selling home with mortgage still owed

What is the name of your state?illinois.i owe less then half of what my house is worth to a mortgage company , is there any way to reach an aggreement with the mortgage co. to sell the house for full price ,pay off the loan (principle) and keep the rest for myself??

[HomeGuru]

Originally Posted by elwin

What is the name of your state?illinois.i owe less then half of what my house is worth to a mortgage company , is there any way to reach an aggreement with the mortgage co. to sell the house for full price ,pay off the loan (principle) and keep the rest for myself??

**A: yes, and this concept is done all the time.

what is this concept called?

[HomeGuru]

Originally Posted by elwin

what is this concept called?

**A: a normal real estate transaction.

elwin,
When you go to closing on the sale of your house, either you or your realtor will get a 'final figure' from your mortgage company. This amount will be taken from the proceeds of the sale and you get whatever's left over after all other closing costs are figured in.
Quick & Dirty: your house sells for 55,000 and your final figure is 25,000. You walk out with 30,000.

[HomeGuru]

Go figure.