
property and charge you for the deficiency. If you can’t pay the
deficiency, they will try to collect it through normal
collections efforts. Sometimes they will charge it off or 1099
you.  Usually though, bankruptcy is the only real way to be rid
of the debt.  Answered over 7 years ago Matthew Graham 986 6
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