I have sold my house. how much money will i make off of it.?

Question

On my statement it said $188000 was my payoff. I havent made a payment since october 2006 due to a divorce. i sold it for 220000. Are the monthly payments that i havent made going to affect my payoff amount. my interest rate i think is 8.5. Can your loan payoff go over your original loan amount.

how much would be the accrued interest?

Answer 1

If by the "statement" you mean the HUD, the payoff is the amount the bank wants to call the loan quits. You'll get the difference, less all your closing fees and any outstanding judgements, liens or unpaid taxes that had to be settled..

Your loan payoff can be more than your original loan amount.

Answer 2

If your current loan statement shows $188/K that is all they can ask for as to the principle amount. They cannot just add additional principle to the loan amount, but accrued interest in arrears they can add along with any fees or penalties that may not be showing on your last statement. The only way the payoff can go over the original amount of the loan is if the loan is brand new and they added interest, penalties, and fees to the amount now due. So call the lender and get an absolute payoff amount, deduct that from the amount of the sale less brokers fees and taxes and fees to determine if you walk away with any cash. Your broker should be able to give you a good faith estimate of what numbers will be at settlement.

Answer 3

Yes, your loan payoff can definitely exceed the original loan amount. You owe all outstanding principle PLUS any unpaid interest.

I dont know if you get a monthly statement that has a payoff and includeds interest or not. Typically statements DO NOT include payoff amounts, but DO include "Principle Balance"....this means all tha tinterest that's been accruing is on top of your principle balance. You can certainly call them and ask for a current payoff and give them the closing date as the payoff date. THey should tell you right on the phone what it is. That's what they'll take-- which does include interest, penalties, etc. Everything you owe.

Keep in mind that the 220K must pay off them, any realtor fees, excise tax, (in my county it is 1.78%), closing/escrow fees, etc.

Typically a seller with a 6% listing agreement ends up paying a total of 9% in closing costs when you include everything. So on 220K, with 9% in costs and a 188K payoff, you'd walk away with $12,2000.

Your Realtor or the closing company will provide you with a settlement statemnet prior to closing outlining these costs.

Answer 4

Unfortunately, any payments you haven't made acrues additional interest and late charges. You probably used a real estate agent for this sale? Comission is to be deducted from sale price before paying off the bank, not to mentioned any other additional fees. Does your seller's contract says you're paying an x amount for escrow/title fees? Are you giving a seller's concession towards buyer for these fees? It's a Real Estate Agent's job to explain these "details" to you before setting up a min. price to sell. You can still call your bank to find out exactly how much your total payoff is. Add that to any other fees/commisions you're responsible for and subtract it from the purchase price to find out your total. Wishing you the best in your new single life and good luck!

Answer 5

In most parts of the US, the real estate commission is 6%, so there goes $13,200 of your $220,000. Figure on another $2,000 in closing costs (depends on your state and terms of the sales agreement).

I don't know how much you paid for the house, but it sounds like you will qualify for the Section 121 exclusion on any profit, so taxes are probably not an issue.

Call your bank/mortgage company to find out how much it is owed. Also, it sounds like you will owe unpaid property taxes. Your lawyer should have most of this information.

Answer 6

They will add all of your missed payments and interest to the payoff. It most certainly can go over the original principal balance.

Answer 7

Request a copy of your payoff demand from your mortgage company- it should be good through the end of the month and will reflect any outstanding payments, prepayment penalties, etc. Total that to any title, escrow, attorney, closing, etc. fees. Or you can request a copy of your estimated closing statement from escrow or real estate agent.

Answer 8

These are questions you need to ask your bank/title company that is handling the closing.

Answer 9

call your mortgage company and ask for your pay off be sure to give them closing date of the sale

Answer 10

Yes. No.