2007-08-27 18:08:04 · 7 answers · asked by Joseph W 2 in Business & Finance ➔ Renting & Real Estate
No, but you have to pay back 100% of all Mortgages and Loans secured on the house at the same time as you sell the house.
Say you have (for example) a £100,000 mortgage PLUS a £50,000 secured loan on the existing house.
Then, for example, your decide to sell your existing house for £250,000 and buy a new one for £300,000
When you sell (for £250k) your Solicitor will take £150k to pay back the £100k Mortgage and the £50k Secrured Loan. This will leave you with £100k.
In order to complete the purchase of the new house (£300k) you will thus need a new mortgage of £200k.
2007-08-27 19:41:33 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Depends on what the Security Or collateral is for the loan.
If the collateral is the a/c unit belonging to the house then you need to satisfy it when you sell. you can pay it at closing or you can before. Auto loans are secured loans but have no influence on the sale of your home. If your secure loan defaults, and wins a 'judgement' in court then it can.
If you're at that stage the creditor can file a 'lis pendens' and you will not be able to sell the house w/out a clouded title.
2007-08-28 01:29:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NO. A home mortgage is a secured loan on the house. When you sell your house the title most be free of liens and a mortgage is a lien. As long as you pay back the loan in full, the lien goes away and can transfer to a new owner.
2007-08-28 01:16:22 · answer #3 · answered by linkus86 7 · 0⤊ 0⤋
No cause it can be secured on your house meaning your have to sell ya house to pay all the debt off if you cant afford it
2007-08-28 01:52:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No but you have to pay it back when you sell it
2007-08-28 01:45:53 · answer #5 · answered by ? 6 · 0⤊ 0⤋
sometimes
2007-08-28 01:12:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no, never
2007-08-28 01:36:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋