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8 answers

Yes. You can pay them off. Or pay cash for your property.

2006-06-15 06:55:58 · answer #1 · answered by Anonymous · 0 0

I think this is near "dumbest question ever" level.

This next sentance is assuming you live in a country with a developed banking sector: What planet are your from? You think that state licensing of mortgage brokerages would happen if it weren't legal?!

Here's some econ 101 for you.

A mortgage is a loan secured by real property. The mortgage is a lien against the property. To remove the lien, you pay off the mortgage.

That's it.

Now, there are two other ways to gain a property with a mortgage with the mortgage removed.

If a property is sold at a foreclosure sale, all non-tax liens against the property may be removed. (The purchase amount is compensation for the mortgagor.)

If a property is sold at a property tax sale, all liens may be removed.

Short version: Only way out of a mortgage is to pay it off.

2006-06-27 04:03:42 · answer #2 · answered by kx_wx 3 · 0 0

Mortgages are legal. A mortgage is a loan, usually for the purchase of real property.

How do you eliminate a mortgage? Simple, pay cash. If you don't need to borrow the money to buy a piece of property, then don't get a mortgage. There is no requirement that you secure a mortgage in order to acquire real estate.

2006-06-15 13:58:43 · answer #3 · answered by Nihl_of_Brae 5 · 0 0

Yes mortgages are legal in America.

Pay for the property rather than borrowing the money to pay for the property.

2006-06-26 15:12:04 · answer #4 · answered by William H 2 · 0 0

mortgages are legal. You can get rid of the mortgage only by paying the bank off. then you'll own the property, free and clear.

2006-06-29 13:06:46 · answer #5 · answered by Man_With_No_Name 5 · 0 0

pay off the mortgage, then you will own the property free and clear, or pay cash in the full amount and you will own the property free and clear

2006-06-15 13:56:59 · answer #6 · answered by Pobept 6 · 0 0

Pay off your mortgage.

2006-06-15 13:56:02 · answer #7 · answered by skifaster6 3 · 0 0

First u must buy ur land first,But u gotta no how much land u want .Then go find the house u want pay off the moragage.and u have ur land and ur house u can do what ever u want to do with ur land and ur house

2006-06-22 12:05:45 · answer #8 · answered by Anonymous · 0 0

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