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Do you have to pay your mortgage when you short sale your home?

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2009-05-17 01:22:13
2009-05-17 01:22:13

From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid.

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Of course. Until you pay off the mortgage loan, you have to pay payments on the home.


If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.


A short sale is a process by which a homeowner who cannot keep up with mortgage payments may avoid a foreclosure. In a short sale, the homeowner allows his lender to market and sell the home.


Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.


First, pay the past due total on the notice, and get to your mortgage company without delay. Then call your mortgage servicer and get on a repayment plan, request a modification, or explore a short sale if you cannot afford your home.


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.


The mortgage must be paid off at the closing from the proceeds of the sale.


If you had Mortgage Insurance on it, there is a chance that they may make up the short fall. You will have to check your policy to see if it is included.


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.


Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.


Bankruptcy is simply having debt beyond what you can pay. A short sale would have nothing to do with it. When you sell short, you leave the deal with nothing. No profit, no cash from the sale. Also, a lender would not even approve the short sale unless they are satisfied that you are 'upside down' each month and have no savings or other assets with which to pay the mortgage.


In one way or another you will be responsible for and money in a short sale of your home. If you do not have the cash at the sale closing, I doubt you will be able to provide a clean title insurance policy. Without that, you will not be able to sell your home. If this is a different type of sale, other than a conventional mortage by the purchasers, the bank will come after you for any and all short sale. I know this is not good news... but the bank will want it's money... Sotty Addition by Soxos, They have 12 years in England to get the debt from you, and 5 years in Scotland.


You can pay a Home Mortgage online. If your loan is with Wells Fargo, Chase Bank, Bank of America or US Bank you can go to their website and pay your Mortgage loan there. However if your Loan is with a Mortgage Company such as Plaza Home Mortgage you will have to go through your own Bank's Bill pay system to pay your loan online.


In the real estate industry short sale initiates when the borrower is in financial crises and unable to pay the mortgage amount. In case of a short sale, property is sold to a third party (not the bank) and the proceeds from the sale go to the lender. After the sale of property the lender can opt for recieving the diffieciency amount or may forgive it. In many states is hould be forgiven leagally.


Yes. The buyer's attorney will contact the bank and arrange to pay off the mortgage from the proceeds of the sale. Those proceeds will not be paid directly over to you, only the amount that exceeds the amount due on the mortgage. If the proceeds of the sale aren't enough to pay off the mortgage you must come up with the difference or the sale will not go through.


A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.


A calculator can show a mortgage home buyer how quickly they can pay off their home and how much they save when they pay off the principal of the loan over a given time.



The state you reside in has nothing to with whether or not you will have to pay back the difference of what you owe in a short sale. Whether or not you have to sign a note and pay back the debt is up to the lender.


You are, but your mortgage company is on the deed and is also considered an owner of your home.


Someone can get a lower mortgage payment by refinancing your mortgage on your home, or by extending your mortgage longer to pay less each month, but pay for a longer time.


A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.


The proceeds of the sale can be used to pay off the remaining mortgage.AnswerYou must use the services of an attorney if you want to sell your home and take back a mortgage. The mortgage and note must be properly drafted for your state so that you are fully protected should the mortgagor default and you need to foreclose and take possession of the property.


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.


Yes. The buyer's attorney will make certain the mortgage is paid off from the proceeds of the sale. They are obligated to do so.



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