2006-12-27 22:36:47 · 10 answers · asked by Amanda B 1 in Business & Finance ➔ Renting & Real Estate
Your joking , right?
What you call your home isn't actually your home until you've paid for ALL of it.
It would actually be fraudulent of you to sell your home without disclosing the fact that it's mortgaged.
2006-12-27 22:41:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you sell your home, if it isn't paid off, or not free and clear, you must take the money from the sale of the House and make sure it pays off your mortgage for the old house. What you have left you can apply towards your new houses down payment or new furnishings!.
2006-12-27 23:03:32 · answer #2 · answered by Mt ~^^~~^^~ 5 · 0⤊ 0⤋
You will need to expand your question? Because it depends on whether you plan too use the money from the sale one house to to fund the purchase of another. IE have you got enough income too fund two mortgages and the deposit on the second home. If not then no if so then yes.
2006-12-27 22:44:01 · answer #3 · answered by mrhoppy22 3 · 0⤊ 0⤋
Do you mean if you sell your home with an existant mortgage, do you have to pay it when you sell? (that's what this sounded like). Sure you do....and get a new mortgage on the new home unless you can pay cash for it. Sorry if I misunderstood your question, but this is my answer :-)
2006-12-27 22:40:39 · answer #4 · answered by Barbara 5 · 0⤊ 0⤋
When you sell your home a title search will be conducted. The title will show all liens on the property. At closing, the liens have to be paid off in full before the title can be transfered to the new owner, so yes, your mortgage will have to be paid off.
2006-12-28 01:40:33 · answer #5 · answered by KL 5 · 1⤊ 0⤋
Yes that contract has to be satisfied and closed. This is usually done with the money you sell for. Any extra profit after that is most wisely invested in the new home in order to avoid the extra tax.
2006-12-27 22:46:22 · answer #6 · answered by Ricky J. 6 · 0⤊ 0⤋
Your question is sort of confusing. Are you asking if you can transfer your mortgage from one property to another? While I can see the appeal, low interest, the answer is no. Mortgages are not tranferable to differant properties.
2006-12-28 01:30:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
if you have mortgaged your house you cannot sell it without repaying the loan
2006-12-27 22:44:16 · answer #8 · answered by aishwarya r 1 · 0⤊ 0⤋
Of course you do!
You won't do it yourself, the closing agent will, but the debt has to be paid off.
2006-12-28 01:16:46 · answer #9 · answered by Bostonian In MO 7 · 0⤊ 0⤋
yes
2006-12-28 02:13:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋