What happens when you sell a home and you still owe on your mortgage?
What happens when you sell a home and you still owe on your mortgage?
When the home is sold, those funds are used to pay the remaining balance on your loan and you can retain the remainder (if any) as profit on the sale. Things get more complicated if the home is not worth what you currently owe on your mortgage.
How long does it take to sell your house if you have a mortgage?
Being in mortgage simply means you still owe money to your lender and have not yet satisfied your home loan. Typical mortgages run 15 to 30 years, and homeowners regularly sell their homes to move before loans are paid.
Who is responsible for the mortgage when the House is sold?
Who is responsible for the mortgage payment while your house is selling? You are the owner of the home until the day the sale closes, which means you’re responsible for your mortgage payments during this time.
Can you sell just a piece of land with a mortgage?
To sell just a piece you will need your lender’s consent. This is usually not a problem but depends entirely on how much you owe. If you have just taken out a $200,000 mortgage on a 10 acre lot and want to sell 9 of the acres off for $10,000 of course your lender is going to say no.
When the home is sold, those funds are used to pay the remaining balance on your loan and you can retain the remainder (if any) as profit on the sale. Things get more complicated if the home is not worth what you currently owe on your mortgage.
Who is responsible for the mortgage payment while your house is selling? You are the owner of the home until the day the sale closes, which means you’re responsible for your mortgage payments during this time.
Being in mortgage simply means you still owe money to your lender and have not yet satisfied your home loan. Typical mortgages run 15 to 30 years, and homeowners regularly sell their homes to move before loans are paid.
Is it legal to sell a house with a reverse mortgage?
Yes, it’s perfectly legal for a homeowner to sell a home with a reverse mortgage — it’s your home, and you have the right to sell when you see fit. Just like with a traditional mortgage, you still hold the title, but the lender has a lien.