Yes. You can pay them off. Or pay cash for your property.
2006-06-15 06:55:58
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answer #1
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answered by Anonymous
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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
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answer #2
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answered by kx_wx 3
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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
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answer #3
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answered by Nihl_of_Brae 5
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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
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answer #4
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answered by William H 2
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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
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answer #5
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answered by Man_With_No_Name 5
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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
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answer #6
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answered by Pobept 6
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Pay off your mortgage.
2006-06-15 13:56:02
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answer #7
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answered by skifaster6 3
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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
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answer #8
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answered by Anonymous
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