2006-09-05 08:24:24 · 18 answers · asked by duh 2 in Business & Finance ➔ Renting & Real Estate
In order to complete closing the collateral in all circumstances needs to be cleared. This is true for any sale where the collateral has a lien.
2006-09-05 08:27:11 · answer #1 · answered by I am Jared From Subway 3 · 0⤊ 0⤋
Most mortgage loans have a "due on sale" clause, so yes, it will be due and payable at closing. Once I bought a house and the seller actually ended up writing (rather than receiving) a check at closing.
2006-09-05 08:27:45 · answer #2 · answered by Jamestheflame 4 · 0⤊ 0⤋
Sell it yourself.
At least save the comissions. ON A LOSS?
Any difference will have to be paid at closing, or it will not close.
Sorry, 6 BAD experiences with realtors.
5 were friends, 1 a relative.
Sold four myself, and had to pay realtors.
Geeezzzz!
Best single experience was directly with seller.
2006-09-05 08:39:25 · answer #3 · answered by ed 7 · 0⤊ 0⤋
You better bring a check for the difference to the settlement table or no settlement will take place. Your state's laws may vary, but no transaction occurs until the money changes hands AND the deed is recorded at the courthouse.
2006-09-05 08:27:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes it will but if you can get a personal loan for the difference you can get a loan for the difference and then pay the difference of the home loan at closing. The bank you have your home loan with may even help you with this.
2006-09-05 08:48:20 · answer #5 · answered by bucksolutions1 2 · 0⤊ 0⤋
Yes. The reason is that the lender will no longer have any collateral to get their money back. If you are purchasing another property you may be able to negotiate with your lender to transfer your loan to the new property, but that will be at the discretion of your financial institution.
2006-09-05 08:28:26 · answer #6 · answered by kocon 2 · 0⤊ 0⤋
Yes
2006-09-05 08:27:13 · answer #7 · answered by DANIEL D 2 · 0⤊ 0⤋
Yes the mortage company won't sign off on the debt until all of thier monies have been recieved because the debt is secured with the house and if you don't pay them they can't take the house if it doesn't belong to you.
2006-09-05 08:33:17 · answer #8 · answered by Knock Knock 4 · 0⤊ 0⤋
Probably, but talk with the lender. It may be possible to work out something so that you do not have to front all of the money right away.
2006-09-05 08:30:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, and the closing will not take place unless you bring the money with you.
2006-09-05 08:57:56 · answer #10 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋