You sell a house and can not pay off the mortgage will you be liable for the remaining dollars owed?

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Well, you can't sell it if you can't pay off the loan against it. (You can't provide clear title to the buyer unless the liens are paid off at the closing and no new mortgage he needs can be put in first place of the existing one).

Yes your responsible to pay off the loan in full. However, another arrangement (a short sale) may be able to be worked out with the lender. If your in bankruptcy there may yet be other alternatives.
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If they send you the bill for the remaining balance after your car is repossessed do they expect you to pay the bill all at once and if you sell it for less than you owe how do you pay for the balance or sell it without a title?

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Does homeowners insurance pay off your mortgage if the house is lost?

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Can you pay off the entire Chapter 13 amount you owe by selling something such as a house prior to the 5 year term being up?

Normally, you can pay off the Chapter 13 early by selling something BUT you need to get permission from the Bankruptcy Court prior to the sale. Debtors usually acquire permission by filing a "Motion to Sell Real Estate" or some such document with the Bankruptcy Court, and in the motion ask the Court ( Full Answer )

Can you find out what is still owed on the mortgage on a house that is for sale?

\n. \n Answer \n. \n. \nGo to a Title Company Like Fidelity or Chicago Title and pay a few dollars to do a full title and lien search on the property. About 50 to 150 dollars.\n. \n Very difficult \n. \nA title search may tell you who has recorded a mortgage on a property, although not ( Full Answer )

Can you avoid capital gains taxes if you sell a house and use the proceeds to pay on a second mortgage for another house you already own?

Answer . The only way to avoid capital gains on the sale of a house would be to invest the money in ANOTHER house of equal or greater value. Sorry, it can't be a house you already own.\n. \n. \n Answer \n. \nNo offense, but the rule referred to above, as found in Sect. 1034 of the Code, w ( Full Answer )

We sold a house on a land-contract deal. They filed bankruptcy after 1 12 years and now say they have rights to stay in the house for 5 months is this true we need to sell it to pay off the mortgage?

Answer . Obviously, the first questions have to do with if they have or haven't been making the payments!. But, in general, their rights under a Land Sales Contract amounts to not much different than a lease. Presuming they haven't paid rent, you should start eviction procedures. Some places, e ( Full Answer )

When you sell your house do you pay off your existing mortgage?

United Kingdom Yes is generally the correct answer. Check with your lender formore details. It is possible to move a loan that is secured by amortgage (or trust deed) to another property if the lender willapprove the substitution of collateral. It is much more common whendealing with investor loan ( Full Answer )

Should I Pay off mortgage?

Depending on your age, Income, and Financial goals. A mortgage is probably the best "debt you can have" The freedom of not having to make a mortgage payment is also a nice thing for someones cash flow. The situation depends on your age and financial goals really. The 30 fixed mortgage was created fo ( Full Answer )

Can a self managed HOA seize a car owned by a unitowner to pay off the 3500 dollars owed the HOA in delinquent dues as the unit is in foreclosure by the mortgage holder?

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Can you sell a house that has a second mortgage on it?

Answer: . Absolutely, you can sell a house with a second mortgage on it. Keep in mind that you will have to provide clear title at time of closing and that the all mortgages (first and second) will need to be satisfied at closing which can be paid with the proceeds from the sale.

Can you buy a home with 2 mortgages so you can pay 1 mortgage off and have a lower note for the balance of 30 yrs from having to only pay the one remaining mortgage This is a cash flow consideration.?

If I understand your question correctly, you would like to buy a home with a first and second mortgage because you feel that you would have the ability to pay off the second in a shorter period than your first. The answer is yes and these days it usually requires about 10 percent down payment becaus ( Full Answer )

How do you pay off your mortgage faster?

You can pay off your mortgage faster by paying extra to the principal typically through making extra payments or paying extra each month. For example, a $200,000 mortgage at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 104, or 8.67 years, and reduces the ( Full Answer )

Should you pay off the 8000 you still owe on your house of should you use the money for house repairs instead?

If you pay off the house - you'll save lots of interest money. Don't be too fast to write them a check for $8,000. You should call them and ask how much it will be to pay it off. They will probably say $8,000. Now, you ask them if they can lower than that amount since you are paying cash. They might ( Full Answer )

Do you still owe for second mortgage if house goes to foreclosure and funds generated only pay off first mortgage?

Yes, as with any loan even if your colatteral is seized and sold at auction, if it does nto bring enough value to cover the balance, you still owe them. typically though the company will write off the debt. Then you have to worry about paying taxes on that amount.. However, (recently in early 200 ( Full Answer )

How can you pay off your mortgage fast?

By making extra payments, and if your loan currently has a very high interest rater, refinance it so the interest you are being charged is less. For example, if you have a 200,000 loan at 6.5% interest and 30 year term, paying $300 extra per month reduces the number of monthly payments by 141, or ( Full Answer )

Will i be liable for ex spouse's debt of a home equity line that the divorce decree ordered him to pay off my name is on the loan and the house is in my name?

You are as liable as him. If he files bankruptcy, they will come searching for you. Even if you sign a Quit Deed to release the house to him, you are just as responsible if your name is still on the loan. Answer The bank is not bound by any provision in your divorce decree. Your attorney shoul ( Full Answer )

If I pay child support weekly from by check which includes a back owed amount can I have the remaining back owed amount off my credit report?

not till it's payed off. its just like any other debt. My dad got a loan to pay it off, then had to fight to get it off. YOu only have to be able tosay the info on the report is incorrect, then they have 30 days to prove or disprove your comment then it has to be removed. Check out the federal credi ( Full Answer )

While you are paying off federal taxes from 1999 when does the statute of limitations take effect and am i liable for any money owed after the statute of limitations?

There are several different SOLs in most all situations. Ones for review/audit, ones for assessment of additional tax and ones for collection. The way the time gets counted is always fairly complex...and many things stop the counting of time (called "tolling")...like the sending of a letter, respond ( Full Answer )

How do you pay off your mortgage early?

Homeowners trying to pay their loans early can send extra payments toward the principal. The best way is to set up a schedule to pay something extra toward the principal every month. The more you pay against the principal the more payback time will be eliminated and you will pay less back. You sh ( Full Answer )

Who is liable for debt when the person is dead and a mortgage remains?

The estate has the responsibility to settle the debts. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.

Does mortgage insurance usually pay off a house if one dies?

This insurance covers the mortgage debt if you should face an untimely death before it is paid. There are life insurance policies that carry optional mortgage coverage insurance that in many cases are more beneficial than what you would receive from your bank. Do some shopping around before making a ( Full Answer )

How long do you have to pay off mortgages?

The length of the loan is arrived at during the application process. There is no universal answer to your question. You could have a ten year note, a fifteen tear note, a thirty year note, etc.

How can I pay off mortgage fast?

You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment. For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and ( Full Answer )

If you sell your house for less than owed can that balance be applied to a new homes mortgage without credit damage?

No. Every home loan is secured by a Deed of Trust, which only the lender can release. So if you have a mortgage on the home you want to sell you have to satisfy the loan. This is primarily done by: 1)Paying the loan off on your own or with the sale proceeds 2)Negotitating with the lender for a ( Full Answer )

How can you pay your mortgage off early?

By reducing the interest you pay. The only way to do this safely is to pay extra toward your principle. There are many schemes being sold to pay your loan off early, but no one ever seems to know anyone who ever made them work. The most successful homeowners trying to pay their loans early either si ( Full Answer )

What is the fastest way to pay off the house mortgage?

Collect your money, make sure you're organized. Having a well-paid job will do you good. Make sure that you are absolutely confident in what you're paying for, and once you've got a good job and have saved up enough, pay. Those are all very good ideas, plans and habits but the way to pay off a mor ( Full Answer )

How do you pay off your house in a reverse mortgage?

You "can" pay off the reverse mortgage at anytime. You simply pay the bank the current balance of the reverse mortgage. There are different ramifications depending on the structure of the reverse mortgage. The largest portion of the cost of a reverse mortgage is in the closing costs and the accru ( Full Answer )

Can the executor pay the mortgage and sell house?

Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority. Yes but generally the executor must have the righ ( Full Answer )

Is the mortgage on a house pay off upon death?

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy. No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy. No. Not unless there was some type of insura ( Full Answer )

Does mortgage insurance pay off mortgage for inheritors?

Mostly, mortgage insurance plans are made to protect the home ofthe insured, if they fall ill, meet an accident or discontinuetheir job due to some reasons. Even if they pass away while themortgage insurance is active, the inheritors don't have to pay foranything and the insurance provider takes car ( Full Answer )