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No. Most mortgages contain a due on transfer clause whereby the bank can demand full payment upon any transfer of title. A prudent buyer will be represented by an attorney and the mortgage will be disclosed when the title to the property is examined. The buyer's attorney will arrange to pay off the mortgage from the proceeds of the sale before any proceeds are turned over to the seller.
In rare cases the bank will allow the buyer to assume the mortgage but that arrangement must be made with the bank prior to the closing.
No. Most mortgages contain a due on transfer clause whereby the bank can demand full payment upon any transfer of title. A prudent buyer will be represented by an attorney and the mortgage will be disclosed when the title to the property is examined. The buyer's attorney will arrange to pay off the mortgage from the proceeds of the sale before any proceeds are turned over to the seller.
In rare cases the bank will allow the buyer to assume the mortgage but that arrangement must be made with the bank prior to the closing.
No. Most mortgages contain a due on transfer clause whereby the bank can demand full payment upon any transfer of title. A prudent buyer will be represented by an attorney and the mortgage will be disclosed when the title to the property is examined. The buyer's attorney will arrange to pay off the mortgage from the proceeds of the sale before any proceeds are turned over to the seller.
In rare cases the bank will allow the buyer to assume the mortgage but that arrangement must be made with the bank prior to the closing.
No. Most mortgages contain a due on transfer clause whereby the bank can demand full payment upon any transfer of title. A prudent buyer will be represented by an attorney and the mortgage will be disclosed when the title to the property is examined. The buyer's attorney will arrange to pay off the mortgage from the proceeds of the sale before any proceeds are turned over to the seller.
In rare cases the bank will allow the buyer to assume the mortgage but that arrangement must be made with the bank prior to the closing.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoNo. Most mortgages contain a due on transfer clause whereby the bank can demand full payment upon any transfer of title. A prudent buyer will be represented by an attorney and the mortgage will be disclosed when the title to the property is examined. The buyer's attorney will arrange to pay off the mortgage from the proceeds of the sale before any proceeds are turned over to the seller.
In rare cases the bank will allow the buyer to assume the mortgage but that arrangement must be made with the bank prior to the closing.
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Which term is defined as the value of the home minus the loan?
The total value of the house minus the outstanding amount of the loan is referred to as "home equity".
What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
Define outstanding loan?
Difference between loan disbursed and loan outstanding; the unpaid remainder that you still owe.
How can you sell your home to a bank and pay the difference in the loan?
You go to the bank and ask for a loan.
Can a home be sold for unpaid property taxes if it has an outstanding equity loan balance?
Yes, depending on the state, a home can be sold for unpaid property taxes.
Which term is defined as the value of the home minus the loan?
The total value of the house minus the outstanding amount of the loan is referred to as "home equity".
What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
Define outstanding loan?
Difference between loan disbursed and loan outstanding; the unpaid remainder that you still owe.
How can you sell your home to a bank and pay the difference in the loan?
You go to the bank and ask for a loan.
What are paydowns?
Periodic payments against an outstanding loan balance that do not pay off the entire outstanding loan balance.
What is an outstanding loan?
Simply put it is a loan that has yet to be repaid.
Walk away from housing loan?
If you mean a home loan, try a "short sale." You call the loan carrier and get his consent to allow you to sell the home for less than the mortagage you owe, in exchange for the lender's erasing any outstanding debt. You can handle this yourself, but you might need a broker to handle it. in this market, the lender will probably agree to your terms (he'd be stupid not to). Your credit will be saved this way. Good luck.
Can a home be sold for unpaid property taxes if it has an outstanding equity loan balance?
Yes, depending on the state, a home can be sold for unpaid property taxes.
What is the outstanding balance on a loan called?
The amount of the loan is called the principal.
What is an outstanding student loan?
Rather than being outstanding for its features (ie interest rate, time to repay), an outstanding loan means that it is one that is yet to be repaid--it is money owed.
Can you take out a home equity loan without equity in your house?
A home equity loan is a mortgage based on the value of your home that exceeds any outstanding mortgages. Your equity is the value of your home that is actually paid for. If your home is fair market valued at $100,000 and there is an outstanding mortgage in the amount of $40,000 then you have $60,000 in equity. However, note that due to costs, fees and fluctuating home values a lender will generally not loan the full amount of equity but something less than the fair market difference. In your case, having no equity in the home means that you have nothing to offer the lender as collateral and the lender has no reason to loan you any money. No equity means no home equity loan.
If an estate is worth 20K and there is a bank loan out for the home can the bank repossess the house or is the beneficiary entitled to the home?
Loans (mortgages) are secured loans, the house is the collateral. In some cases a death benefit is included in the homeowner's insurance that may cover the outstanding balance. A surviving spouse, co-owner, etc. will have to pay the balance of the loan or sell/forfeit the property.
