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Do you have to pay off your mortgage before selling your home?
No, you do not have to pay off your mortgage before selling your home. When you sell your home, the proceeds from the sale can be used to pay off the remaining balance of your mortgage.
Can life insurance proceeds be used to pay off a home mortgage?
Yes, life insurance proceeds can be used to pay off a mortgage. Proceeds from a life insurance policy can be used for any reason. The proceeds are paid to the beneficiary, free from federal income taxes. If the policy is a mortgage protection policy it usually pays the money directly to the mortgage holding company.
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.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
Do I pay off my mortgage buy more gold or invest in more stock?
Pay off your mortgage.
Do you have to pay off your mortgage before selling your home?
No, you do not have to pay off your mortgage before selling your home. When you sell your home, the proceeds from the sale can be used to pay off the remaining balance of your mortgage.
Can life insurance proceeds be used to pay off a home mortgage?
Yes, life insurance proceeds can be used to pay off a mortgage. Proceeds from a life insurance policy can be used for any reason. The proceeds are paid to the beneficiary, free from federal income taxes. If the policy is a mortgage protection policy it usually pays the money directly to the mortgage holding company.
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.
Can you sell property to pay it off?
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.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
What happens if house is yours alone but secured loan is in joint names and you sell the house?
The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's attorney will make certain the mortgage is paid off.The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's attorney will make certain the mortgage is paid off.The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's attorney will make certain the mortgage is paid off.The amount needed to pay off the loan will be withheld from the proceeds at the closing. The purchaser's attorney will make certain the mortgage is paid off.
Do I pay off my mortgage buy more gold or invest in more stock?
Pay off your mortgage.
Do you have to pay off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale.
Is a mortgage discharged when renewing mortgage?
If you refinance your mortgage, the attorney representing the bank will use the proceeds of the new mortgage to pay off the existing mortgage and a discharge of that mortgage should be recorded in the land records. You must make certain you ask that question at the closing before you sign anything.
What can happen if you pay your first mortgage but not your home equity when selling your home?
You do not have the option of not paying off the home equity mortgage when you sell your home. The buyer's attorney has the legal obligation of clearing any liens on the property prior to the buyer taking title. Any unpaid mortgages will be paid from the proceeds of the sale before the net proceeds are paid over to you. If you owe more than the selling price that will impact the sale and must be resolved before the sale can take place.
If a house is not paid off and is left to an heir what are their responsibilities?
The mortgage is a debt against the estate which must be satisfied before the heir receives anything. If there is enough cash in the estate, the mortgage can be paid off and the heir will get the house. If not, the house will need to be sold, and the proceeds used to pay off the mortgage. If there are not enough assets in the estate to pay off the mortgage, there won't be anything left for the heir. It is the responsibility of the executor of the estate to see to all these transactions and to deliver the proceeds--what's left after settling the debts--to the heir.
When should a purchaser ask for selling financing?
The best time for the purchaser to ask for selling financing is when the home is free and clear of a mortgage meaning that the seller has paid off their mortgage or it will be paid off using the purchaser's deposit.
