2007-08-13 06:18:12 · 8 answers · asked by carey646 3 in Business & Finance ➔ Renting & Real Estate
Sure, and as part of the closing statement the $50,000 that you owe will have to be paid from the proceeds of the sale. Otherwise, the sale won't take place, as the holder of the 2nd mortgage will not release the lien on the house.
Hopefully you don't owe more on the house than you would get from selling it. If you do you'll have to pay who you owe in full.
2007-08-13 06:24:11 · answer #1 · answered by Anonymous · 1⤊ 0⤋
In most cases, yes. However, the 2nd mortgage lien will have to be satisfied before you see any money from the sale.
Let's say you owe 50,000 on the first mortgage and 50,000 on the second. The house sells for 120,000. Before you see your check for the sale, there will be a check issued to pay off the first mortgage and then a check cut for the second mortgage. So, at the best, you'll see 20,000. (Depending on real estate fees, points, taxes, etc.) If the sale of the house is less than what will satisify both the mortgages, you've got problems....
2007-08-13 06:27:59 · answer #2 · answered by Kaia 7 · 0⤊ 0⤋
Sure, but you'll have to pay off any outstanding mortgages as part of the closing. And if you owe more than you sell the house for, you'll have to come up with the difference.
2007-08-13 06:23:01 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
As long as the 50,000 can be paid off when the house is sold, along with any other loans against the house. If not, you still owe the money whether or not you own the property.
2007-08-13 06:23:55 · answer #4 · answered by Angie 6 · 1⤊ 0⤋
You can sell your house as long as you get enough to pay off your first and second mortgages. I'm sure you'll also want enough to cover closing costs so be sure you know how much you need before you accept an offer.
2007-08-13 06:23:43 · answer #5 · answered by angela 6 · 1⤊ 0⤋
You can always sell your house ,
All mortgages (liens) will be deducted from the proceeds .
If your sale price is less than the combined mortgages , you will be required to pay the remaining amount .
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2007-08-13 06:26:43 · answer #6 · answered by kate 7 · 0⤊ 0⤋
You can if the sales price will be sufficient to pay both the first and second mortages in full.
2007-08-13 06:27:54 · answer #7 · answered by mazziatplay 5 · 0⤊ 0⤋
If you can pay it off with the proceeds of the sale or out-of-pocket.
2007-08-13 06:24:21 · answer #8 · answered by ? 4 · 1⤊ 0⤋