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Yes, you are responsible for your mortgage payment until the day of closing the sale to a new owner of the house. Any remaining balance will be paid through the proceeds at closing.
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∙ 10y ago
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Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
Will it affect my credit if I short-sale a house that I own but do not have my name on the mortgage?
To conduct a short-sale transaction, the bank(s) holding the mortgage(s) have to agree to a short-sale. If your name is not on the Mortgage, technically you don't have a right to conduct a short sale. Even if you "own" the house (which will be in question during the entire process), the holders of the Mortgage note(s), typically banks or finance companies, actually have primary ownership of the asset (the house). If you are able to complete a short-sale, even though you are not on the mortgage note, as an owner the bank holding the note may ask you to take partial responsibility for the difference between sale price and mortgage value, or even to put in equity immediately to avoid a short sale situation. If this occurs, and you cannot pay, you will end up with a debt and a schedule to pay that debt. Adding any debt will negatively affect your credit score.
Should you pay off your house mortgage?
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
Can you pass on a mortgage with a property in a sale where the mortgage rate is attractively priced?
No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
Your house has bee sold at a sheriff sale the proceeds of the sale covered the first mortgage Are you still required to pay the second mortgage?
The second mortgagee can indeed go after you for payment.
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
What if the estates debt is a mortgage?
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
Do you have to pay your mortgage when you short sale your home?
From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid.
Why do you need a mortgage?
basically a motgage is the "pay" for your house. you pay the mortgage. its just a word that stands for what you pay to own your house.
Can they take your house to pay off a lean?
A lean is a deduction on how much you can pocket from the sale of your house or property. Having your house or property repossessed is a different matter. That normally comes from not being able to pay the mortgage.
Does the next of kin have to pay off a mortgage when the borrower has deceased?
Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.
Will it affect my credit if I short-sale a house that I own but do not have my name on the mortgage?
To conduct a short-sale transaction, the bank(s) holding the mortgage(s) have to agree to a short-sale. If your name is not on the Mortgage, technically you don't have a right to conduct a short sale. Even if you "own" the house (which will be in question during the entire process), the holders of the Mortgage note(s), typically banks or finance companies, actually have primary ownership of the asset (the house). If you are able to complete a short-sale, even though you are not on the mortgage note, as an owner the bank holding the note may ask you to take partial responsibility for the difference between sale price and mortgage value, or even to put in equity immediately to avoid a short sale situation. If this occurs, and you cannot pay, you will end up with a debt and a schedule to pay that debt. Adding any debt will negatively affect your credit score.
Should you pay off your house mortgage?
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
I pay the mortgage but my husband paid for the house is it my house?
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
Can you pass on a mortgage with a property in a sale where the mortgage rate is attractively priced?
No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.
